Bill Type
Congress Name
Full Title of Bill
AN ACT AMENDING SECTION 145 OF REPUBLIC ACT 10142, "OTHERWISE KNOWN AS THE FINANCIAL REHABILITATION AND INSOLVENCY ACT (FRIA) OF 2010", PROVIDING FOR STIFFER PENALTIES AND SANCTIONS, AND FOR OTHER PURPOSES
Text as filed (link)
Date filed
July 1, 2022
Date Read
July 27, 2022
Bill Status
Pending with the Committee on BANKS AND FINANCIAL INTERMEDIARIES since 2022-07-27
Committee Details
Primary Committee
Legislative History
| House Bill/Resolution NO. HB00810 |
| FULL TITLE : AN ACT AMENDING SECTION 145 OF REPUBLIC ACT 10142, “OTHERWISE KNOWN AS THE FINANCIAL REHABILITATION AND INSOLVENCY ACT (FRIA) OF 2010â€, PROVIDING FOR STIFFER PENALTIES AND SANCTIONS, AND FOR OTHER PURPOSES |
| ABSTRACT : Aims to inspire debtors and their creditors to mutually and accurately resolve opposing claims and property rights and to guarantee a timely, fair, transparent, effective, and efficient rehabilitation or liquidation of debtors. Seeks to foster the interest of the State to facilitate a speedy and orderly liquidation of these debtor’s assets and the settlement of their obligations, thus providing stiffer penalties and sanctions - if an owner, partner, director, officer or other employee of the debtor commits any of the acts stated in the law, with a fine of not less than One million pesos (Php 1,000,000.00) and imprisonment for not less than One (1) year nor more than Five (5) years for each offense. |
| PRINCIPAL AUTHOR/S : ROMERO, MICHAEL L. Ph.D. |
| DATE FILED : 2022-07-01 |
| SIGNIFICANCE: NATIONAL |
| CO-AUTHORS (Journal Entries) : |
| 1. Rivera (000 2022-11-21) |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON BANKS AND FINANCIAL INTERMEDIARIES ON 2022-07-27 |
Abstract
ABSTRACT : Aims to inspire debtors and their creditors to mutually and accurately resolve opposing claims and property rights and to guarantee a timely, fair, transparent, effective, and efficient rehabilitation or liquidation of debtors. Seeks to foster the interest of the State to facilitate a speedy and orderly liquidation of these debtor's assets and the settlement of their obligations, thus providing stiffer penalties and sanctions - if an owner, partner, director, officer or other employee of the debtor commits any of the acts stated in the law, with a fine of not less than One million pesos (Php 1,000,000.00) and imprisonment for not less than One (1) year nor more than Five (5) years for each offense.
Significance