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Financial Rehabilitation and Insolvency Act encourages debtors, both juridical and natural persons, and their creditors...

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Finance

Financial Rehabilitation and Insolvency Act encourages debtors, both juridical and natural persons, and their creditors to collectively and realistically resolve and adjust competing claims and property rights True

False

An account is considered impaired if any principal and/or interest are unpaid for more than ninety (90) days True

False

NPLs become NPAs when they are outstanding for 90 days or more, though some lenders use a shorter window in considering a loan or advance past due

True

False

This is a recovery strategy that can be used if the value of Non-Performing Loans (NPLs) increase, instead of resorting to litigation procedures

A.) Rehabilitation B.) Suspension of payments C.) Liquidation D.)Loan restructuring

Voluntary liquidation is initiated by 3 or more creditors whose aggregate claim is at least either PHP 1,000,000.00, or at least twenty-five percent (25%) of the subscribed capital stock or partner's contributions of the debtor, whichever is higher. True

False

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