Documente Academic
Documente Profesional
Documente Cultură
*
G.R. No. 74851. September 14, 1992.
______________
* EN BANC.
831
832
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MEDIALDEA, J.:
833
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834
835
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836
837
“x x x
“While we cannot direct the Register of Deeds to allow the
consolidation of the titles subject of the ‘Omnibus Motion’ dated
September 18, 1986 filed by the Rizal Commercial Banking
Corporation and, therefore, denies said Motion, neither can this
Commission restrain the said bank and the Register of Deeds
from effecting said consolidation.
“SO ORDERED.”
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839
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841
x x x x x x x x x
(Emphases supplied)
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842
843
the best way to salvage and protect the interest of the investors
and creditors; to study, review and evaluate the feasibility of
continuing operations and restructure and rehabilitate such
entities if determined to be feasible by the Commission. It shall
report and be responsible to the Commission until dissolved by
order of the Commission: x x x.” (Emphasis supplied)
As already noted, SEC took just about six (6) months after
the filing of the petition of B.F. Homes to decide to create
and appoint a management committee. Only upon such
appointment of the management committee did the proviso
in Section 6 (c) which decrees suspension of actions for
claims against the petitioning corporation take effect.
It is only then that the SEC determines that the
circumstances warranting, under the statute, the
appointment of a management committee do exist, i.e., that
there is “imminent danger of dissipation, loss, wastage or
destruction of assets—or paralization of business
operations—which [would] be prejudicial to the interest of
minority stockholders, parties litigant or the general
public.” Only when such circumstances have been
determined to exist is there justification for suspending
actions for claims against the corporation so placed under
SEC management. The authority of the SEC to suspend or
freeze the judicial enforcement of claims against a
corporation is an extraordinary authority, most specially
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——o0o——
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