3 wy Republic of the Philippines Supreme Court Manila EN BANC AM. NO. 15-04-06-SC FINANCIAL LIQUIDATION AND SUSPENSION OF PAYMENTS RULES OF PROCEDURE FOR INSOLVENT DEBTORS (2015) RESOLUTION Whereas, under Republic Act No. 10142, otherwise known as the Financial Rehabilitation and Insolveney Act of 2010 (FRIA), the Supreme Court shall “promulgate the rules of pleading, practice and procedure to govern the proceedings brought under [the] Act!; Whereas, the Supreme Court, through Memorandum No. 46-2010 dated September 30, 2010 (as amended by Memorandum Order No. 17-2013 dated May 9, 2013), tasked the Sub-Committee on Commereial Courts to revise and/or amend A.M. No. 00-8-10-8C or the Rules of Procedure on Corporate Rehabilitation (2008) to incorporate the significant changes brought about by the enactment of Republic Act No. 10142 on the aspects of financial rehabilitation, insolvency and liquidation; Whereas, the Supreme Court, through A.M. No. 12-12-11-SC dated August 27, 2013, approved the Financial Rehabilitation Rules of Procedure (2013), otherwise known as the FR Rules, which incorporated changes pertaining to financial rehabilitation; NOW, THEREFORE, acting on the recommendation of the Sub-Committee on Special Commercial Courts, the Court resolved to APPROVE the Financial Liquidation and Suspension of Payments Rules of Procedure for Insolvent Debtors 2015), otherwise known as the “FLSP Rules”. The FLSP Rules shall take effect fifteen (15) days following its publication in the Official Gazette or in two (2) newspapers of national circulation, April 21, 2015. Preemie s— MARIA LOURDES P. A. SERENO Chief Justice Section 6, Designation of Courts and Promulgation of Procedural Rules. ~ The Supreme Court shall designate the court or courts that will hear and resolve cases brought under this Act and shall promulgate the rules of pleading, practice and procedure to govern the proceedings brought under this ActCis ANTONIO T. CARPAO. Associate Justice Lirite Lingle he CASTRO Associate Justice ws |. PERALTA, DIOSDADO Associate fustice IENVENIDO L. REYES Associate Justice MARVICALY.F. LEON: Associate Justice PRESBITERO J. VELASCO, JR. ‘ssociate Justice Reamer. Une, D.BRION Associate Justice Associate JOSE CACRAL MENDOZA Assdajate Justice ESTELA wh "AS-BERNABE, Associate Justice FRANCIS &. JARDELEZA Associate JusticeRepublic of the Philippines Supreme Court Manila FINANCIAL LIQUIDATION AND SUSPENSION OF PAYMENTS RULES OF PROCEDURE FOR INSOLVENT DEBTORS (2015)