Rule 59, RoC FRIA

Section 1. Appointment of receiver. — Upon a Section 16. Commencement of Proceedings and

verified application, one or more receivers of the
property subject of the action or proceeding may be
appointed by the court where the action is pending
or by the Court of Appeals or by the Supreme Court
Issuance of a Commencement Order. - The
rehabilitation proceedings shall commence upon the
issuance of the Commencement Order, which shall:
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(h) appoint a rehabilitation receiver who may or not

be from among the nominees of the petitioner/s and
who shall exercise such powers and duties defined in
this Act as well as the procedural rules that the
Supreme Court will promulgate;
Section 6. General powers of receiver. — Section 31.Powers, Duties and Responsibilities of
Subject to the control of the court in which the the Rehabilitation Receiver. - The rehabilitation
action or proceeding is pending a receiver shall have receiver shall be deemed an officer of the court with
the power to bring and defend, in such capacity, the principal duty of preserving and maximizing the
actions in his own name; to take and keep value of the assets of the debtor during the
possession of the property in controversy; to rehabilitation proceedings, determining the viability
receive rents; to collect debts due to himself as of the rehabilitation of the debtor, preparing and
receiver or to the fund, property, estate, person, or recommending a Rehabilitation Plan to the court,
corporation of which he is the receiver; to and implementing the approved Rehabilitation Plan
compound for and compromise the same; to make
transfers; to pay outstanding debts; to divide the
money and other property that shall remain among
the persons legally entitled to receive the same; and
generally to do such acts respecting the property as
the court may authorize. However, funds in the
hands of a receiver may be invested only by order of
the court upon the written consent of all the parties
to the action.
Section 8. Termination of receivership; Section 74. Termination of Proceedings. - The
compensation of receiver. — Whenever the court, rehabilitation proceedings under Chapter II shall,
motu proprio or on motion of either party, shall upon motion by any stakeholder or the rehabilitation
determine that the necessity for a receiver no longer receiver be terminated by order of the court either
exists, it shall, after due notice to all interested declaring a successful implementation of the
parties and hearing, settle the accounts of the Rehabilitation Plan or a failure of rehabilitation.
receiver, direct the delivery of the funds and other
property in his possession to the person adjudged to
be entitled to receive them and order the discharge
of the receiver from further duty as such. The court
shall allow the receiver such reasonable
compensation as the circumstances of the case
warrant, to be taxed as costs against the defeated
party, or apportioned, as justice requires.