Bn , N, Nj

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  • Topic: Debt, Money, Default
  • Pages : 1 (262 words )
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  • Published : April 28, 2013
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Roger D. Soliman
BSBA-3B
Involuntary Insolvency
When we say Involuntary Insolvency this refers to the process which initiated by the creditors and usually there are three or more, who live in the country. The purpose of the Involuntary Insolvency is not usually a personal action against the insolvent for the collection of debts, but is to impound all of his non-exempt property, to allocate it equitably among his creditors and to release him from further liability. Petition –This refers to request to do something, this commonly addressed to government official or public entity, most especially to filed in the court of First Instance of the province or city. In filing of the petition should they are three or more creditors. Acts of Insolvency

These are the some acts insolvency. Like when the person has intention to depart or leave his creditors through wrong way or defraud or in illegal process. When being absence from the Philippines with intent to defraud his creditors. Then he supervise the all transaction of the business himself and for his personal motives, so that he can hindering or delaying or defraud his creditors. He will do everything even he sacrifice first his property to make real his defrauding his creditors. That being a merchant or trademan he has generally defaulted in the payment of his current obligation for a period of thirty days, He has failed after demand to pay any moneys deposited with him or received by him in a fiduciary capacity and, Insufficiency of property to satisfy and execution issued against him.
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