Answer
C
No.
1.
B
2.
D
3.
A
4.
C
5.
B
6.
D
7.
B
8.
C
9.
Statement
AN ACT PROVIDING FOR THE REHABILITATION OR LIQUIDATION OF
FINANCIALLY DISTRESSED ENTERPRISES AND INDIVIDUALS
a) REPUBLIC ACT NO. 10143
b) REPUBLIC ACT NO. 10144
c) REPUBLIC ACT NO. 10142
d) REPUBLIC ACT NO. 10141
___________shall refer to those reasonable and necessary expenses
a)
Financial expenses
b)
Administrative expenses
c)
Necessary expenses
d)
Business expenses
This shall refer to a corporation that directly or indirectly, through one or more intermediaries, is
controlled by, or is under the common control of another corporation.
a) Claim
b) Commencement
c) Control
d) Affiliate
_____________ shall refer to all claims or demands of whatever nature or character against the
debtor or its property, whether for money or otherwise.
a)
Claim
b) Commencement
c) Control
d) Affiliate
_______________shall refer to the date on which the court issues the Commencement Order,
which shall be retroactive to the date of filing of the petition for voluntary or involuntary
proceedings
a)
Considering date
b)
Final date
c)
Commencement date
d)
Assigned date
_____________-shall refer to the order issued by the court under Section 16 of this Act.
a)
Court Order
b)
Commencement Order
c)
Final Order
d)
Legal Order
_________________refer to the power of a parent corporation to direct or govern the financial
and operating policies of an enterprise so as to obtain benefits from its activities.
a) Commencement
b) Affiliate
c)
Claim
d) Control
Control also exists even when the parent owns one-half (1/2) or less of the voting power of an
enterprise when there is power except one:
a)
over more than one-half (1/2) of the voting rights by virtue of an agreement with
investors
b) to a natural or juridical person which has a claim against the debtor that arose on or
before the commencement date
c)
to direct or govern the financial and operating policies of the enterprise under a statute
or an agreement
d)
to appoint or remove the majority of the members of the board of directors or
equivalent governing body
___________shall refer to the court designated by the Supreme Court to hear and determine, at
A
10.
D
11.
B
12.
A
13.
C
14.
B
15.
D
16.
A
17.
the first instance, the cases brought under this Act.
a)
Creditor
b)
Affiliate
c)
Court
d) Judge
This shall refer to a natural or juridical person which has a claim against the debtor that arose on
or before the commencement date.
a) Creditor
b)
Affiliate
c) Judge
d) Court
This shall refer to the date on which the court issues the Liquidation Order.
a) Date of when liquidation started
b) Date of court issues an order
c) Date of Order
d) Date of liquidation
This shall refer to calendar days unless otherwise specifically stated in this Act.
a) Month
b) Days
c) Weeks
d) Years
This shall refer to, unless specifically excluded by a provision of this Act, a sole proprietorship
duly registered with the Department of Trade and Industry (DTI), a partnership duly registered
with the Securities and Exchange Commission (SEC)
a) Debtor
b) Creditor
c) Third Person
d) Affiliate
This shall refer to real or personal property of the debtor upon which a lien attaches
a) Private property
b) Open property
c) Encumbered property
d) Real property
This shall refer to a creditor whose claim or a portion thereof is neither secured, preferred nor
subordinated under this Act.
a) General creditor
b) General unsecured creditor
c) Unsecured creditor
d) Private unsecured creditor
This shall refer to and can cover only: (1) corporations that are financially related to one another
as parent corporations, subsidiaries or affiliates;
a)
Group of Creditors
b)
Group of Third Persons
c)
Group of affiliates
d)
Group of debtors
This shall refer to a natural person who is a resident and citizen of the Philippines that has
become insolvent as defined herein.
a)
Individual debtor
b)
Group debtor
c)
Individual Creditor
C
18.
B
19.
D
20.
C
21.
A
22.
D
23.
B
24.
D
25.
d)
Individual Affiliate
This refer to the financial condition of a debtor that is generally unable to pay its or his liabilities
as they fall due in the ordinary course of business or has liabilities that are greater than its or his
assets.
a) Insolvent debtor's estate
b) Solvent
c) Insolvent
d) Affiliate
This shall refer to the estate of the insolvent debtor, which includes all the property and assets of
the debtor as of commencement date, plus the property and assets acquired by the rehabilitation
receiver or liquidator after that date.
a)
Solvent debtor's estate
b)
Insolvent debtor's estate
c)
Insolvent Creditor's estate
d)
Solvent Creditor's estate
This shall refer to proceedings initiated by creditors.
a) Voluntary proceedings
b) Solvent proceedings
c) Insolvent proceedings
d) Involuntary proceedings
This shall refer to monetary claims against the debtor, including stockholder's advances that have
been recorded in the debtor's audited financial statements as advances for future subscriptions
a) Lien
b) Liquidation
c) Liabilities
d) Debit
This shall refer to a statutory or contractual claim or judicial charge on real or personal property
that legally entitles a creditor to resort to said property for payment of the claim or debt secured
by such lien.
a) Lien
b) Liquidation
c) Debtor
d) Creditor
This shall refer to the natural person or juridical entity appointed as such by the court and
entrusted with such powers and duties as set forth in this Act:
a) Debtor
b) Lien
c) Creditor
d) Liquidator
This shall refer to a natural person holding a management position described in or contemplated
by a juridical entity's articles of incorporation, bylaws or equivalent documents, except for the
corporate secretary, the assistant corporate secretary and the external auditor.
a) Parent
b) Officer
c) Lien
d) Party
This shall refer to transactions in the pursuit of the individual debtor's or debtor's business
operations prior to rehabilitation or insolvency proceedings and on ordinary business terms.
a) Extra Ordinary course of business
b) Simple course of business
C
26.
B
27.
A
28.
C
29.
B
30.
D
31.
A
32.
C
33.
c) Ordinary business
d) Ordinary course of business
This shall refer to the ownership interest of third parties in property held by the debtor, including
those covered by trust receipts or assignments of receivables.
a)
Owners interest
b)
Creditors interest
c)
Ownership interest
d)
Debtors interest
This shall refer to a corporation which has control over another corporation either directly or
indirectly through one or more intermediaries.
a)
Sibling
b)
Parent
c)
Owner
d)
Affiliate
This shall refer to the debtor, a creditor, the unsecured creditors' committee, a stakeholder, a party
with an ownership interest in property held by the debtor, a secured creditor, the rehabilitation
receiver, liquidator or any other juridical.
a)
Party to the proceedings
b)
Creditor to the proceedings
c)
Debtor to the proceedings
d)
Affiliate to the proceedings
This shall refer to a lien on property, the possession of which has been transferred to a creditor or
a representative or agent thereof.
a)
Proceedings
b)
Publication
c)
Possessory lien
d)
Lien
This shall refer to judicial proceedings commenced by the court's acceptance of a petition filed
under this Act.
a) Proceeds
b) Proceedings
c) Possessory lien
d) Lien
This shall refer to property held by the debtor in which other persons have an ownership interest.
a) Property of owner
b) Property of debtor
c) Property of creditor
d) Property of others
This shall refer to notice through publication in a newspaper of general circulation in the
Philippines on a business day for two (2) consecutive weeks.
a) Publication notice
b) Public notice
c) Announcement
d) Private notice
This shall refer to the restoration of the debtor to a condition of successful operation and
solvency, if it is shown that its continuance of operation is economically feasible and its creditors
can recover by way of the present value of payments projected in the plan, more if the debtor
continues as a going concern than if it is immediately liquidated.
a) Rehabilitation receiver
b) Rehabilitation Plan
A
34.
B
35.
D
36.
A
37.
C
38.
B
39.
A
40.
C
41.
B
42.
c) Rehabilitation
d) Secured claim
This shall refer to the person or persons, natural or juridical, appointed as such by the court
pursuant to this Act and which shall be entrusted with such powers and duties as set forth herein.
a) Rehabilitation receiver
b) Rehabilitation claim
c) Rehabilitation notice
d) Rehabilitation plan
This shall refer to a plan by which the financial well-being and viability of an insolvent debtor
can be restored using various means including, but not limited to.
a) Rehabilitation notice
b) Rehabilitation Plan
c) Rehabilitation Claim
d) Rehabilitation Idea
This shall refer to a claim that is secured by a lien.
a) Safe claim
b) Debtors claim
c) Creditors claim
d) Secured claim
This shall refer to a creditor with a secured claim
a)
Secured creditor
b)
Secured debtor
c)
Secured owner
d)
Secured affiliate
This shall refer to a secured creditor or the agent or representative of such secured creditor.
a) Safe agent
b) Secured owner
c) Secured party
d) Secured creditor
This shall refer to a broker, dealer, underwriter, transfer agent or other juridical persons
transacting securities in the capital market.
a) Security market participant
b) Securities market participant
c) Securities market member
d) Securities market party
This shall refer, in addition to a holder of shares of a corporation, to a member of a non-stock
corporation or association or a partner in a partnership.
a)
Stakeholder
b)
Stalk holder
c)
Security holder
d)
Secured holder
This shall refer to a corporation more than fifty percent (50%) of the voting stock of which is
owned or controlled directly or indirectly through one or more intermediaries by another
corporation, which thereby becomes its parent corporation.
a)
Stakeholder
b)
Security holder
c)
Subsidiary
d)
Secured creditor
This shall refer to a claim that is not secured by a lien.
a)
Unsecured lien
D
43.
A
44.
C
45.
B
46.
A
47.
C
48.
A
49.
C
50.
b)
Unsecured claim
c)
Unsecured holder
d)
Unsecured party
This shall refer to a creditor with an unsecured claim.
a)
Unsecured debtor
b)
Unsecured party
c)
Unsecured affiliate
d)
Unsecured creditor
This shall refer to proceedings initiated by the debtor.
a) Voluntary proceedings
b) In voluntary proceedings
c) Voluntary debtor
d) Voluntary party
This shall refer to a creditor that is a member of a class of creditors, the consent of which is
necessary for the approval of a Rehabilitation Plan under this Act.
a) Voting Debtor
b) Voting Party
c) Voting creditor
d) Voting owner
This refer to any duly licensed bank or quasi-bank that is potentially or actually subject to
conservatorship, receivership or liquidation proceedings under the New Central Bank Act
(Republic Act No. 7653) or successor legislation;
a) Insurance company
b) Bank
c) Pre-need company
d) Quasi- bank
This shall refer to those companies that are potentially or actually subject to insolvency
proceedings under the Insurance Code (Presidential Decree No. 1460) or successor legislation;
a) Insurance company
b) Pre-need company
c) Quasi- bank
d) Bank
This shall refer to any corporation authorized/licensed to sell or offer to sell pre-need plans.
a) Quasi- bank
b) Bank
c) Pre-need company
d) Insurance Company
If they, having notice of the commencement of the proceedings, or having reason to believe that
proceedings are about to be commenced, or in contemplation of the proceedings, willfully commit
the following acts:
I. Dispose or cause to be disposed of any property of the debtor other than in the ordinary
course of business or authorize or approve any transaction in fraud of creditors or in a manner
grossly disadvantageous to the debtor and/or creditors; or
II. Conceal, or authorize or approve the concealment, from the creditors, or embezzles or
misappropriates, any property of the debtor.
a) Both statements are true
b) First Statement only is true
c) Second Statement only is True
d) Both statements are false
The petition shall be verified to establish the insolvency of the debtor and the viability of its
rehabilitation, and include, whether as an attachment or as part of the body of the petition, as a
minimum, the following except :
a) Identification of the debtor, its principal activities and its addresses;
b) Statement of the fact of and the cause of the debtor's insolvency or inability to pay its
obligations as they become due;
c) The general relief sought pursuant to this Act;
d) The grounds upon which the petition is based;