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Similarities between the Insolvency Law of the Philippines and US Bankruptcy Reform Act of 1978

1. In both codes, insolvency and bankruptcy may be filed voluntarily and involuntarily. 2. Both codes impose suspension of payment (also known as Automatic Stay in the US) which is the suspension of actions, such as debt collection or foreclosure, against the company in bankruptcy. This occurs automatically when a bankruptcy petition is filed. This action protects the debtor from creditors seeking to seize its assets. It protects some creditors in that it prevents one creditor from obtaining an excessive share of the assets of the bankrupt company to the exclusion of the other creditors. 3. Both codes also impose the right to set-off. If the debtor and creditor are mutually debtor and creditor of each other, one debt shall be set off against the other and only the balance, if any shall be allowed or paid in the liquidation proceedings. 4. Both permit the court to estimate contingent claims. 5. Both provide that claims are considered partially secured where the debt exceeds the value of the collateral. 6. Both provide that the claim of a creditor who received a preferential transfer is disallowed until the preference is returned. 7. Both provides for examination of the debtor. 8. Both provides for the recovery of preferences and fraudulent transfers

Sources: http://www.canb.uscourts.gov/node/1133 http://wiki.lawcenter.ph/index.php?title=Insolvency_proceeding http://en.wikipedia.org/wiki/Bankruptcy_in_the_United_States

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