MORNBFI Vol. 1 - Planters Development Bank

APP. Q-5611.31.12a. The person is, or was within two (2)years prior to the date the Monetary Boardplaced the NBQB/Trust Entity underliquidation, director, officer, employee,consultant/adviser, external counsel/auditor,creditor, debtor, or stockholder of the saidNBQB, or any of its subsidiaries, affiliatesor related interests;b. The person is presently engaged in acompeting line of business as the NBQB/Trust Entity under liquidation;c. The person is related byconsanguinity or affinity within the fourthcivil degree to such creditor, debtor,stockholder, director, officer, consultant/adviser, or external counsel/auditor of theNBQB/Trust Entity under liquidation;d. The person has a direct or indirectinterest in the NBQB/Trust Entity underliquidation; or any of its creditors; ore. Other cases analogous to theforegoing or where there is a clear showingof conflict of interest, as may be determinedby the Monetary Board.3.3. Selection Processa. The SES shall send invitations,together with a copy of the terms of reference(TOR), to specific persons with reputabletrack record in handling corporaterecoveries, rehabilitation, receivership andliquidation citing the minimumrequirements for the position.b. Interested parties shall submit anapplication for appointment as liquidator ofan entity, together with the statement thatthe applicant is agreeable to the TORprescribed by the BSP. The applicant shallalso submit his/its proposed compensationand other fees.c. The SES shall evaluate thequalifications submitted by the applicantsand shall prepare a short list of thosequalified. To be included in the short list,candidates must comply strictly with theminimum qualifications.SES, when recommending to the MB theperson who shall be appointed asliquidator, shall consider, among others, thefollowing:• Area of expertise of the candidatesvis-à-vis the nature of the business of theNBQB/Trust Entity under liquidation;• Amount of assets of the NBQB underliquidation;• Proposed compensation and otherfees; and• Any information available in thebusiness community and/or inlegal/professional organizations regardingthe candidate.SES shall then recommend to theMonetary Board the person/partnership/firmwho/which shall be appointed as liquidator.4. Terms of Reference of the BSP-Appointed Liquidator4.1 Functions, Responsibilities andAuthorities of the Liquidator.a. Master Liquidation PlanImplement the Master Liquidation Planfor NBQBs/Trust Entities.b. Liquidation ProcessThe BSP-designated liquidator of theNBQB/Trust Entity shall:1. Within sixty (60) days upon receiptof the Monetary Board placing the NBQB/Trust Entity under liquidation, file ex partea Petition for Assistance in the Liquidationof the NBQB/Trust Entity with the properRegional Trial Court pursuant to the MasterLiquidation Plan;2. Represent and act for and in behalfof the closed NBQB/Trust Entity;3. Gather and take charge of all theassets which shall include the NBQB/TrustEntity license, records, documents andaffairs of the NBQB/Trust Entity, andadminister the same for the benefit of itscreditors;4. Collect loans and other claims of theNBQB/Trust Entity, and for this purpose,modify, compromise or restructure the termsand conditions of such loans or claims asManual of Regulations for Non-Banks Financial InstitutionsAppendix Q-56 - Page 7