MORNBFI Vol. 1 - Planters Development Bank

APP. Q-5611.31.12The liquidator shall submit a semestralstatus report to the MB, or as often as maybe required by the MB.The liquidator shall also submit a statusreport to the Liquidation Court if so requiredby the Liquidation Court.4.2. Compensation and/or Fees ofLiquidatorThe Liquidator and the DeputyLiquidators shall receive compensations notmore than the amount to be fixed by theMB.All expenses attendant to theliquidation, including the above, shall beborne by or chargeable to the institutionconcerned.4.3. Termination of LiquidationProceedingsThe liquidation proceeding shall bedeemed closed and terminated upon finalityof the order of the Liquidation Courtapproving the termination of the liquidationproceeding and discharging the Liquidatorfrom any and all liabilities arising from orin connection with the Liquidation of theclosed NBQB/Trust Entity.4.3.1. Disposition of RemainingNon-Cash AssetsIn case the NBQB/Trust Entity hasremaining non-cash assets, the Liquidatorshall recommend to the Court the finaldisposition of such assets.4.4. Final Liquidation ReportAt the end of the liquidationproceedings, the Liquidator shall submit afinal report to the Monetary Board and theLiquidation Court. The Liquidator shallrecommend to the Court the issuance of anorder terminating the liquidationproceedings.4.5. Extension or Replacement ofLiquidator.In case the Liquidator fails to terminatethe Liquidation proceedings within his term,the Liquidator shall submit a status reportand may request for extension of his termor replacement, subject to BSP approval.The Liquidator shall manifest to the courtsuch approval for the information ofcreditors and other stakeholders.Upon the termination of the liquidationproceedings, the Liquidator shall pursueaction in accordance with the precedingSubsection.4.6. Records of the LiquidationProceedings.The liquidator shall maintain records ofthe liquidation proceedings which may bemade available to parties duly authorizedby him or the Liquidation Court.After the termination of the liquidationproceedings, the liquidator shall turn overall records to a custodian duly appointedby the Court.5. Term of Liquidator. The Liquidator shallserve for a term of five (5) years unlesssooner terminated, revoked or extended bythe Monetary Board.6. Proceedings in Case of VoluntaryLiquidation6.1. Grounds. An NBQB/Trust Entitymay elect voluntary dissolution under theCorporation Code by any of the followingmethods:a. by two-thirds (2/3) vote of thestockholders and majority vote of the boardof directors, where no creditors areprejudiced;b. judgment of the Securities andExchange Commission after hearing thepetition for voluntary dissolution, wherecreditors are prejudiced; orc. amending the articles ofincorporation to shorten the corporate term,provided all creditors are assured ofpayment of their claims.The liquidation of an NBQB/Trust Entitywhich is voluntarily dissolved may beundertaken by the NBQB/Trust Entity itselfthrough its Board of Directors, or by aTrustee appointed by the NBQB/TrustManual of Regulations for Non-Banks Financial InstitutionsAppendix Q-56 - Page 9