MORNBFI Vol. 1 - Planters Development Bank

APP. Q-5611.31.12Liquidator, to recover the deficiency.3.2.6. The Liquidator is authorized todisburse funds for foreclosure expenses,including legal fees, to be charged againstthe NBQB/Trust Entity.3.2.7. Booked receivables found to benon-existent and/or uncollectible shall bewritten-off subject to prior approval of theLiquidation Court.4. Conversion of Personal and Real EstatePropertiesThe conversion into money of thepersonal properties and real estate propertiesand their improvements shall be made asfollows:4.1. These items shall be sold bymeans of public sealed bidding or onnegotiated basis; provided that negotiatedsale shall only be resorted to in the event offailure of public sealed bidding.Negotiated sale shall be governed byAnnex A-1.1. Sample form for negotiatedoffer to purchase is attached as Annex A-1.4.2. Publication of the sale by meansof sealed bidding shall be made by theLiquidator once in a national newspaper ofgeneral circulation in the Philippines.4.3. In case of properties situatedoutside National Capital Region, theinvitation to bid shall also be published oncein a local newspaper of general circulationin the province or city where the propertyis situated at least fifteen (15) days beforethe scheduled sale. If there is no newspaperof general circulation in the locality wherethe property is situated, the invitation to bidshall be posted conspicuously in thecity or municipal hall and in other publicplaces, like public market, at least fifteen(15) days before the scheduled sale.4.4. In the case of personal property, thepublication of sale in a newspaper may bedispensed with if the value of the propertyto be sold is insignificant relative to the costof publication. Instead, notices of sale ofthese properties shall be posted ingovernment offices and other public placesat least fifteen (15) days before the scheduledsale.4.5. In case of sale through sealedbidding, sample invitation to bid is attachedas Annex A-2.4.6. The minimum selling price of realand personal properties of the NBQB shallbe determined taking into consideration theappraised value based on the appraisalreport made not more than two (2) yearsprior to date of disposition.4.7. The Liquidator may reduce theminimum bid/selling price by not more than10%, in case of properties that cannot besold at the stipulated minimum bid/sellingprice.4.8. The Liquidator shall recommend tothe Court the write-off of assets which areascertained to be worthless.4.9. In case of sale thru sealed biddingof personal and/or real properties, theLiquidator may use the sample bid formsand conditions of bid as shown in AnnexesA-3 and A-4, respectively. In the case ofpartnerships/corporations, the bid form shallbe accompanied by an authority/resolutionthat shall indicate the designated personwho shall make a bid and bind thepartnership/corporation.In any case, the higher price obtainableshould govern the sale of the assets of theNBQB/Trust Entity.4.10. Prospective bidders are allowedto examine the documents covering the realestate properties and their improvementsand to inspect the property andimprovements at their site, if desired.4.11. The condition of the bid withrespect to the real estate properties andimprovements shall form part of theconditions for the sale of such assets.4.12. All bids shall be in Philippinecurrency and shall be written in words andin figures. In case of conflict betweenwords and figures, the words shall prevail.4.13. Bid proposals together with theminimum 20% of the bid tender in cash orAppendix Q-56 - Page 16Manual of Regulations for Non-Banks Financial Institutions