MORNBFI Vol. 1 - Planters Development Bank

APP. Q-5611.31.12information with the followingrecommendations:1. That an authority be secured from theliquidation court, through engaged counselof the Liquidator, on the disposition of theremaining cash/unclaimed checks;2. That the report be approved and thecourt issue an order terminating liquidationproceedings and discharging the Liquidatorfrom his duties; and3. That in case the NBQB/Trust Entityhas remaining non-cash assets, theLiquidator shall seek the Court’s approvalto turn over said assets to a trusteeappointed by the court for properdisposition in accordance with law.6.3. Individual notices to the claimantsas well as Claim for Payment forms shall besent by way of registered mail. (Samples areshown in Annexes, A-10 and A-11).6.4. Distribute the check payments toclaimants in accordance with the Project ofDistribution approved by the Court.a. Claims shall be paid in check.Claimants shall execute an affidavitproving their right to be paid and anindemnity undertaking (Sample is shownin Annex A-12) to save the Liquidator fromany claim or loss that might be caused byreason of such payment.b. Remaining assets shall bedistributed in accordance with law.6.5. A final report on liquidation shallbe submitted by the Liquidator to theLiquidation Court for approval, showingamong others, the following:a. Summary of the total cash realizedand paid out by the Liquidator to approvedclaimants;b. Statement of remainingcash/unclaimed checks; andThe Liquidator shall also submit a copyof the final report to the Monetary Boardfor information. Likewise, the Liquidatorshall inform the MB of the action taken bythe Court on the final report.Appendix Q-56 - Page 18Manual of Regulations for Non-Banks Financial Institutions