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APPENDIX "A"
FEES FOR MANCOM, RECEIVER OR LIQUIDATOR
1.) FOR
MANCOM AND RECEIVER
The
monthly salary of the Chief Operating Officer of the corporation for a period of
one (1) year.
Within
the one (1) year period, a rehabilitation plan should be submitted and approved
by the creditors.
If no
rehabilitation plan has been approved within the one (1) year period, the
company should proceed to liquidation and a liquidator should be appointed.
If
the MANCOM or interim receiver was able to secure new capital infusion from new
investors (excluding existing stockholders or creditors and their subsidiaries
or affiliates) the said MANCOM or receiver shall, in addition, be entitled to
receive an incentive fee equivalent to a certain percentage of the amount of the
new capital infused as may be agreed upon between the corporation or partnership
and the MANCOM or receiver. In case of disagreement, the Commission
shall fix the incentive fee taking into consideration the efforts of the MANCOM,
or receiver in raising the new capital infusion, the amount of the new capital
infused and the practical benefits to the corporation or the partnership, among
others.
2.)
FOR LIQUIDATOR
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For the first
P500 Million and below of amount paid to Claimants
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: 4%
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For the second
P500 Million of amount paid to Claimants
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: 3%
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For the third
P500 Million of amount paid to Claimants
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: 2%
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For the fourth
P500 Million of amount paid to Claimants
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: 1%
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If the amount paid to
claimant is less than the total liability to the said claimant but the latter
voluntarily agrees to accept the said amount as a full settlement and
extinguishment of the obligation of the debtor corporation or partnership as a
result of the efforts of the Liquidator, the fee shall be based on the amount
of the obligation actually paid. settled and extinguished.
This provision shall not
apply in case the claimant is constrained to accept the amount
as a result of pro-rata payments to claimants due to the application of
concurrence and preference of credits.
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