Legal Answers

Brief Answers to Specific Questions about Philippine Law

What is the penalty for a corporation that engages in fraudulent conduct of business?

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What is the penalty for a corporation that engages in fraudulent conduct of business? A corporation that conducts its business through fraud shall be punished with a fine ranging from Two hundred thousand pesos (P200,000.00) to Two million pesos (P2,000,000.00) (SEC. 165, Revised Corporation Code of the Philippines). If the fraudulent business conduct is found […]

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What constitutes prima facie evidence of corporate liability when the corporation is used for graft and corrupt practices?

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What constitutes prima facie evidence of corporate liability when the corporation is used for graft and corrupt practices? A corporation used for fraud or for committing or concealing graft and corrupt practices shall be liable for a fine ranging from One hundred thousand pesos (P100,000.00) to Five million pesos (P5,000,000.00) (SEC. 166, Revised Corporation Code

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What is the penalty imposed on a director, trustee, or officer who knowingly tolerates graft and corrupt practices?

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What is the penalty imposed on a director, trustee, or officer who knowingly tolerates graft and corrupt practices? A director, trustee, or officer who knowingly fails to sanction, report, or file the appropriate action with proper agencies, or who allows or tolerates graft and corrupt practices committed by corporate personnel, shall be punished (SEC. 168,

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What is the penalty for retaliation against a whistleblower under the Code?

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What is the penalty for retaliation against a whistleblower under the Code? A whistleblower is defined as any person who provides truthful information relating to the SEC or possible SEC of any offense or violation under this Code (SEC. 169, Revised Corporation Code of the Philippines). Any person who, knowingly and with intent to retaliate,

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What is the punishment for violations of the Code that are not specifically penalized elsewhere?

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What is the punishment for violations of the Code that are not specifically penalized elsewhere? Violations of any of the other provisions of this Code or its amendments that are not otherwise specifically penalized shall be punished by a fine of not less than Ten thousand pesos (P10,000.00) but not more than One million pesos

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What documents must be published when a foreign corporation files a petition for withdrawal of its license to transact business?

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What documents must be published when a foreign corporation files a petition for withdrawal of its license to transact business? Before the SEC issues a certificate of withdrawal for a foreign corporation’s license, all claims and taxes lawfully due in the Philippines must be paid or settled (SEC. 153, Revised Corporation Code of the Philippines).

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What is the rule concerning the forfeiture of assets of a corporation involuntarily dissolved for illegal acts?

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What is the rule concerning the forfeiture of assets of a corporation involuntarily dissolved for illegal acts? If a corporation is ordered dissolved by final judgment for committing or aiding in securities violations, money laundering, or graft and corrupt practices, its assets, after payment of its liabilities, shall be forfeited in favor of the national

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What restrictions apply to the SEC when publishing findings or information concerning a violation?

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What restrictions apply to the SEC when publishing findings or information concerning a violation? The SEC is authorized to investigate and publish its findings, orders, opinions, advisories, or information concerning any alleged violation of the Code or its regulations (SEC. 154, Revised Corporation Code of the Philippines). However, this publication power is explicitly subject to

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For how long can a dissolved corporation continue its corporate existence for liquidation purposes?

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For how long can a dissolved corporation continue its corporate existence for liquidation purposes? Except for banks, which are covered by specific banking laws, every corporation whose charter expires or is annulled shall nevertheless remain as a body corporate for three (3) years after the effective date of dissolution (SEC. 139, Revised Corporation Code of

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What is the purpose and maximum validity period for a Cease and Desist Order ex parte issued by the SEC?

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What is the purpose and maximum validity period for a Cease and Desist Order ex parte issued by the SEC? The SEC may issue a cease and desist order ex parte to enjoin an act or practice which is fraudulent or can be reasonably expected to cause significant, imminent, and irreparable danger or injury to

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