Liabilities

What financial limits determine whether a corporation’s financial statements may be certified by its officers instead of an independent auditor?

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What financial limits determine whether a corporation’s financial statements may be certified by its officers instead of an independent auditor? The general rule requires annual financial statements to be audited by an independent certified public accountant for submission to the SEC (SEC. 74, Revised Corporation Code of the Philippines). However, if the corporation’s total assets […]

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What documentation must the articles of merger or consolidation include regarding the financial status of the constituent companies?

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What documentation must the articles of merger or consolidation include regarding the financial status of the constituent companies? The articles of merger or consolidation, executed after stockholder approval, must include specific financial and accounting details for each constituent corporation (SEC. 77, Revised Corporation Code of the Philippines). These articles must set forth the carrying amounts

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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 happens to assets distributable to an unknown or unfound creditor, stockholder, or member during liquidation?

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What happens to assets distributable to an unknown or unfound creditor, stockholder, or member during liquidation? Except for assets distributed under specific nonstock corporation rules (Sections 93 and 94), upon the winding up of corporate affairs, any asset distributable to a creditor, stockholder, or member who is unknown or cannot be found shall be escheated

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What documentation is required to satisfy the SEC regarding a foreign corporation’s financial condition upon application for a license?

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What documentation is required to satisfy the SEC regarding a foreign corporation’s financial condition upon application for a license? The application for a license must be accompanied by a statement under oath of the president or any other authorized person of the corporation (SEC. 142, Revised Corporation Code of the Philippines). This statement must show,

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What are the initial two steps required for the distribution of assets during the dissolution of a nonstock corporation?

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What are the initial two steps required for the distribution of assets during the dissolution of a nonstock corporation? The distribution process begins by mandating that all liabilities and obligations of the corporation shall be paid, satisfied, and discharged, or adequate provision shall be made for these obligations (SEC. 93, Revised Corporation Code of the

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What is the effect of a merger or consolidation on the assets and liabilities of the constituent corporations?

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What is the effect of a merger or consolidation on the assets and liabilities of the constituent corporations? Upon the effectiveness of the merger or consolidation, the surviving or consolidated corporation shall possess all the rights, privileges, immunities, and franchises of each constituent corporation (SEC. 79, Revised Corporation Code of the Philippines). All real and

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