Financial Rehabilitation and Insolvency Act (FRIA) of 2010

Section 144

The provisions in Chapter II, insofar as they are applicable, shall likewise apply to proceedings in Chapters III and IV.

Section 145

An owner, partner, director, officer or other employee of the debtor who commits any one of the following acts shall, upon conviction thereof, be punished by a fine of not more than One million pesos (Php1,000,000.00) and imprisonment for not less than three (3) months nor more than five (5) years for each offense: (a) if he shall, having notice of the commencement of the proceedings, or having reason to believe that proceedings are about to be commenced, or in contemplation of the proceedings, hide or conceal, or destroy or cause to be destroyed or hidden any property belonging to the debtor; or if he shall hide, destroy, alter, mutilate or falsify, or cause to be hidden, destroyed, altered, mutilated or falsified, any book, deed, document or writing relating thereto; or if he shall, with intent to defraud the creditors of the debtor, make any payment, sale, assignment, transfer or conveyance of any property belonging to the debtor; (b) if he shall, having knowledge or belief of any person having proved a false or fictitious claim against the debtor, fail to disclose the same to the rehabilitation receiver or liquidator within one (1) month after coming to said knowledge or belief; or if he shall attempt to account for any of the debtor's property by fictitious losses or expenses; or (c) if he shall knowingly violate a prohibition or knowingly fail to undertake an obligation established by this Act.

Section 146

This Act shall govern all petitions filed after it has taken effect. All further proceedings in insolvency, suspension of payments and rehabilitation cases then pending, except to the extent that in the opinion of the court their application would not be feasible or would work injustice, in which event the procedures set forth in prior laws and regulations shall apply.

Section 147

This Act shall apply to all contracts of the debtor regardless of the date of perfection.

Section 148

The Insolvency Law (Act No. 1956), as amended, is hereby repealed. All other laws, orders, rules and regulations or parts thereof inconsistent with any provision of this Act are hereby repealed or modified accordingly.

Section 149

If any provision of this Act shall be held invalid, the remainder of this Act not otherwise affected shall remain in full force and effect.