Financial Liquidation and Suspension of Payments Rules of Procedure for Insolvent Debtors, Supreme Court A.M. No. 15-04-06-SC (Philippines)

The rules provide the procedure for the voluntary and involuntary liquidation of insolvent juridical debtors. As to insolvent individual debtors, the rules lay down the procedure for the process to file for suspension of payments or for liquidation. The rules allow any creditor or group of creditors to request for the liquidation of individual debtors once the aggregate claims has met the threshold provided therein. They likewise define and provide the applicable process for the determination of claims, avoidance of proceedings and the liquidation plan, among others.