Financial Rehabilitation and Insolvency Act (FRIA) of 2010

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Republic Act No. 10142, also known as the "Financial Rehabilitation and Insolvency Act (FRIA) of 2010" (full text), is an act providing for the rehabilitation or liquidation of financially distressed enterprises and individuals. R.A. 10142 is a consolidation of House Bill No. 7090 and Senate Bill No. 61, passed by the House of Representatives and the Senate on 1 February 2010 and 2 February 2010, respectively. It lapsed into law on 18 July 2010 without the signature of the President and published on 16 August 2010 (Philippine Star).[1]

Refer to the following for more discussions: Insolvency proceeding and Rehabilitation (Court-supervised Rehabilitation, Pre-Negotiated Rehabilitation or Out-of-court Rehabilitation).


References

  1. ↑ Republic Act No. 10142, also known as the Financial Rehabilitation and Insolvency Act (FRIA) of 2010, Sec. 150, which provides: "Effectivity Clause. - This Act shall take effect fifteen (15) days after its complete publication in the Official Gazette or in at least two (2) national newspaper of general circulation."
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