Manila, July 28 -- The Supreme Court (SC) has reminded the courts handling crucial commercial cases to avoid inordinate delays by following the deadline set by the law for the resolution of rehabilitation, insolvency, and liquidation cases.
In a circular dated July 27, Court Administrator Jose Midas Marquez reminded the courts of the deadline for the resolution of said cases.
"All judges of the Special Commercial Courts and those handling commercial cases are hereby strongly reminded that pursuant to Section 72 of Republic Act No. 10142, known as Financial Rehabilitation and Insolvency Act of 2010, courts shall have a maximum period of one year from the date of the filing of the petition to confirm a rehabilitation plan," Marquez said.
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