Problems relating to Trade and Investment on The Philippines
23. Inefficient administrative procedures, regimes and practices |
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Issue |
Issue details |
Requests |
Reference |
| (1) Vexatiously Complex Procedures on Restrictions Concerning Transfer Of Assets | - The Philippines Bulk Sales Law stipulates distribution to creditors of the consideration from the transfer of the assets, which addresses to disposal of assets outside "the normal course of business", requiring institution of the procedures for protection of creditors, even when the amount of the transfer is so small that the protection of the creditors does not make much sense. | - It is requested that GOP narrows the scope of triggering Bulk Sales Law to the case in which the protection of the creditors is warranted in relation to the business scale of the enterprises transferring the assets. | - Bulk Sales Law |
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