(a) In relation to each type of insolvency procedure available in the legal system of this economy, what powers are given to, or duties imposed upon, each type of administrator to investigate, discover and report to a Court or to regulatory authorities of the government any breaches of the law by former management of the corporate debtor?

 

Under PD 902-A, the management committee or rehabilitation receiver may exercise such power as it deems necessary to protect the company and this includes revoking the acts of the previous board of directors.

(b) What methods are available to each type of administrator to exercise such powers or discharge such duties? (for example examinations of directors, powers to inspect books and records, obligations to report to government authorities.)

 

It is believed that the powers of the assignee under the Insolvency Law may, as and when applicable, be exercised by the management committee or rehabilitation receiver for proceedings under PD 902-A.