Boredom Strikes
No Result
View All Result
  • Login
  • Register
Submit an Article
  • About
  • Business
    All about SpaceX Stocks Price

    All about SpaceX Stocks Price

    What is Certification International Philippines, Inc. (CIP)?

    Certification International Philippines Inc. (CIP): What You Need to Know

    12 Profitable Business Ideas for Millennials

    12 Profitable Business Ideas for Millennials

    8 Great Business Ideas You Can Start Today

    8 Great Business Ideas You Can Start Today

    How to File for Bankruptcy in the Philippines

    How to File for Bankruptcy in the Philippines

    Bankers Association of the Philippines to Members

    Bankers Association of the Philippines to Members

    Bankers Association of the Philippines

    Bankers Association of the Philippines (BAP) Launches ID Registry For #Cybersafe Campaign

    Air Intellipure To Invest Php250 Million

    Air Intellipure To Invest Php250 Million In The PH

    How will artificial intelligence affect BPO in the Philippines

    Will Automation and AI Affect the Philippine BPO Industry?

  • Entertainment
  • Health & Beauty
  • Food
  • Inspiration
  • Lifestyle
  • Science
  • Tech
  • Travel
  • About
  • Business
    All about SpaceX Stocks Price

    All about SpaceX Stocks Price

    What is Certification International Philippines, Inc. (CIP)?

    Certification International Philippines Inc. (CIP): What You Need to Know

    12 Profitable Business Ideas for Millennials

    12 Profitable Business Ideas for Millennials

    8 Great Business Ideas You Can Start Today

    8 Great Business Ideas You Can Start Today

    How to File for Bankruptcy in the Philippines

    How to File for Bankruptcy in the Philippines

    Bankers Association of the Philippines to Members

    Bankers Association of the Philippines to Members

    Bankers Association of the Philippines

    Bankers Association of the Philippines (BAP) Launches ID Registry For #Cybersafe Campaign

    Air Intellipure To Invest Php250 Million

    Air Intellipure To Invest Php250 Million In The PH

    How will artificial intelligence affect BPO in the Philippines

    Will Automation and AI Affect the Philippine BPO Industry?

  • Entertainment
  • Health & Beauty
  • Food
  • Inspiration
  • Lifestyle
  • Science
  • Tech
  • Travel
No Result
View All Result
Boredom Strikes
Home Business

How to File for Bankruptcy in the Philippines

Here's how to have a smooth transition of operations in filing for bankruptcy in the Philippines.

Jack Sparrow by Jack Sparrow
November 27, 2020
Reading Time: 3min read
509 5
0
How to File for Bankruptcy in the Philippines
773
SHARES
3.2k
VIEWS
Share on FacebookShare on Twitter
Give it to business corporations or organizations that may fall into the state of being a bankrupt entity. But what is bankruptcy? Bankruptcy is the insolvency of an individual or an organization. Bankruptcy offers an individual or an organization the chance to start anew by forgiving debts that can’t be paid anymore, hence insolvency. This provides the creditors to gather some means of repayment based on their assets. But the real question is: what are the processes taken for a creditor to file for bankruptcy? Here’s how to have a smooth transition of operations in filing for bankruptcy in the Philippines:

1. Employee Termination

Being an employer and a creditor at the same time, the first thing you have to do is send a 30-day notice of termination and closure to the employees of your organization and a copy to the Department of Labor and Employment 30 days before the appointed date of the said termination. In the termination of employees, you have to pay a termination fee based on the monthly payment for every year of service at least a half or the full one month pay and give it to all terminated employees. It’s to steer you clear of the labor obligations of each organization.

2. Filing Notice of Closure to the Different Agencies

Bureau of Internal Revenue, Philippine Health Insurance Corporation, Social Security System, and Home Development Mutual Fund– these are the agencies you need to file a notice of closure too. BIR’s work is to assess and do the auditing to clear the organization of the taxes that it should pay, so BIR has to be complied first out of the four agencies.

3. Filling Up Forms and Submitting Requirements

After filing the notices of closure to the agencies, they will give clearances, and some of the organizations offer you forms to apply for Registration Information and Update, letter requirements for requests and reason of filing for bankruptcy, and others.

4. Filing Notice of Closure to Government

The city that your organization is in or the government officials in your area should also be informed about the termination of the business. Processes for filing a notice of closure in Local Government Units differ from one another; It is recommended for the creditor to visit the city and municipality his/her business is situated and inquire about the necessary documents and requirements for the completion of the notice.

5. BN Cancellation 

BN or Business Name Cancellation should inform the Department of Trade and Industry (DTI). In processing the cancellation of your business.

DTI will ask for requirements such as:

  • (1) the letter of explanation for the closure.
  • (2) an affidavit of cancellation of one’s registered organization.
  • (3) the original copy of the Business Name certificate as well as the application form.

Struggling amidst debts, closures, and the bankruptcy filing is a load of work and a very long, tiring process. A creditor needs a bankruptcy lawyer to gain advice and more knowledge during the crisis the business is facing. It is essential to follow these processes to save the business from getting into deeper trouble in the bureaucracy.

Is How to File for Bankruptcy in the Philippines helpful? Check out this next article.

Photo by Tim Mossholder from Pexels

ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
Jack Sparrow

Jack Sparrow

“What we do in life, echoes in eternity.” ― Maximus Decimus Meridius

Related Posts

All about SpaceX Stocks Price
Business

All about SpaceX Stocks Price

February 25, 2021
What is Certification International Philippines, Inc. (CIP)?
Business

Certification International Philippines Inc. (CIP): What You Need to Know

January 13, 2021
12 Profitable Business Ideas for Millennials
Business

12 Profitable Business Ideas for Millennials

January 14, 2021
8 Great Business Ideas You Can Start Today
Business

8 Great Business Ideas You Can Start Today

January 14, 2021
Bankers Association of the Philippines to Members
Business

Bankers Association of the Philippines to Members

November 27, 2020
Bankers Association of the Philippines
Business

Bankers Association of the Philippines (BAP) Launches ID Registry For #Cybersafe Campaign

November 28, 2020
Next Post
Top 3 Most Famous Paintings Around the World

Top 3 Most Famous Paintings Around the World

Discussion about this post

Recommended Stories

These Hilarious Tweets About College Will Make You Nostalgic About Uni Life

These Hilarious Tweets About College Will Make You Nostalgic About Uni Life

November 27, 2020
How to cook Pork Dinuguan

How to cook Pork Dinuguan by Riley Miel

April 28, 2020
The Right Way Of Using Go-Pro at the Beach

The Right Way Of Using Go-Pro at the Beach

December 31, 2020

Popular Stories

  • Pork Adobo Recipe

    Pork Adobo Recipe You Will Surely Love!

    1354 shares
    Share 542 Tweet 338
  • Natural Hair Treatments You Can Use at Home

    1168 shares
    Share 467 Tweet 292
  • How To Take Care Of Your Cats

    1409 shares
    Share 765 Tweet 269
  • Which Blackpink Member Are You?

    1026 shares
    Share 410 Tweet 257
  • Top 10 Foods that Boost the Immune System

    1383 shares
    Share 789 Tweet 248

Recent Posts

  • How to Achieve Self Improvement
  • All about SpaceX Stocks Price
  • How to Think Like a Millionaire

Categories

  • Business
  • Entertainment
  • Food
  • Health & Beauty
  • Inspiration
  • Lifestyle
  • Science
  • Tech
  • Travel

Newsletter

Get updates on new blog posts.

Receive new updates on new blog posts and articles.

Boredom Strikes - © 2020 Copyright. All Rights Reserved.

No Result
View All Result
  • About
  • Business
  • Entertainment
  • Health & Beauty
  • Food
  • Inspiration
  • Lifestyle
  • Science
  • Tech
  • Travel
  • Login
  • Sign Up

Boredom Strikes - © 2020 Copyright. All Rights Reserved.

Welcome Back!

Sign In with Facebook
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Facebook
OR

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In