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Question 1 of 285
In the context of the Financial Rehabilitation and Insolvency Act (FRIA) of the Philippines, which of the following conditions must be met before a court can issue a liquidation order for a debtor corporation?
All of the corporation’s directors must reside within the Philippines.
The corporation’s assets must exceed its liabilities by at least 50%.
The corporation must have been in business for at least ten years.
A petition must have been filed by either the debtor itself, its creditors, or a combination of both.
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