In Re: Legacy Motors, Inc.

January 16, 2009SEC CASE NO. 12-08-252IN RE: LEGACY MOTORS, INC., petitioner.FOR : Voluntary Dissolution Where Creditors are Affected Under Section 119 of the Corporation Code of the PhilippinesO R D E RBefore us is the Petition for Voluntary Dissolution under Section 119 of the Corporation Code dated 10 December 2008 filed by Legacy Motors, Inc. ("petitioner", for brevity). IHDCcTSection 119 of the Corporation Code provides in part:"Sec. 119. Voluntary Dissolution where creditors are affected. — Where the dissolution of a corporation may prejudice the rights of any creditor, the petition for dissolution shall be filed with the Securities and Exchange Commission. The petition shall be signed by a majority of its board of directors or trustees or other officers having the management of its affairs, verified by its president or secretary or one of its directors or trustees, and shall set forth all claims and demands against it, and that its dissolution was resolved upon by the affirmative vote of the stockholders representing at least two-thirds (2/3) of the outstanding capital stock or by at...