[SEC-SICD * CASE NO. 03-99-6227. April 11, 2000.]
IN RE: VOLUNTARY DISSOLUTION OF CEBU PACKING PRODUCTS CO., UNDER SEC 1999 OF THE CORPORATION CODE
CEBU PACKAGING PRODUCTS CO., INC., petitioner.
D E C I S I O N
This is a verified petition for the voluntary dissolution of Cebu Packaging Products Co. Inc.
Petitioner alleges that it is a corporation duly registered under the laws of the Philippines with SEC Registry No. A8093-007515 and with principal office address at Shemberg Compound, Mandaue City, Cebu; that its main and only business is research on, production, processing trading, import and export of packaging mediums, packaging materials, tools and instruments; that it started its commercial operation in January 1, 1995; that in the first year of operation, it incurred a net loss of P380,124.00 while, in the following year, it broke even with a net income of P33,701.00; that due to the regional financial crisis in the 2nd half of 1997, the demand for petitioner's product as well as the price thereof sharply dropped which inevitably resulted to its remarkable net loss of...
