July 18, 2014
SEC-CGFD ORDER NO. 163-14
IN THE MATTER OF PHILACOR CREDIT CORPORATION
SEC Registration No. 0000110839
ORDER OF REVOCATION
The Commission, in its meeting on 23 August 2012, suspended the Certificate of Authority (CA) to operate as a financing company of Philacor Credit Corporation (PCC), for various violations and non-compliance with requirements for financing companies, including investment in real estate in excess of maximum allowable limit and failure to maintain the required minimum capital requirement for financing company. PCC was given a period of sixty (60) days to comply and pay the penalty for its violations.
In a letter dated 30 January 2013, the company presented its proposal to correct its capital deficiencies and reduce its investment in real estate, and requested that the initiation of revocation proceedings be suspended until 31 December 2013 to give its prospective investor, who has signified earnest intent to acquire the company, time to complete its due diligence work. In the same letter, the company gave assurance of its intent to settle penalties that may be due for late/non-submission of various reports.
PCC...
