Magiora Enterprises, Inc., et al. vs. Flora Potenciano Caviles, et al.

[SEC-SICD * CASE NO. 10-99-5790. June 7, 2000.]

MAGIORA ENTERPRISES, INC. ET AL., petitioners,vs. FLORA POTENCIANO CAVILES and ALLENDRY CAVILES, respondents.

Corporation Code; dissolution; case at bar. — There is no dispute that from the time of its incorporation and to date, Magiora has failed to formally organize and commence its business operations. Applying the governing law to the prevailing circumstances, the Commission is left with no alternative but to decree the dissolution of Magiora. There being no corporate affairs to wind up, the only task at hand is the determination and distribution of the remaining assets of the corporation, and the appointment of a liquidation receiver for this purpose. TCacIE

D E C I S I O N

Before the Commission is a petition for accounting of corporate funds and properties, corporate dissolution and appointment of a liquidation receiver filed by petitioners Magiora Enterprises Incorporated (Magiora for brevity), the Estate of Pelagio G. Potenciano, the Estate of Maxima B. Potenciano and he Estate of the late Max B. Potenciano which is represented by Max Joseph A. Potenciano, Henry...

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