Re: Rights of a Corporation under Liquidation

September 9, 2019SEC-OGC OPINION NO. 34-19RE: RIGHTS OF A CORPORATION UNDER LIQUIDATIONFirst Provincial Finance CorporationFirst Provincial House 1Gatuslao corner Nueva StreetsBacolod City 1600Attention: Mr. Conrado P. Lo, Jr., CPA, MBE, Ph.D.Executive Vice-PresidentDear Mr. Lo :This refers to your letter dated 14 September 2018, requesting for our opinion on whether or not your client, Arca & Company, Inc. (ARCA), whose corporate term has expired, is allowed to continue selling and transferring the ownership of its remaining assets. In your letter, you stated that you have previously requested the Commission's opinion on whether or not ARCA could still demand payment from the Land Bank of the Philippines (LBP) for land acquired by the Department of Agrarian Reform (DAR) in 1988 under the Comprehensive Agrarian Reform Program, considering that the corporation's corporate term had long expired, to which the Commission opined affirmatively through SEC-OGC Opinion 09-19 (the "Opinion") dated 28 July 2009.You further stated that to complete ARCA's liquidation, it is now in the process of titling and selling portions of the land rejected by the DAR which...