In the Matter of the Petition for Voluntary Dissolution of UE Automotive Manufacturing Corporation

April 3, 2014 SEC CASE NO. 09-05-88 IN THE MATTER OF THE PETITION FOR VOLUNTARY DISSOLUTION OF UE AUTOMOTIVE MANUFACTURING CORPORATION UE AUTOMOTIVE MANUFACTURING CORPORATION , petitioner . ORDER For consideration is the instant Petition for Voluntary Dissolution ("Petition") 1 filed by UE Automotive Manufacturing Corporation (hereinafter, "UE") on the ground that UE has allegedly ceased its business operations. The facts as gathered from the Petition and records on hand are as follows: UE is a domestic corporation registered with the Commission on 10 October 1980 under SEC Reg. No. 27887. 2 UE seeks its voluntary dissolution considering that it has been allegedly forced to cease its business operations due to the effects of a 1998 strike which crippled its business. On 19 August 2005, a Meeting of the Stockholders and a Meeting of the Board of Directors of UE 3 were held wherein there was a majority vote of the board of directors and of the stockholders owning and representing at least 2/3 of the outstanding capital stock of UE for UE to file a Petition for Voluntary Dissolution with the Commission. Hence, the instant Petition was filed on 23 September 2005. HCSEcI On 16 November 2005, the Commission issued an Order 4 requiring UE to submit its latest Audited Financial Statements (AFS), Bureau of Internal Revenue (BIR) Tax Clearance, a list of its creditors, their addresses and amounts of credit as well as a Schedule of Liabilities, an inventory of its assets, and a detailed list of cases pending before other tribunals. UE submitted its Manifestation and Compliance on 27 December 2005, however, the same lacked the BIR Tax Clearance which UE avers was "still on process" and a list of all pending cases in other tribunals. Further, the document submitted as UE's Financial Statement is a one-pager and is not the AFS required. Be that as it may, the Commission issued an Order dated 08 May 2007 directing the publication of UE's Petition and requiring UE to submit (1) proof of service of the notice to its creditors, (2) a certified true copy of the publisher's affidavit, and (3) proof of posting of the Petition in three (3) conspicuous public places in the city of Manila at least once a week for three (3) consecutive weeks on or before 20 June 2007. To this date, UE has failed to submit any of the documents required in the 08 May 2007 Order , and the aforementioned lacking documents required by the 16 November 2005 Order. WHEREFORE, for failure of UE Automotive Manufacturing Corporation to pursue the same, the instant Petition is DISMISSED. SO ORDERED. Mandaluyong City, April 3, 2014. (SGD.) TERESITA J. HERBOSA Chairperson (SGD.) MA. JUANITA E. CUETO Commissioner (SGD.) MANUEL HUBERTO B. GAITE Commissioner (SGD.) ELADIO M. JALA Commissioner (SGD.) ANTONIETA F. IBE Commissioner Footnotes 1. Petition for Voluntary Dissolution filed by UE Automotive Manufacturing Corporation on 23 September 2005. 2. Ibid. , Annex "A" (Articles of Incorporation of MFI). 3. Ibid ., par. 5 and Annexes "E" and "D." 4. Order dated 16 November 2005.