In re Northbreeze Realty Corp.

April 12, 2008 SEC EN BANC CASE NO. 11-07-0267 IN THE MATTER OF NORTHBREEZE REALTY CORPORATION (SEC REG. NO. ASO92-001199) , petitioner . SETTING ASIDE OF THE ORDER OF REVOCATION OF CERTIFICATE OF REGISTRATION O R D E R Petitioner is a stock corporation registered with the Commission on 19 February 1992 and was established primarily to engage in buying and selling real property. Its principal office is located at San Fernando, Pampanga. DaScCH On 03 November 2003, petitioner's Certificate of Registration No. ASO92-001199 was revoked pursuant to the Order of Revocation dated 30 September 2003 for non-compliance with the Commission's reportorial requirements which was published in a newspaper of general circulation on 04 October 2003. Petitioner now prays for the lifting of the said Order of revocation based on the following grounds, among others: 1. that petitioner never ceased to operate but slowed down its operation due to the onslaught of lahar in the adjacent areas. 2. that the incorporators/original stockholders sold all their shares of stock to the stockholders enumerated in the latest submitted General Information Sheet. In support of its Petition, petitioner submitted copies of the following as proof of its continued operation: aEIADT a.) 2006 Income Tax Return stamped received by the Bureau of Internal Revenue. b.) 2007 Business Permit issued on 24 October 2007 by the City Mayor of Pampanga. Petitioner further alleges that it commits to continue its business operations and comply with the registration requirements of the Commission as evidenced by its submission of its most recent General Information Sheet and Financial Statements. It has also paid in full the total amount of the penalty of Seventy Two Thousand Five Hundred Pesos (Php72,500.00) as assessed by the Law and Regulation Division of the Company Registration and Monitoring Department (CRMD) and evidenced by Official Receipt No. 0115069 . WHEREFORE, premises considered, the Order of the Commission dated 30 September 2003 revoking the Certificate of Registration of Northbreeze Realty Corporation is hereby SET ASIDE. HCaDET Petitioner is hereby directed to secure its mayor's/business' permit for calendar year 2008 and all necessary government permits and licenses for its operation within thirty (30) days from receipt hereof. Failure to comply with this directive shall cause the recall of the instant Order. Let a copy of this Order be furnished the Company Registration and Monitoring Department (CRMD) and the Economic Research and Information Department (ERID), MIS Division, of this Commission for their appropriate action. HCaDET SO ORDERED. April 12, 2008, Mandaluyong City. (SGD.) FE B. BARIN Chairperson (SGD.) MA. JUANITA E. CUETO Commissioner (SGD.) JESUS ENRIQUE G. MARTINEZ Commissioner (SGD.) RAUL J. PALABRICA Commissioner (SGD.) THADDEUS E. VENTURANZA Commissioner