Atty. Reynaldo Feliciano
SEC Opinion • Securities and Exchange Commission • Opinions • Jul 1, 1988
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July 1, 1988 Atty. Reynaldo Feliciano Feliciano and Paredes Lawyers No. 1963 Road 14, Fabie Estate Sta. Ana, Manila Sir : This has reference to your letter dated February 4, 1988 requesting the opinion of this Commission on whether or not attorney's fees, retainer's fees and other fees for legal services during the receivership of a company are considered necessary expenses in the operation of a company under receivership. This Commission has ruled that attorney's fees, retainer's fees and other fees for legal services incurred during the receivership of a company are considered necessary expenses in the said receivership process and by practice, this Commission has allowed the receiver to pay such fees out of amounts collected from receivables due the company. llcd Please be guided accordingly. Very truly yours, (SGD.) ROSARIO N. LOPEZ Associate Commissioner
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