Lt. Col. Jose S. Andaya

June 21, 1982 Lt. Col. Jose S. Andaya Headquarters Constabulary Support Command PC/INP Procurement Unit Camp Crame, Quezon City Sir : This refers to your letter dated May 14, 1982, inquiring on the following: whether the Pacific Apparel Manufacturing Co., Inc. has filed with this Office any statement of loss or bankruptcy, when it was filed and its consequences, and the persons behind its present management. Please be informed that nothing in its records show that it filed any statement relative thereto. However, a verification of the corporation's latest balance sheet dated as of December 31, 1980 discloses that the corporation is insolvent. Attached herewith is a copy of the report of the Examiners and Appraisers Department indicating that the same is insolvent. Take note that insolvency of the corporation does not in any way affect the existence of the corporation. A corporation may exist even without any assets, and it necessarily follows that it is not dissolved by the mere fact that it is insolvent and unable to pay its debts, or because of the appointment of a receiver when such condition exist, unless it is expressly so provided by statute. (Fletcher Cyclopedia Corporations, Vol. 15-A, 1967 Edition pp. 39-40), nor does it affect in anywise the right of one of its creditors to reduce his claim to judgment nor does it affect the company's right to do business, unless forbidden by statute? (Ibid., p. 42). As to its present management, hereunder are the members of the Board of Directors/Officers of the corporation as reflected in its latest general information sheet dated as of May 15, 1981: DIRECTORS POSITION ADDRESS 1. Jesus J. Vergara Chairman of 35 Maranao, La the Board Vista, Q.C. 2. Alfredo P. San Mateo President No available 3. Rufino M. Asi Treasurer -do- 4. Rodolfo B. Jacob -do- 5. Alfredo M. Velayo -do- 6. Angelo V. Manahan -do- 7. Jesus P. Disini -do- 8. Jose N. Pineda -do- 9. Enrique Chan -do- Gregorio P. Castillo Corporate Sec. Castillo, Laman Tan & Pantalleon H.V. de la Costa St. Salcedo Vill., Makati Legal Counsel We hope we have given you the desired information. cdlex Very truly yours, (SGD.) JULIO A. SULIT, JR. Associate Commissioner