In The Matter of the Voluntary Dissolution of the N. Biscocho and Sons, Inc.

[SEC-SICD * CASE NO. 08-99-6383. February 23, 2000.] IN THE MATTER OF THE VOLUNTARY DISSOLUTION OF THE N. BISCOCHO AND SONS, INC.,NESTOR BISCOCHO, ET AL. , petitioner . D E C I S I O N This is a petition for voluntary dissolution of N. Biscocho and Sons Incorporated, filed by all the members of the board of directors of the subject corporation. In its Petition, petitioners alleged that after about ten (10) years pursuing the business, the petitioners, for one reason or another, have decided to completely stop the same, and concentrate instead on other ventures in their individual capacities; that the petitioners, in accordance with the mandate of the law, had already passed a resolution on November 30, 1998, dissolving their corporation; that petitioners had all the authority to cause the dissolution of the corporation being the owners of more than two-thirds (2/3) of the outstanding capital stock thereof; and that the corporation had no debt of any kind or nature, such that its dissolution will not cause prejudice to any creditor. TaDIHc Finding the petition as sufficient in form and substance, this Hearing Officer issued an Order on August 12, 1999, directing any person having valid claims against the corporation to file their objection on or before September 7, 1999. The petitioner was further directed to publish the aforesaid Order, at least once a week for three (3) consecutive weeks in a newspaper of general circulation and a similar copy thereof posted for three (3) consecutive weeks in three (3) public places where the principal office of the corporation is located. To date, there were no opposition or objection filed by any creditor to the petition. On December 8, 1999, a hearing was conducted, wherein counsel for the petitioners presented and formally offered evidence which were admitted and marked as exhibits. After consideration of the evidence on hand, it appears to the satisfaction of this Commission that petitioners were able to prove the material allegations of the petition. WHEREFORE, judgment is hereby rendered declaring N. Biscocho and Sons, Incorporated DISSOLVED pursuant to Section 119 of the Corporation Code of the Philippines. Let copies of this Decision be furnished the Records Division, Administrative and Finance Department of this Commission for inclusion in the corporate file. CTDHSE SO ORDERED. (SGD.) RUSSELL I. ILDESA Hearing Officer