In The Matter of the Petition for the Dissolution of Synthetic Polymer Corporation

[SEC-SICD * CASE NO. 3264. February 4, 1988.] IN THE MATTER OF THE PETITION FOR THE DISSOLUTION OF SYNTHETIC POLYMER CORPORATION SYNTHETIC POLYMER CORPORATION, ET AL. , petitioners . D E C I S I O N Before this Commission is a verified petition for voluntary dissolution of Synthetic Polymer Corporation, praying that after due hearing, the Commission render judgment dissolving said corporation. LLphil Acting on the petition, an Order was issued on November 27, 1987 directing any person or entity having valid claims against the corporation to file their objection thereto on or before December 16, 1987. Further, petitioner was directed to publish the petition in a newspaper of general circulation at least once a week for three (3) consecutive weeks and similar copy thereof be posted in public places where the principal office of the corporation is located for three (3) weeks. On December 22, 1987, the Commission heard the petition wherein, counsel for the petitioners presented testimonial and documentary evidence. On the other hand, nobody registered any objection to the said petition for dissolution except one from Worker's Union of the corporation which opposition was filed on February 1, 1988 on the ground that there is a pending labor dispute between the petitioners and Worker's Union. It appears, however, that the labor dispute involves the recognition of the Oppositor as the duly accredited Union to represent the employees and illegal strike which the Commission believes that the pending dispute cannot be considered a legal obstacle to the formal dissolution of the corporation. It is to be noted that petitioners' decision in dissolving the corporation was to save whatever remaining assets it has and to pay whatever legitimate obligations incurred during its years of operation. After consideration of the opposition and the evidence on hand, it appears to the satisfaction of this Commission that petitioner was able to prove the material allegations of the petition. LLjur WHEREFORE, judgment is hereby rendered declaring Synthetic Polymer Corporation dissolved pursuant to Section 119 of the Corporation Code of the Philippines and that the present board of the said corporation is hereby appointed as Receiver to collect existing assets and pay the debts of the corporation. Let copy of this Decision be furnished the Records Division, Administrative and Finance Department of the Commission for inclusion in the corporate file. (SGD.) JAMES K. ABUGAN Hearing Officer