Petition for Voluntary Dissolution of El Gummi Manufacturing Corp.

[SEC-SICD * CASE NO. 3851. September 28, 1990.] PETITION FOR VOLUNTARY DISSOLUTION OF EL GUMMI MANUFACTURING CORPORATION, SEC. REG. NO. 87669 SY LIM CHO CANO , petitioner . D E C I S I O N This treats of the petitioner for voluntary dissolution of El Gummi Manufacturing Corporation. LexLib In support thereof, it was alleged that the corporation has been suffering from heavy losses lately because of the rising cost of raw materials, labor and electrical consumption; that further operations of the corporation would only dissipate its assets and diminish as well as gradually prejudice the investments of the stockholders. Further, it was averred that at the special meeting of the Board of Directors on August 10, 1990 at the principal office of the corporation, it was unanimously approved that the corporation should be immediately dissolved to forestall and avoid heavy losses; that at the stockholders meeting, wherein all stockholders were present, the board resolution dated August 10, 1990 dissolving the corporation was approved; that all the stockholders and members of the board of directors were duly notified of the dissolution; and that the corporation does not have any outstanding obligations with any creditors, persons or institution. In compliance with the jurisdictional requirements, petitioner caused the publication of the Order, dated August 15, 1990 in the September 12, 19 and 26, 1990 issues of Balita, a newspaper of general circulation. There is no opposition to the petition. Upon consideration of the evidence on hand, petitioner was able to establish the material allegations of the petition which warrant its prayer for voluntary dissolution. WHEREFORE, judgment is hereby rendered dissolving the El Gummi Manufacturing Corporation pursuant to Section 119 of the Corporation Code. Accordingly, the petitioner corporation is hereby directed to appoint a Receiver to collect such assets and pay the debts of the corporation. Let copy of this Decision be furnished the Records Division, Administrative and Finance Department for inclusion in the corporate file. prcd SO ORDERED. (SGD.) ENRIQUE L. FLORES, JR. Hearing Officer