Petition for Voluntary Dissolution

[SEC-SICD * CASE NO. 4155. May 26, 1992.] PETITION FOR VOLUNTARY DISSOLUTION TOYS INTERNATIONAL & MANUFACTURING, INC. , petitioner . D E C I S I O N This treats of the petition for voluntary dissolution of Toys International & Manufacturing, Inc., a corporation duly organized and existing under the Philippine laws with principal office at 66 Malvar Extension, J. dela Pea, Marikina, Metro Manila. prLL In support thereof, it was alleged that the corporation has entirely ceased to do the business for which it was formed and organized due to business reverses (i.e. lack of work and high cost of raw materials and labor); and that all its indebtedness are now due and demandable, and it is to the best interest of the stockholders that it should be dissolved, its business terminated, indebtedness settled and its remaining assets, if any, distributed among the stockholders, or otherwise disposed of according to law; Further, it was averred that the Board of Directors, on January 8, 1992 unanimously approved that the corporation be dissolved to forestall and avoid heavy losses; that at the stockholder's special meeting on January 10, 1992 held at Cubao, Quezon City, the board resolution dated January 8, 1992 dissolving the corporation was approved; and that all the stockholders and members of the board representing 15,000 shares of the entire capital stock issued and outstanding were notified and they appeared either in person or by proxy. In compliance with the jurisdictional requirements, petitioner caused the publication of the Order dated January 27, 1992 on February 14, 21 and 28, 1992 issues of Balita, a newspaper of general circulation. Creditor Luis Melon, doing business and style under the name of Malabon Times Commercial Company presented his claim in the amount of P3,784,000.00 which was acknowledged by petitioner in its compliance and Motion dated April 10, 1992. There is no opposition to the petition and 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 Toys International and Manufacturing, Inc. pursuant to Section 119 of the Corporation Code. As prayed for, William How, Conchita K. Tan and Marilou Ong, directors of herein corporation, are hereby appointed Trustees-Receivers to collect such assets and to pay the debts of the corporation. Let copy of this Decision be furnished the Records Division and the Administrative and Finance Department, this Commission, for inclusion in the corporate file. LexLib SO ORDERED. (SGD.) MACARIO P. MALLARI Hearing Officer