This case has been cited 1 times or more.
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2015-03-18 |
LEONEN, J. |
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| The objective of suspension of payments is the deferment of the payment of debts until such time as the debtor, which possesses sufficient property to cover all its debts, is able to convert such assets into cash or otherwise acquires the cash necessary to pay its debts. On the other hand, the objective in insolvency proceedings is "to effect an equitable distribution of the bankrupt's properties among his creditors and to benefit the debtor by discharging[54] him from his liabilities and enabling him to start afresh with the property set apart for him as exempt."[55] | |||||