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InterAksyon.com
The online news portal of TV5
MANILA, Philippines -- Clients of Prudentialife Plans Inc. (PPI) may have to wait long before claims on outstanding preneed plans are met after the government ordered the company to halt payments.
The Insurance Commission (IC) has issued a stay order on the pre-need firm effective February 6, keeping PPI from paying all claims. The servicing of terminated plans already in process as of the said date however would proceed.
The stay order also includes the suspension of all actions or proceedings in court that enforces all monetary and non-monetary claims against the company. It also prohibits PPI from selling, encumbering, transferring or disposing of its properties, except in the ordinary course of business.
The regulators also kept the company from making any payment of its outstanding liabilities as of February 6. PPI’s suppliers are told not to withhold supply of goods and services in the ordinary course of business as long as the company pays for these as of the date of the stay order.
That said, the pre-need company must also pay in full all approved administrative expenses incurred after the order was issued.
Filing of opposition
All planholders, creditors, other stakeholders and other interested parties must file with the IC either by personal delivery or registered mail a written verified comment or opposition to the verified proposal for corporate rehabilitation of PPI, attaching all supporting affidavits and documents not later than February 25.
They can send their comments or opposition to the IC’s conservator for PPI at RS Bernaldo & Associates, Unit 1810, Cityland Condominium 10, Tower 1, Ayala Ave., Makati City and with the prior service upon the counsel-of-record of PPI, Picazon Buyoc Tan Fider & Santos at 17th, 18th & 19th floors, Liberty Center, 104 HV dela Costa St., Salcedo Village., 1227 Makati City.
Public hearing
The IC has invited planholders and all interested parties to attend the consultation hearings on the verified proposal for corporate rehabilitation of the preneed firm on March 2 and 13, 9 am at the IC Board Room, second floor, Insurance Commission, 1071 United Nations Ave., Manila.
