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Duties of Bankruptcy Officeholders

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The Bankruptcy Law aims to assist the Court in duties that require experience and field work by licensing and  listing officeholders. The Commission  ensures the eligibility and capability of the officeholders to undertake imperative tasks related to procedures that protect the parties' equities. This, in turn, brings about swift justice that includes restoring the financial activities of distress-free debtors and paying back the creditors' debt.

The officeholder's role in the Financial Reorganization Procedure is to oversee the debtor's financial activities, to protect the creditors' rights, and to insure the implementation of the  procedures to achieve the objectives of all parties involved. In some cases, the officeholder also ceases the debtor's control over the commercial activities that include the retailing, purchasing, and marketing of goods and signing and terminating contracts. The officeholder's role during the Liquidation Procedure is to assess and maximize the value of assets. The officeholder also identifies the debtor's liabilities, categorizes them, and distributes the proceeds to creditors in accordance with the Law, the debt ranking, and set-off procedures.​