Remedies of Distressed Debtors in the Midst of the Pandemic

ACCRALAW Partner and Head of the Firm’s Tax Department Eric R. Recalde delivered a series of lectures focused on the recent developments on the Laws on Credit, Secured Transactions and Insolvency and shared his insights on the remedies under the Financial Rehabilitation and Insolvency Act (FRIA) to businesses disrupted by the CoVID-19 Pandemic.

Mr. Recalde, who is also a licensed Certified Public Accountant and sits as the Chairman of Philippine Institute of Certified Public Accountants’ (PICPA) Board of Ethics, delivered a two-hour webinar on the topic “Distressed debtors, their Options in the Midst of the Pandemic” last 29 October 2020. The webinar was organized by the PICPA Eastern Metro Manila Chapter and was attended by more than 100 participants. Mr. Recalde lectured on the “ABC’s of Credit”, the costs of credit, and provided the process of determining the order of priority in the settlement of claims. He also discussed remedies available under the FRIA and the measures to ensure an equitable treatment to creditors.

Mr. Recalde also delivered a webinar to the members of the Metropolitan Bank & Trust Co. last 23 October 2020 and on 6 November 2020 on the topic: “Developments in the Laws on Credit, Secured Transactions and Insolvency”, sharing his insights on how the recent developments in the laws have affected the banking and financial industry.

Mr. Recalde having ranked 11th in the September 1996 CPA Licensure Examinations and ranked 3rd in the 2002 Philippine Bar Examinations is the Head of the Firm’s Tax Department, which has been recently awarded by the Asian Legal Business as the “Tax and Trusts Law Firm of the Year” for 2020. He also specializes in taxation law, mergers and acquisitions, and anti-trust and competition law. Mr. Recalde was a recommended lawyer for the practice area of Tax in the Asia Pacific Legal 500 for 2020.

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