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The coronavirus disease 2019 (COVID-19) forced many companies to temporarily close or drastically reduce production and/or services. While restrictions are slowly being lifted, not all establishments have been allowed to operate at full capacity, if at all. Furthermore, people are still discouraged to go out and engage in non-essential activities. This, in turn, affects businesses.

The COVID-19 global pandemic has not only struck people’s health, but also the economy, particularly the labor and employment sector. Based on reports by the International Labor Organization (ILO), COVID-19 is currently having a catastrophic effect globally on working hours and earnings. In the Asia Pacific region alone, the crisis is expected to wipe-out almost 125 million full-time employment or 7.2% of the workforce in the region.*

Within just two months, the way we lived our lives has immensely changed. Essentially everything is now done within the confines of one’s home, be it work, exercise, or hobbies. For the privileged, the daily routine includes time for binge-watching different series, movies, or vlogs

While the coronavirus disease (COVID-19) knows no nationality or race, most countries have taken the approach, among others, of closing their respective borders to prevent it from spreading. The Philippines, which is home to a multitude of foreign nationals with varied purposes for their stay, also adopted these measures.

Under Section 39 of the Revised Corporation Code (RCC), a corporation may, by a majority vote of its board of directors or trustees, sell or otherwise dispose of its property and assets, upon such terms and conditions and for such consideration as its board of directors or trustees may deem expedient. However, if the sale involves a sale of all or substantially all of the corporation’s properties and assets, including its goodwill, the vote of the stockholders representing at least two-thirds of the outstanding capital stock, or at least two-thirds of the members shall also be required.