FILE PHOTO: Some planholders of Legacy Consolidated Plans, Incorporated.
MANILA, Philippines — The Supreme Court has ordered the Securities and Exchange Commission to process the claims of legitimate planholders of Legacy Consolidated Plans, Incorporated.
This after Supreme Court 2nd division reversed the decision issued by Makati RTC last June 26, 2009 which ruled that the trust fund is part of the corporate assets of legacy and can be used to pay the company’s creditors.
According to the Supreme Court, the trust fund is for the sole benefit of the planholders and cannot be used to satisfy the claims of other creditors of legacy.
As a result, the court ordered SEC to proceed with the verification of claims of the planholders which the Makati RTC halted in 2009.
The SEC had earlier reported that Legacy’s trust fund is over 300-million pesos while the claims amount to almost one billion pesos. (UNTV News)
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