Essentials of Business Law and Labor Law | 07 June 2023

Essentials of Business Law and Labor Law is a digital initiative of Alburo Law to provide legal knowledge to entrepreneurs to help improve their productivity and profitability by ensuring that businesses comply with relevant laws, rules, and regulations.

When can a foreign corporation be allowed to sue in the Philippines?

“No foreign corporation transacting business in the Philippines without a license, or its successor or assigns, shall be permitted to maintain or intervene in any action, suit or proceeding in any court or administrative agency of the Philippines; but such corporation may be sued or proceeded against before the Philippine courts or administrative tribunals on any valid cause of action recognized under Philippine laws.”

What are the liabilities of directors for wrongful or insolvent trading restrictions?

Directors and officers of a debtor will be liable for double the value of the property sold, embezzled or disposed of or double the amount of the transaction involved, whichever is higher to be recovered for the benefit of the debtor and the creditors