The recently enacted Revised Corporation Code of the Philippines (RCCP) was meant to further ease doing business in the country and increase its competitiveness. But because of the significant economic downturns brought about by the Covid-19 pandemic, several companies and institutions have decided to halt operations and close shop altogether.
Corporations going through economic and financial troubles might contemplate the distribution of its capital assets and properties to individual shareholders in order to support their families amid the pandemic. Corporations might also contemplate rescinding subscription contracts for shares of stock in favor of shareholders for the same reason.
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