IN accordance with Sections 133 to 138 of Republic Act 11232, otherwise known as the 'Revised Corporation Code (RCC) of the Philippines,' that provides for the classification, requirements and procedure for corporate dissolution, the Securities and Exchange Commission (SEC) issued last February 15 SEC Memorandum Circular 5, Series of 2022, which pertains to the guidelines on corporate dissolution under Sections 134, 136 and 138 of the RCC.

The guidelines provide the requirements for the dissolution of a corporation whereby any of the following modes are undertaken: voluntary dissolution where no creditors are affected under Section 134 of the RCC, dissolution by shortening of corporate term and involuntary dissolution under Section 138 of the RCC. These modes for dissolution are under the authority of the Company Registration and Monitoring Department and SEC Extension Offices.