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1. Non-banks with quasi-banking license (i.e. Investment houses and Financing companies); and
   
   
2. Trust entities.
   

1. Section 30, R.A. No. 7653
   
   "Whenever, upon report of the head of the supervising or examining department, the Monetary Board finds that a * * * quasi-bank:
   
   
   1. is unable to pay its liabilities as they became due in the ordinary course of business: Provided, that this shall not include inability to pay caused by extraordinary demands induced by financial panic in the banking community;
      
      
   2. has insufficient realizable assets, as determined by the Bangko Sentral to meet its liabilities; or
      
      
   3. cannot continue in business without involving probable losses to its depositors or creditors; or
      
      
   4. has willfully violated a cease and desist order under Section 37 that has become  final, involving acts or transactions which amount to fraud or a dissipation of the assets of the institution;
      
      "* * * The receiver shall determine as soon as possible, but not later than ninety (90) days from takeover, whether the institution may be rehabilitated or otherwise placed in such a condition so that it may be permitted to resume business with safety to its * * * creditors and the general public: Provided, That any determination for the resumption of business of the institution shall be subject to prior approval of the Monetary Board."
      
      "If the receiver determines that the institution cannot be rehabilitated or permitted to resume business in accordance with the next preceding paragraph, the Monetary Board shall notify in writing the board of directors of its findings and direct the receiver to proceed with the liquidation of the institution * * *"
      
      "The actions of the Monetary Board taken under this section or under Section 29 of this Act shall be final and executory, and may not be restrained or set aside by the court except on petition for certiorari on the ground that the action taken was in excess of jurisdiction or with such grave abuse of discretion as to amount to lack or excess of jurisdiction. The petition for certiorari may only be filed by the stockholders of record representing the majority of the capital stock within ten (10) days from receipt by the board of directors of the institution of the order directing receivership * * *"
      
      "The * * * appointment of a receiver under this Section shall be vested exclusively with the Monetary Board. * * * "
      
   
   
2. Section 53, R.A. No. 8791
   
   "In case a * * * quasi-bank notifies the Bangko Sentral or publicly announces a bank holiday, or in any manner suspends the payment of its deposit liabilities for more than thirty (30) days, the Monetary Board may summarily and without need for prior hearing close such banking institution and place it under receivership * * *."
   
   
3. Section 56, R.A. No. 8791, 2nd par.
   
   "Whenever a * * * quasi-bank or trust entity persists in conducting its business in an unsafe or unsound manner, the Monetary Board may, without prejudice to the administrative sanctions provided in Section 37 of the new Central Bank Act, take action under Section 30 of the same Act * * *"
   
   
4. Section 91, R.A. No.  8791   in relation to Section 66 of R.A. No. 8791 and Section 36 of R.A. No. 7653
   
   Section 91, R.A. No. 8791
   
   "Sanctions and Penalties.—A trust entity or any of its officers and directors found to have willfully violated any pertinent provisions of this Act, shall be subject to the sanctions and penalties provided under Section 66 of this Act as well as Sections 36 and 37 of the New Central Bank Act."
   
   Section 66, R.A. No. 8791
   
   "Penalty for Violation of this Act.— Unless otherwise herein provided, the violation of any of the provisions of this Act shall be subject to Sections 34, 35, 36 and 37 of the New Central Bank Act. If the offender is a director or officer of a bank, quasi-bank or trust entity, the Monetary Board may also suspend or remove such director or officer. If the violation is committed by a corporation, such corporation may be dissolved by quo warranto proceedings instituted by the Solicitor General."
   
   Section 36, R.A. No. 7653
   
   "Sec. 36. Proceedings Upon Violation of This Act and Other Banking Laws, Rules, Regulations, Orders or Instructions.   _ * * * * * * * * *
   
   Whenever a * * * quasi-bank persist in carrying on its business in an unlawful or unsafe manner, the Board may, without prejudice to the penalties provided in the preceding paragraph of this section and the administrative sanctions provided in Section 37 of this Act, take action under Section 30 of this Act."
   

1. Must belong to the private sector;
   
   
2. Must have appropriate knowledge, training and competence in the field of banking  and finance, receivership, liquidation, rehabilitation/ corporate recovery, insolvency,  or supervision and regulation of financial institutions;
   
   
3. Must have a minimum of five (5) years work experience in any of the following:
   
   

   (i)	rehabilitation/corporate recovery, receivership, liquidation, or insolvency involving a business similar in size and complexity as that of the institution under receivership; or
   (ii)	banking and finance or supervision and regulation of financial institutions.

   
   
4. Must pass the "fit and proper" rule of the BSP on bank directors/ officers;
   
   
5. Must be of good moral character, sound judgement and  tact  in dealing with the transactions of the institution under receivership;
   
   
6. Must not have conflict of interest as defined in these guidelines.
   
   
7. Must not be included in the BSP Watchlist Disqualification Files "A" and "B";
   
   
8. Must be eligible for coverage by a fidelity bond;
   
   
9. Must not have been convicted by, or have no pending criminal or administrative case before a court or administrative body for any offense involving dishonesty or breach of trust such as, but not limited to, estafa, embezzlement, extortion, forgery, malversation, swindling, theft, robbery, falsification, bribery, violation of B.P. Blg. 22, violation of anti-graft and corrupt practices act and prohibited acts and transactions under Section 7 of R.A. No. 6713 (Code of Conduct and Ethical Standards for Public Officials and Employees), violation of banking laws, rules and regulations; and
   
   
10. Must not have been sentenced by a court to serve a maximum term of imprisonment of more than six years, which conviction has become final and executory.
    
    A juridical person may serve as a receiver; Provided, that it must designate as its representative/s natural person/s who possess/ess all of the above qualifications.  Such juridical entity and the representative/s are solidarily accountable for all the liabilities of the receiver.
    
    The Receiver shall be appointed by the MB and may be replaced at anytime upon written notice by the MB.
    
    The BSP may maintain a pool of qualified receivers who shall be subjected to the following selection process:
    
    

    (i)	The Supervision and Examination Sector (SES) shall send invitations citing the minimum requirements for the position, together with a copy of the terms of reference (TOR), to specific persons with reputable track record in handling corporate recoveries, rehabilitation, receivership, liquidation, banking and finance or supervision and regulation of financial institutions.
    (ii)	Interested parties shall submit an application for appointment as receiver of an entity, together with the statement that the applicant is agreeable to the TOR prescribed by the BSP. The applicant shall also submit his/ her/its proposed compensation and other fees.
    (iii)	The SES shall evaluate the qualifications submitted by the applicants and shall prepare a short list of those qualified. To be included in the short list, candidates must comply strictly with the minimum qualifications.

    The BSP-accreditation of the receivers may be renewed every three (3) years. Any person pre-qualified to be included in the pool, may be appointed as Receiver of one (1) or more NBQBs/Trust Entities subject to such conditions as may be imposed by the MB.
    
    The SES, when recommending to the MB the person who shall be appointed as receiver, shall consider, among others, the following:
    
    

    (i)	Area of expertise of the candidates via-a-vis the nature of the business of the entity under receivership;
    (ii)	Amount of assets of the entity under receivership;
    (iii)	Proposed compensation and other fees; and
    (iv)	Any information available in the business community and/or in legal/professional organizations regarding the candidate.

    
    

1. The person is, or was within two (2) years prior to the date the MB placed the institution under receivership a director, officer, employee, consultant/adviser, external counsel/auditor, creditor, debtor, or stockholder of the institution under receivership;
   
   
2. The persons is presently engaged in a competing line of business as the institution under receivership;
   
   
3. The person is related by consanguinity or affinity within the fourth civil degree to such creditor, debtor, stockholder, director, officer of the institution under receivership;
   
   
4. The  person  has  a direct or indirect interest in the institution under receivership or any of its creditors; or
   
   
5. Other cases analogous to the foregoing or when there is a clear showing of a conflict of interest, as may be determined by the MB.
   
   

1. Take charge of the institution's assets and liabilities as provided in the Receivership Procedures attached as Annex A;
   
   
2. As expeditiously as possible, collect and gather all the assets and administer the same for the benefit of its creditors and exercise the general powers of a receiver under the Revised Rules of Court but shall not, with the exception of administrative expenditures, pay or commit any act that will involve the transfer or disposition of any asset of the institution;
   
   
3. Determine as soon as possible, but not later than ninety (90) days from takeover, whether the institution may be rehabilitated or otherwise  placed in such a condition so that  it  may  be permitted to resume business with safety to its clients, creditors and the general public; and
   
   
4. Evaluate and propose rehabilitation plan that may be submitted and make a recommendation   to   the   MB whether the institution should be rehabilitated or liquidated.
   
   
5. Upon approval by the MB of the receiver's recommendation for liquidation, the receiver shall proceed with the liquidation without prejudice to the prerogative of the MB to select a liquidator.
   
   

1. Designation of deputy receiver(s) and the formation of a complete receivership team which preferably includes an auditor and a lawyer. The composition of the team shall depend  on  the   size,  type  of institution  and  the  number of branches;
   
   
2. Planning, organization, and coordination of the duties and functions of all members of the team and complete briefing of the mechanics and the strategy of the takeover in a conference called for the purpose;
   
   
3. Drawing-up/formuiation of policies, guidelines and strategies to ensure the effective implementation of Monetary Board ("MB") resolutions, BSP Circulars and other applicable laws in relation to the receivership of the institution;
   
   
4. Arrange security measures for the takeover; and
   
   
5. Review of the examination papers/ files and other documents pertaining to the institution to be taken over.
   
   

1. Serve the letter of authority from the Deputy Governor  of the Supervision   and   Examination Sector on the takeover addressed to the President/Board of Directors of the institution.  The receiver/ deputy receiver shall see to it that the official receiving the said letter of authority  indicates his designation, date and time of receipt on the duplicate copies of the letter.
   
   In case the management of the institution refuses to allow the takeover, the receiver/deputy receiver shall immediately report the matter to the nearest office of the Philippine National Police and to the MB for further instructions;
   
   
2.  As  soon  as  the  official of the institution  receives the letter of authority on takeover,    all operations  shall  be under the direction of the receiver or deputy receiver.  The receiver shall suspend all operations except collections of loans and receivables;
   
   
3. Post a notice in the most conspicuous place in the institution's premises (usually the main door) informing the public of the placement of the institution under receivership;
   
   
4. Adopt appropriate security measures, such as hiring of private security guards, to prevent removal of records and other properties from the premises of the institution;
   
   
5. Notify in writing all of the institution's depository banks of the receiver's takeover with instruction  not  to  honor any withdrawal from the institution's deposit accounts without the written approval of the receiver/ deputy receiver;
   
   
6. Request or secure copies of trial balance, statement of condition and statement of earnings and expenses as of the last working day preceding the actual takeover;
   
   
7. Open a new deposit account (preferably a  current account-savings account combo) with  a reputable bank within the vicinity, in the name of the closed institution, with the  Receiver as the authorized   signatory   and custodian. The Receiver may also maintain the existing account of the institution provided that the Receiver shall be the authorized signatory.
   
   
8. Conduct physical  inventory and institute appropriate control  and custody of all assets, liabilities, records,  books of accounts and accountable forms of the institution;
   
   
9. Notify in writing the employees of the  institution  concerning  the suspension of their employment contracts.  Determine the number of employees to be retained in the receivership  operation   of  the institution, and issue a notice of indefinite  leave of absence for those who may not be retained and a confirmation of employment for those to be retained;
   
   
10. Deposit all checks and other cash items that were inventoried  and subsequent  collections  to  the savings account/current account mentioned in item 7 above; and
    
    
11. Reconcile the inventoried properties/assets with the books/ records and account for missing items.  Demand from  the responsible/accountable officials the turnover of unaccounted items or written explanation under oath for each of the missing items.
    
    The tasks and the procedures listed above need not be followed in the order they were listed. The entire receivership team is expected to exercise sound discretion in giving priorities to more urgent matters. Moreover, the receiver/deputy receiver may adopt other measures/ appropriate steps he may deem necessary under given circumstances. Finally, he shall endeavor to effect an orderly and seamless takeover and minimize inconvenience to the institution's management and personnel.
    
    Item Nos. (1) to (9) above should be, as much as practicable, undertaken on the first day of takeover.
    

1. Brief history of the institution;
   
   
2. Basis of its placement under receivership;
   
   
3. Comparative balances of its account as reflected in the books as of takeover date against the balances obtained  per inventory and turnover from the institution's management to the receiver;
   
   
4. Inventories mentioned in Item B. 8 above; and
   
   
5. Such other information that should be brought to the attention of the MB.
   
   

1.  Adopt an effective accounting system.
   
   

   a)	Carry in the receiver's books a chart of accounts of the institution, with additional accounts such as Receivership Costs and Fees (for recording of the salaries of the receivership team and those of the institution's employees to be retained, and other authorized expenses incurred by the receiver) and the Receivership Income (which may include rental income, and interest income);
   b)	Supervise the closing of the books as of takeover date and transfer the balances of all real accounts from the institution's books to the new set of books opened by the receiver's team; and
   c)	Record receiver's transactions involving receipt and disbursement of cash in accordance with generally accepted accounting principles.

   
   
2. Attend to all requirements of various agencies of the government, such as filing of tax returns  and  notices  or other reportorial requirements of the Department of Labor and Employment, Securities and Exchange Commission and Social Security System/Government Service Insurance System.
   
   

1. Reconcile the deposit accounts of the institution and prepare/book the necessary adjusting entries.
   
   
2. Pay the following receivership expenses:
   
   

   a)	Salaries and other allowances of officers and employees, including those of the receivership team;
   b)	Security and janitorial services;
   c)	Rental on institution's premises;
   d)	Telephone, light, water and other utility expenses; and
   e)	Insurance

1. Evaluate documents of each loan folder and segregate vital documents from the file;
   
   
2. Prepare  inventory of missing documents and demand explanations under oath from accountable/responsible officers of the institution;
   
   
3. Send demand letters, when due, or notice to borrowers and comakers of various loan accounts;
   
   
4. Ensure that the real estate taxes on properties mortgaged in favor of the institution are updated by the borrowers;
   
   
5. Hire legal counsels to enforce collection;
   
   
6. Initiate collection proceedings; and
   
   
7. Follow-up on execution of judgments when warranted.
   

1. Update payment of taxes;
   
   
2. Collect the fruits and rentals; and
   
   
3. Perform other acts which are necessary in preserving the properties and making them productive;
   

1. Evaluate the rehabilitation proposal which shall contain, among others, the following:
   
   

   a)	a capital restoration plan that shall include an initial fresh capital infusion of an amount (to be determined by the Receiver) that will render the institution operational;
   b)	a business improvement plan that shall contain set of actions to be taken immediately to bring about an improvement in the entity's operating condition; and
   c)	a corporate governance reforms that shall contain actions to be immediately taken to improve composition of the Board of Directors and to enchance the quality of its oversight over the management and operation of the entity.

   
   
   
2. Submit report on the rehabilitation proposal, together with his evaluations and recommendation(s), to the MB within ninety days (90) from takeover.
   
   

1. Submit a report to the MB containing the following:
   
   

   a)	MB resolution placing the institution under receivership;
   b)	Summary of the total cash realized and disbursed by the receiver;
   c)	Comparative balance sheet statements as of takeover date and as of termination date of the receivership;
   d)	Other information which should be brought to the attention of the MB;
   e)	Recommendation for the discharge of the receivership team from the receivership duties.

   
   
2. Prepare an inventory of assets, liabilities and records to be turned over to the new management (if the entity is to be rehabilitated) or to the liquidator (if the entity is to be liquidated).

Section 91, R. A. No. 8791

"Sanctions and Penalties—A trust entity or any of its officers and directors found to have willfully violated any pertinent provisions of this Act, shall be subject to the sanctions and penalties provided under Section 66 of this Act as well as Sections 36 and 37 of the New Central Bank Act.

Section 66, R.A. No. 8791

Penalty for Violation of this Act.— Unless otherwise herein provided, the violation of any of the provisions of this Act shall be subject to Sections 34, 35, 36, and 37 of the New Central Bank Act.  If the offender is a director or officer of a bank, quasi-bank or trust entity, the Monetary Board may also suspend or remove such director or officer.  If the violation is committed by a corporation, such corporation may be dissolved by quo warranto proceedings instituted by the Solicitor General.

Section 36, R.A. No. 7653

Proceedings Upon Violation of This Act and Other Banking Laws, Rules, Regulations, Orders or Instructions.— "***  ***  ***

Whenever a * * * quasi-bank persists in carrying on its business in an unlawful or unsafe manner, the Board may, without prejudice to the penalties provided in the preceding paragraph of this section and the administrative sanctions provided in Section 37 of this Act, take action under Section 30 of this Act."

1. Must belong to the private sector;
   
   
2. Must have appropriate knowledge, training and competence in the field of banking and finance, receivership, liquidation, rehabilitation/corporate recovery, insolvency, or supervision and regulation of financial institutions;
   
   
3. Must have minimum of five (5) years work experience in any of the following:
   
   
   1. rehabilitation/corporate recovery, receivership, liquidation, or insolvency involving a business similar in size and complexity as that of the institution under liquidation; or
      
      
   2. banking and finance or supervision and regulation of financial institutions.
      
      
4. Must pass the "fit and proper" rule of the BSP on bank directors/officers;
   
   
5. Must be of good moral character, sound judgment and tact in dealing with the transactions of the institution under liquidation;
   
   
6. Must  not have conflict of interest as defined in these guidelines;
   
   
7. Must not be included in the BSP Watchlist Disqualification Files "A" and "B";
   
   
8. Must be eligible for coverage by a fidelity bond;
   
   
9. Must not have been convicted by, or have no pending criminal or administrative case before a court or administrative body for any offense involving dishonesty or breach of trust such as, but not limited to, estafa, embezzlement, extortion, forgery, malversation, swindling, theft, robbery, falsification, bribery, violation of B.P. Blg. 22, violation of anti-graft and corrupt practices act and prohibited acts and transactions under Section 7 of R.A. No. 6713 (Code of Conduct and Ethical Standards for Public Officials and Employees), violation of banking laws, rules and regulations; and
   
   
10. Must not have been sentenced by a court to serve a maximum term of imprisonment of more than six years, which conviction has become final and executory.
    

1. The person is, or was within two (2) years prior to the date the MB placed the NBQB/Trust Entity  under liquidation, a director,  officer,  employee, consultant/adviser,  external counsel/auditor, creditor, debtor, or stockholder of the said NBQB, or any of its subsidiaries, affiliates or related interests;
   
   
2. The person is presently engaged in a competing line of business as the NBQB/Trust Entity under liquidation;
   
   
3. The person is related by consanguinity or affinity within the fourth civil degree to such creditor, debtor, stockholder, director, officer, consultant/ adviser, or external counsel/ auditor of the  NBQB/Trust Entity under liquidation;
   
   
4. The person  has a direct or indirect interest in the NBQB/ Trust Entity under liquidation; or any of its creditors; or
   
   
5. Other cases analogous to the foregoing or where there is a clear showing of conflict of interest, as may be determined by the MB.

1. The Supervision and Examination Sector (SES) shall such invitations, together with a copy of the  terms of reference (TOR), to specific persons with reputable track record in handling corporate recoveries, rehabilitation, receivership and liquidation citing the minimum requirements for the position.
   
   
2. Interested parties shall submit an application for appointment as  liquidator of an entity, together with the statement that the applicant is agreeable to the TOR prescribed by the BSP.  The applicant shall also submit his/its proposed compensation and other fees.
   
   
3. The SES shall evaluate the qualifications submitted by the applicants and shall prepare a short list of those qualified. To be included in the short list, candidates must comply strictly   with the minimum qualifications.
   
   SES, when recommending to the MB the person who shall be appointed as liquidator, shall consider, among others, the following:
   
   

   •	Area of expertise of the candidates  via-a-vis the nature of the business of the NBQB/Trust Entity under liquidation;
   •	Amount of assets of the NBQB under liquidation;
   •	Proposed compensation and other fees; and
   •	Any information available in the business community and/or in legal/professional organizations regarding the candidate.

   
   SES shall recommend to the Monetary Board the person/ partnership/ firm who/which shall be appointed as liquidator.
   

1. Master Liquidation Plan
   
   Implement the Master Liquidation Plan for NBQBs/Trust Entities (Annex A).
   
   
2. Liquidation Process
   
   The BSP-designated liquidator of the NBQB/Trust Entity shall:
   
   
   1. Within sixty (60) days upon receipt of the Monetary Board placing the NBQB/Trust Entity under liquidation, file ex parte a Petition for Assistance in the Liquidation  of the  NBQB/Trust Entity with the proper Regional Trial Court pursuant to the Master Liquidation Plan;
      
      
   2. Represent and act for and  in behalf of the closed NBQB/Trust Entity;
      
      
   3. Gather and take-charge of all the assets which shall include the NBQB/Trust Entity license, records, documents and affairs of the NBQB/Trust Entity, and administer the  same  for the benefit of its creditors;
      
      
   4. Collect loans and other claims of the NBQB/Trust Entity, and for this purpose, modify, compromise or restructure the terms and conditions of such loans or claims as may be deemed advantageous to the interest of the creditors and claimants of the closed NBQB/ Trust Entity;
      
      
   5. Convert the assets to money or dispose of the same to creditors and other parties for the purpose of paying debts of the NBQB/ Trust Entity in accordance with the preference of credits provided under the Civil Code;
      
      
   6. Settle the affairs of the NBQB/ Trust Entity within a reasonable time preferably within three (3) to five (5) years;
      
      
   7. Provide for his own organizational support and for other resource back-up facilities to accomplish the liquidation plan, including hiring of counsel;
      
      
   8. Bring suits to enforce liabilities of the directors, officers, employees, agents of the closed NBQB/Trust Entity and other entities related or connected to the closed NBQB/ Trust Entity or to collect, recover and preserve all assets, including assets over which the NBQB/ Trust Entity has equitable interest;
      
      
   9. Incur, disburse, charge and be paid from the funds of the NBQB/ Trust Entity, liquidator's fees, salaries/compensation of support personnel and such other necessary expenses incurred in the discharge of the liquidation functions subject to approval by the liquidation Court; and
      
      
   10. Perform such other functions necessary in the liquidation of the NBQB/Trust Entity.
       
   
   
3. Safeguards for preserving the Assets of an Entity during the Liquidation Process.
   
   The liquidator, in the performance of his/her/its duties, shall observe due diligence as required under the circumstances, reasonable skill sound discretion and good faith.  Immediately after his takeover, the liquidator shall take appropriate steps to manage, administer and preserve the assets of the NBQB/ Trust Entity in order to conserve and/or maximize the value of assets, including assets in the possession or administration of third persons or those previously given as collaterals by the NBQB/Trust Entity to its creditors.  Accordingly, the liquidator shall undertake the following steps:
   
   
   1. All properties included in the inventory of assets and/or under the custody of the liquidator that are reasonably deemed to have inherent risk, shall be adequately insured;
      
      
   2. The liquidator shall use all legal means to control the assets, collect all receivables, bring suit to collect claims and resist all unlawful claims against the assets of the entity;
      
      
   3. Investible funds shall be limited to readily marketable government securities;
      
      
   4. The liquidator shall convert the assets into money with convenient speed as may be practicable  and  at maximum recovery obtainable under the circumstances;
      
      
   5. The liquidator and his staff shall be prohibited from purchasing properties of the NBQB/Trust Entity subject of liquidation;
      
      
   6. The liquidator shall limit administrative expenses to what is necessary and reasonable;
      
      
   7. Third parties hired to perform certain activities shall possess the education, experience, training and competence necessary for the job;
      
      
   8. The  liquidator shall  maintain appropriate records which may be made available to  parties as provided in Section 4.6 below; and
      
      
   9. The liquidator shall be required to post a surety bond  in an amount not less than 10% of the book value of the total assets of the institution as of takeover.  Said surety bond shall be renewable every year and the amount of which shall be at least 10% of the realizable assets of the preceding quarter.
   
   
4. Submission of Status Report
   
   The liquidator shall submit a semestral status report to the MB, or as often as may be required by the MB.
   
   The liquidator shall also submit a status report to the Liquidation Court if so required by the Liquidation Court.
   

4.3.1 Disposition of Remaining Non-Cash Assets

In case the NBQB/Trust Entity has remaining non-cash assets, the Liquidator shall recommend to the Court the final disposition of such assets.

1. by two-thirds (2/3) vote of the stockholders and majority vote of the board of directors, where no creditors are prejudiced;
   
   
2. judgment of the Securities and Exchange Commission after hearing the petition for voluntary dissolution, where creditors are prejudiced; or
   
   
3. amending the articles of incorporation to shorten the corporate term, provided all creditors are assured of payment of their claims.
   

1. Inventory/Appraisal of Assets and Liabilities.  A schedule/inventory and status/appraisal reports of assets and liabilities of the NBQB/ Trust Entity.
   
   
2. Notice to Creditors.  Notice of the voluntary dissolution to be sent by the Board of Directors/Trustee/ Liquidator by registered mail to all creditors of the NBQB/Trust Entity advising them to file their claims within a set deadline.  Publication of the same notice shall be made in a newspaper of general circulation at least once a week for two (2) consecutive weeks, within thirty (30) days  from approval by the Monetary Board of the voluntary dissolution.
   
   
3. Conversion of Assets into Money. Projected timetable to convert assets and manner of conversion, e.g., thru public auction or negotiated sale.
   
   
4. Project of Distribution of Assets and Liquidating Dividends.
   
   
5. Final Notice to Claimants/ Creditors.  Undertaking of the Board of Directors/Trustee/ Liquidator to advise, within thirty (30) days from conversion into money of all or substantially all of the assets  of the  NBQB/Trust Entity, by registered mail and by publication  in a newspaper of general circulation at least once a month for three (3) consecutive months, that claimants/creditors have thirty (30) days from last publication within which to claim check payments.
   
   
6. Final Liquidation Report. Submission by the Board of Directors/Trustee/Liquidator, within thirty (30) days from the deadline given in the final notice to claimants/creditors, of a final liquidation  report to the Stockholders, copy furnished the Securities and Exchange Commission and the Monetary Board.  The final  report shall include, among others, a list of the remaining non-cash assets of and claims against, the NBQB/Trust Entity, if any.