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Teal Motor Co. Vs. Court Of First Instance Of Manila 051 Phil 549

TEAL MOTOR CO., INC., a corporation organized under the laws of the Philippine Islands, and E. H. TEAL, petitioners, vs. COURT OF FIRST INSTANCE OF MANILA, E. M. BACHRACH and THEODORE G. DAVIS, receiver of the TEAL MOTOR CO., INC., respondents.

G.R. No. 29119 | 1928-02-18

D E C I S I O N


JOHNS, J.:

It will be noted that the original suit in which the receiver was appointed was not brought to dissolve the corporation or to terminate its existence. It is there specifically alleged that to obtain an application of the property and interests of the defendant corporation to and upon the claims of the plaintiff and other creditors, and to prevent the depreciation of its property "and the loss and destruction of the value thereof as a going concern," it is necessary that a receiver be appointed to sell its property and business, or so much thereof as may be necessary to satisfy the debts and claims against the...