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    10 Campos Rueda v. Pacific

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    Anna Veluz
    Campos Rueda & Co., a limited partnership, owed over P1,000 to three creditors but failed to pay for over 30 days. The creditors filed for involuntary insolvency of the partnership. The trial court denied the petition, finding the partners themselves were not proven insolvent. The Supreme Court ruled that under Philippine law, a limited partnership is considered a separate juridical entity from its partners. The partnership's failure to pay debts for over 30 days constituted an act of insolvency allowing creditors to seek involuntary insolvency against the partnership.

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    10 Campos Rueda v. Pacific

    Uploaded by

    Anna Veluz
    80 views2 pages
    Campos Rueda & Co., a limited partnership, owed over P1,000 to three creditors but failed to pay for over 30 days. The creditors filed for involuntary insolvency of the partnership. The trial court denied the petition, finding the partners themselves were not proven insolvent. The Supreme Court ruled that under Philippine law, a limited partnership is considered a separate juridical entity from its partners. The partnership's failure to pay debts for over 30 days constituted an act of insolvency allowing creditors to seek involuntary insolvency against the partnership.

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    Campos Rueda & Co., a limited partnership, owed over P1,000 to three creditors but failed to pay for over 30 days. The creditors filed for involuntary insolvency of the partnership. The trial court denied the petition, finding the partners themselves were not proven insolvent. The Supreme Court ruled that under Philippine law, a limited partnership is considered a separate juridical entity from its partners. The partnership's failure to pay debts for over 30 days constituted an act of insolvency allowing creditors to seek involuntary insolvency against the partnership.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    80 views2 pages

    10 Campos Rueda v. Pacific

    Uploaded by

    Anna Veluz
    Campos Rueda & Co., a limited partnership, owed over P1,000 to three creditors but failed to pay for over 30 days. The creditors filed for involuntary insolvency of the partnership. The trial court denied the petition, finding the partners themselves were not proven insolvent. The Supreme Court ruled that under Philippine law, a limited partnership is considered a separate juridical entity from its partners. The partnership's failure to pay debts for over 30 days constituted an act of insolvency allowing creditors to seek involuntary insolvency against the partnership.

    Copyright:

    © All Rights Reserved
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    Campos Rueda and Co. v.

    Pacific Commercial
    10 August 28, 1992 GR Number: Ponente: J.
    L-18703 Romualdez

    Partnerships Anna Veluz


    Petitioners: Respondents:
    INVOLUNTARY INSOLVENCY OF CAMPOS PACIFIC COMMERCIAL CO., ASIATIC
    RUEDA & CO., S. en C., ​appellee​, PETROLEUM CO., and INTERNATIONAL
    BANKING CORPORATION,
    petitioners-appellants​.
    Doctrine:

    Philippine statutes consider a limited partnership as a juridical entity for all intents and purposes. A limited
    partnership’s juridical personality is different from the personality of its members.

    Facts:
    1. Campos, Rueda & Co., a limited partnership, is indebted to the appellants (Pacific
    Commercial Co. , Asiatic Petroleum Co, and International Banking Corporation)
    amounting to not less than P1,000.00.
    2. Such amounts were not paid for more than 30 days prior to the date of the filing by
    petitioners of the application for voluntary insolvency.
    3. The trial court denied their petition on the ground that it was not proven, nor alleged that
    the members of the firm were insolvent at the time the application was filed. It also held
    that the partners are personally and solidarily liable for the consequences of the
    transactions of the partnership.
    4.
    Issue/s: Ruling:
    1. W/N a limited partnership which has failed to pay its obligation may be 1. .
    held to have committed an act of insolvency and thereby be adjudged
    as insolvent against its will.
    RULING:

    ● Unlike the common law, Philippine statutes consider a limited partnership as a juridical entity for
    all intents and purposes. A limited partnership’s juridical personality is different from the
    personality of its members. On general principle, the limited partnership must answer for and
    suffer the consequences of its acts. Under our Insolvency Law, one of the acts of bankruptcy upon
    which an adjudication of involuntary insolvency can be predicated is the failure to pay obligations.
    ● The failure of Campos, Rueda & Co.,to pay its obligations constitutes an act which is specifically
    provided for in the Insolvency Law for declaration of involuntary insolvency. The petitioners have a
    right to a judicial decree declaring the involuntary insolvency of said partnership.

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