Unitrust depositors, creditors to receive cash payments
MANILA, Philippines - Depositors and creditors of the closed Unitrust Development Bank will soon get partial cash payments, according to the Philippine Deposit Insurance Corp. (PDIC).
In a statement, the PDIC said it will start distributing cash payments to the depositors and creditors of Unitrust on September 9. The cash portion is in partial settlement of their claims against the bank's assets.
To receive the payment, Unitrust depositors and creditors are required to appear personally or thru a duly authorized representative at the Unitrust Development Bank Exchange Corner located at the Ground Floor, Exchange Corner Complex Condominium, Exchange Corner Building, V.A. Rufino St. corner Esteban and Bolanos Sts., Legaspi Village, Makati City on their designated schedule.
The schedule is based on the list posted in the PDIC website, www.pdic.gov.ph.
Depositors are required to present two (2) valid identification documents (IDs) and submit their corresponding duly accomplished and notarized Release, Waiver and Quitclaim, With Undertaking.
Additional requirements for individual creditors, sole proprietors and corporate creditors as well as the schedule of cash payments are posted in the PDIC website. The Release, Waiver and Quitclaim, With Undertaking may also be downloaded from the website.
PDIC Executive Vice President Cristina Q. Orbeta assured depositors and creditors that Unitrust has sufficient funds to pay all the claims.
Presiding Judge Winlove Dumayas of the Regional Trial Court of Makati City, Branch 59 (Liquidation Court) earlier ordered the depositors and creditors of Unitrust to attend the hearing set on September 10 at 8:30 a.m., at the Liquidation Court "to agree to the proposed allocations of their interests in the real properties as payment equivalent to 38% of their respective claims" and "to execute their respective quitclaims and waivers once all their claims have been fully-settled."
The Liquidation Court issued an omnibus order last August 5, further directing the PDIC to submit a list of all unfiled claims after the 45-day period counted from the date of publication of the notice. These unfiled claims shall be written-off and shall be distributed to the stockholders of the Unitrust.
The PDIC urged Unitrust depositors and creditors to attend the September 10 hearing to discuss the payment of the remaining balance of their respective claims. The proposal of Unitrust stockholders is to pay the remaining balance with real properties.
The payment of the cash portion of the claims is without prejudice to the final resolution of PDIC's petition for certiorari (C-A-G.R. No. 128241) before the Court of Appeals on the December 17, 2012 Order.
Unitrust was ordered closed by the Monetary Board on January 4, 2002, and is now under the liquidation of the PDIC.