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Uniwide assails SEC dissolution decision

June 24, 2013 8:43 pm [ manilatimes.net ]
by Madelaine B. Miraflor Reporter

Uniwide Holdings Inc. called on Monday the decision of the Securities and Exchange Commission to dissolve the firm and its five other companies as “unfair.”

Uniwide is claiming in a disclosure filed at the Philippine Stock Exchange records earlier presented by the SEC showed that the group has substantially paid its obligations in 2010 and its debt to its creditors significantly reduced.

“As early as December 2012, urgent motions were filed to withdraw from the SEC as Uniwide will negotiate with its creditors and because it believes it is on the road to recover its financial standing,” Jimmy Gow, president of Uniwide Group of Companies, said in the disclosure.

According to him, the motion given by the SEC was not acted upon, and a mandamus case filed with the Court of Appeals where it is still pending resolution.

“It is therefore unfair that the corporation be dissolved and liquidated,” Gow further said.

SEC earlier ordered to dissolve and liquidate Uniwide Holdings and five other companies under the group, namely Uniwide Sales Inc., Naic Resources and Development Corp., Uniwide Sales Realty and Resources Corp., First Paragon Corp. and Uniwide Sales Warehouse Club.

A special hearing panel, which was assigned to assess the group, found that petitioners were insolvent since 2003 or just over a year after the implementation of the Second Amendment to the Group Amended Rehabilitation Plan.

According to SEC, the companies are not liquid, have negative net worth and debt-to-equity ratios, very high debt-to-asset ratio, enormous capital deficit and chronic losses.
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