• Voluntary dissolution where creditors are affected covers a case where the corporation petitions for its dissolution which may prejudice the rights of creditors, or are not consented by all of them.

• The procedure for voluntary dissolution where creditors are affected are provided for under the Revised Corporation Code of the Philippines.

• Voluntary dissolution shall take effect only upon issuance by the Securities and Exchange Commission of the certificate of dissolution

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• Voluntary dissolution where no creditors are affected is a type of dissolution initiated by the corporation.

• The dissolution may be effected by majority vote of the board of directors or trustees, and by a resolution adopted by the affirmative vote of the stockholders owning at least majority of the outstanding capital stock or majority of the members of a meeting to be held upon the call of the directors or trustees.

• A corporation may withdraw its verified request for dissolution within fifteen (15) days from receipt of the verified request for dissolution.

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• A corporation formed or organized under the provision of the Revised Corporation Code of the Philippines may be dissolved voluntarily or involuntarily.

• The methods of effecting dissolution as prescribed by law are exclusive.

• A corporation may be dissolved by the Securities and Exchange Commission motu proprio or upon filing of a verified complaint by any interested party.

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• The principal is chargeable with and bound by the knowledge of or notice to his agent received while the agent was acting as such.

• Notice to the agent is notice to the principal.

• But, notice to the principal is not notice to the agent. Thus, notice to the foreign employer is not notice to the local employment agency.

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