Notes

FRIA
the financial condition of debtor
FRIA may apply to debtors who lost their assets and liabilities that are greater than its assets
or may not enough to pay all their obligations; or suffered financial misfortune for whatever reason;
FRIA does not apply to debtors such as banks, preneed comp, insurance companies, or national and local government agencies. because they are govern with their own special laws
aside from insolvent debtors even creditors of such insolvent debtors can apply from the benefits of FRIA thus depending on the circumstances even the insolvent debtor or its creditors or both of them together may apply remedies provided for under FRIA and this is in line with the policy of FRIA to encourage both the insolvent debtor and its creditors to realistically resolve and adjust completing claims and property rights. Specifically since the financial conditions of an insolvent debtiris such that its assets most likely is not enough to pay all its assets in full FRIA provides for the manner which the asset of that debtor maybe preserved or maximized in order to practicable and possible to best satisfy all the claims of all the creditors while respecting the priority, preference, and concurrence of any and all conflicting claims.
FRIA aims to provide a single forum where the creditors can present their respective claims for payment thus, FRIA helps both the creditor and debtor by providing orderly procedures. to save time, effort and resources which may have been wasted in fighting over the limited assets of the insolvent debtors.