MikeLigalig.com

By the Bohol Chronicle

Some 388 plan holders of Legacy Consolidated Plans Inc. here in the province may have better chances of getting back their investments from the shuttered pre-need company.

The Bohol investors’ group, mostly retirees and local businessmen, have suffered months of anxiety over their investments amounting over P300-million, since the Legacy group declared bankruptcy late last year.

Although they opted pursuing a civil suit instead of filing a criminal action against Legacy’s owner Celso delos Angeles, the investors in Bohol recently got an upperhand over more than 50,000 other plan holders when their nominee to handle the receivership proceedings of the corporate assets of the pre-need firms of Legacy was elected and approved by the Makati Regional Trial Court.

Lawyer Salvador Grupo told the Chronicle that while Legacy’s bankrupt pre-need companies owe some P1.1 billion in money claims of investors, the Bohol group has better chances of recovering their investments.

“Hundreds of Boholanos who lost their hard earned money following the collapse of the Legacy group could get back either in part or in full their investments,” Grupo said.

During an election conducted by the Makati RTC on who will represent investors in the receivership proceedings, the Bohol investors’ group nominated Gener Mendoza, considered an expert in handling asset recovery and claims.

Judge Reynaldo Laigo of the Makati RTC Branch 56 assigned Mendoza to represent the investors who want to directly recover their assets.

According to Grupo, the 388 investors may not get the amount expected of the double-your-money scheme used by Legacy to lure them, however, they will definitely get back their principal investments.

In its petition for insolvency, Legacy group was declared by Laigo as an “insolvent debtor” – which meant that the company had insufficient assets to cover all its obligations.

Judge Laigo likewise ordered Legacy group to produce an inventory of its assets and liabilities which will be used in the receivership proceedings.

However, according to Grupo, until now Legacy have not yet provided the inventory of its properties and other documents that would prove alleged multimillion assets of De los Angeles.

More investors of Legacy here in the province are also planning to join the civil suit against De los Angeles and his pre-need firms, Grupo concluded.

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