Section 26. Powers, Duties and Functions of Rehabilitation Receiver. —

The rehabilitation receiver shall be deemed an officer of the court with the principal duty of preserving and maximizing the value of the assets of the debtor during the rehabilitation proceedings, determining the viability of the rehabilitation of the debtor, preparing and recommending a Rehabilitation Plan to the court, and implementing the approved Rehabilitation Plan.

To this end, and without limiting the generality of the foregoing, the rehabilitation receiver shall have the following powers, duties and responsibilities:

(A) to verify the accuracy of the petition, and correct, if necessary, the annexes such as the Schedule of Debts and Liabilities and the Inventory of Assets submitted in support to the petition;

(B) to accept and incorporate, when justified, amendments to the Schedule of Debts and Liabilities;

(C) to evaluate the validity, genuineness and true amount of all the claims against the debtor and to recommend to the court the disallowance of claims and rejection of amendments to the Schedule of Debts and Liabilities that lack sufficient proof and justification;

(D) to submit to the court, and make available for the creditors' review, a revised Schedule of Debts and Liabilities;

(E) to investigate the acts, conduct, properties, liabilities and financial condition of the debtor, the operation of its business and the desirability of the continuance thereof, and any other matter relevant to the proceeding or to the formulation of a Rehabilitation Plan;

(F) to sue and recover, with the approval of the court, all amounts owed to, and all properties pertaining to the debtor, including all property or money of the debtor paid, transferred or disbursed in fraud of the debtor or its creditors, or which constitute undue preference of creditor/s;

(G) to examine under oath the directors and officers of the debtor and any other witnesses that he may deem appropriate;

(H) to make available to the creditors the documents and notices necessary for them to follow and participate in the proceedings;

(I) to report to the court any fact ascertained by him to pertain to the causes of the debtor's problems, fraud, preferences, dispositions, encumbrances, misconduct, mismanagement and irregularities committed by the stockholders, directors, management, or any other person against the debtor;

(J) to employ such specialized professionals and other experts such as lawyers, accountants, auditors, appraisers and staff, with the approval of the court, whose services are necessary in assisting the rehabilitation receiver in performing his duties and functions in accordance with Section 37 of this Rule;

(K) to monitor the operations of the debtor and to immediately report to the court any material adverse change in the debtor's business;

(L) to evaluate the existing assets and liabilities, earnings and operations of the debtor;

(M) to determine and recommend to the court the best way to salvage and protect the interests of the creditors, stockholders and the general public;

(N) to study the Rehabilitation Plan proposed by the debtor or any Rehabilitation Plan submitted during the proceedings, together with any comments made thereon;

(O) to prohibit and report to the court any encumbrance, transfer or disposition of the debtor's property outside of the ordinary course of business or what is allowed by the court;

(P) to prohibit and report to the court any payments made by the debtor outside of the ordinary course of business;

(Q) to have unlimited access to the debtor's employees, premises, books, records and financial documents during business hours;

(R) to inspect, copy, photocopy or photograph any document, paper, book, account or letter, whether in the possession of the debtor or other persons, that pertain to the business of the debtor;

(S) to gain entry into any property owned by the debtor for the purpose of inspecting, measuring, surveying or photographing it or any designated relevant object or operation thereon;

(T) to take possession, control and custody, and to preserve the value of all of the debtor's assets;

(U) to notify counterparties and the court as to contracts that the debtor has decided to confirm, pursuant to Section 56 of this Rule;

(V) to be notified of and to attend all meetings of the board of directors and stockholders of the debtor;

(W) to recommend any modification of an approved Rehabilitation Plan as he may deem appropriate;

(X) to bring to the attention of the court any material change affecting the debtor's ability to meet the obligations under the Rehabilitation Plan;

(Y) to recommend the appointment of a management committee in the cases provided for under Section 31 of this Rule;

(Z) within the soonest possible time, to submit a report to the management committee, if one has been constituted pursuant to Section 31 of this Rule, on the status and condition of the debtor and on the actions taken by the receiver with regard to the proceedings;

(AA) to recommend the termination of the proceedings and the dissolution of the debtor if he determines that the debtor's continuance in business is no longer feasible or profitable or no longer works to the best interest of the stockholders, parties-litigants, creditors or the general public;

(BB) to apply to the court for any order or directive that he may deem necessary or desirable to aid him in the exercise of his powers and performance of his duties and functions;

(CC) to make quarterly reports on the status and progress of the rehabilitation, or as often as may be required by the court; and

(DD) to exercise such other powers as may from time to time be conferred upon him by the court.

The court may limit the powers and functions of the rehabilitation receiver, as may be appropriate.