HLURB forms panel to settle UBFHAI affairs

MANILA, Philippines - To settle the issues hounding the United BF Homeowners Association Inc. (UBFHAI), the Housing and Land Use Regulatory Board (HLURB) has again ordered the creation of a management committee that will wind up and liquidate operations of the already defunct association. 

In an order issued March 30, the HLURB said three members will be designated by the agency while two others will be nominated by the complainants, headed by former president and director Rollie Navarro. 

The corporate assets of the UBFHAI will be turned over to the managing committee, which will undertake the “winding up and liquidation of the assets, liabilities and residual affairs” of the association.

This comes after the UBFHAI’s personality was terminated in a 2006 HLURB decision, which was affirmed by the Supreme Court last 2014. 

“It can be likened to a corporation whose existence is terminated by the expiration of its corporate term. Hence, UBFHAI must wind up its corporate affairs as a matter of course,” the order stated. 

The board said that there was no liquidation made after UBFHAI was dissolved and that its assets were inventoried.

The regulatory board found that instead of settling the affairs of the association, the appointed managing committees and agents were tasked to continue corporate business of UBFHAI. 

The respondents were therefore also ordered to make an inventory of the corporate assets of the association as well as submit its audited financial statements.

Current UBFHAI president Arturo Carlos Astorga is among the respondents in the case.