Legacy Plans owner admits selling P57M property before declaring bankruptcy

MANILA, Philippines - The owner of Legacy Consolidated Plans sold his P57-million worth of property in Ayala Alabang a week before he declared his company’s bankruptcy. During the Senate hearing on the impending collapse of the pre-need industry Monday, Celso de los Angeles Jr. admitted that the 3,013-square meter lot was sold on December 2, 2008. He said his wife, to whom he has been separated since 2002, was involved in the transaction. De los Angeles, a mayor of Sto Domingo town in Albay, said he advised the Securities and Exchange Commission (SEC) of his company's bankruptcy on December 8. The senators, however, were not convinced. Senator Rodolfo Biazon said during the hearing that this could be a way for De los Angeles to bail out his properties before the bankruptcy declaration. "This disposition of properties (done) so that you can bail out your properties to another person, which was your wife, so that when this problem cropped up, will no longer be attached," Biazon said. Senator Manuel Roxas II, for his part, said the disposition of the property could be done in preparation for the declaration of bankruptcy. In an interview after the hearing, Roxas said the SEC can move for the freezing of the properties of bankrupt pre-need companies on its own. "The SEC can do it motu propio, they don't need to wait for us (Senate)," he said. - Amita Legaspi, GMANews.TV