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Compromise Agreement

This document is a compromise agreement between Eduardo Pua, representing former employees seeking unpaid wages, and spouses Angelito and Jocelyn Perez, regarding debts owed following the death of sole proprietor Kim Uy. The parties agree to liquidate Uy's remaining assets together and use the proceeds to: [1] pay P140,000 to 14 employees, [2] pay P300,000 to Pua for his investment, and [3] pay P480,000 to the Perez spouses for unpaid rent. Any remaining funds will be split 70% to Pua and 30% to the Perez spouses. The agreement serves to settle all creditor claims and prevent future disputes.

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Paul Angelo 黃種 武
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91 views3 pages

Compromise Agreement

This document is a compromise agreement between Eduardo Pua, representing former employees seeking unpaid wages, and spouses Angelito and Jocelyn Perez, regarding debts owed following the death of sole proprietor Kim Uy. The parties agree to liquidate Uy's remaining assets together and use the proceeds to: [1] pay P140,000 to 14 employees, [2] pay P300,000 to Pua for his investment, and [3] pay P480,000 to the Perez spouses for unpaid rent. Any remaining funds will be split 70% to Pua and 30% to the Perez spouses. The agreement serves to settle all creditor claims and prevent future disputes.

Uploaded by

Paul Angelo 黃種 武
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Republic of the Philippines)

Province of Isabela ) S.S


Ilagan City )

COMPROMISE AGREEMENT

KNOW ALL MEN BY THESE PRESENTS:

This Compromise Agreement executed this ____day of December 2015 at Ilagan

PUA, of legal age, Filipino and a resident of #., Cauayan City, Isabela,
hereinafter referred to as the FIRST PARTY;

SPOUSES, of legal ages, Filipinos and residents of Cauayan City, Isabela, and
hereinafter referred to as the SECOND PARTY;

WITNESSETH:

WHEREAS, the FIRST PARTY as a former employee represents the other


employees in seeking payment of their separation claims from sole proprietor
Kim Uy;

WHEREAS, the FIRST PARTY likewise made an investment in the business of


said sole proprietor;

WHEREAS, the death of the sole proprietor created an issue as to the payment
of creditors as well as to their preference;

WHEREAS, the FIRST PARTY and the SECOND PARTY are desirous of settling
amicably their differences in order to avoid a serious dispute entail more delays
on their part.

NOW, THEREFORE, in consideration of the foregoing premises, the parties


hereby undertake as follows:

1. The parties agreed to liquidate the remaining assets of the sole proprietor
Kim Uy, requiring the presence of one another during such liquidation;

2. The parties agreed that whatever proceeds from the sale of the assets,
the same will be use to pay all the creditors in the following manner:

a. The amount of TEN THOUSAND PESOS (P10,000) shall be paid to


FOURTEEN (14) employees or a total amount of ONE HUNDRED
FOURTY THOUSAND PESOS (P140,000);

b. The amount of THREE HUNDRED THOUSAND PESOS (P300,000)


shall be paid to the FIRST PARTY representing the return of his
investment;
c. The amount of FOUR HUNDRED EIGHTY THOUSAND PESOS
(480,000) shall be paid to the SECOND PARTY representing the
amount of unpaid rentals from NOVEMBER 2016 up to present.

3. That whatever amount or proceeds remaining after payment of all


creditors, the parties have agreed that the same shall be divided between
them in a 70%:30% share ratio;

4. In case of disagreements, the parties should discuss the matter together;

5. Any modification of this agreement may be made with the conformity of


both parties;

6. This compromise agreement shall serve as a waiver of any claim by each


party to on another arising from the issue of creditor preference and the
payment thereof but in no case be construed as a waiver of any future
claims that may arise from other issues;

7. That any violation of the provisions of this compromise agreement shall


entitle the other party to file the appropriate case in Court for the
enforcement of the rights arising from this agreement as well as rights
from existing laws.
8.

IN WITNESS WHEREOF, the parties have hereunto set their hands this ____
day of __________, 2017 at Ilagan City, Isabela.

EDUARDO PEREZ
First Party

ANGELITO PEREZ JOCELYN PEREZ


Second Party Second Party

Witnessed By:

__________________________ __________________________

ACKNOWLEDGMENT

BEFORE ME, a Notary Public for and in Province of Isabela, personally


appeared:
Name I.D I.D No.

EDUARDO PUA
ANGELITO PEREZ
JOCELYN PEREZ

And that they acknowledge to me that they are the same persons who executed
the foregoing instrument, consisting of three (3) pages, including this page and
that they executed the foregoing instrument as their own free and voluntary act
and deed.

Doc. No. ____;


Page No. ____;
Book No. ____;
Series of 2017.

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