The Securities and Exchange Commission (SEC) has approved the recommendation of the Philippine Stock Exchange (PSE) to appoint Avelino Cruz, a legal counsel of the ACCRA law office, as liquidator of bankrupt brokerage house Connell Securities Inc.
The PSE made the recommendation after the corporate watchdog denied its request for the withdrawal of its appointment as liquidator of Connell Securities.
The PSE did not want to act as liquidator of Connell, citing possible conflict of interest since it is one of the creditors of the brokerage house.
The PSE said the liquidator will assume the responsibility of applying the proceeds of the sale of Connell's board seat and to pay all obligations in accordance with all creditors.