A regional trial court has issued an order to liquidate the assets of the Uniwide group, declaring as insolvent the former high-flying retailer which was still pleading for a chance to undergo corporate rehabilitation.

In an order dated Nov. 23, the RTC of Parañaque Branch 258 issued an order to liquidate Uniwide Sales Inc., Uniwide Holdings Inc., Naic Resources and Development Corp., Uniwide Sales Realty and Resources Corp., First Paragon Corp. and Uniwide Sales Warehouse Club.

The court petition for liquidation was filed by creditor Manila Bay Development Corp., through Zamora Poblador Vasquez & Bretana Law Offices.

Finding the allegation in the instant petition to be sufficient in form and substance, debtors …

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