1.) Vince subscribed to 100 shares of stocks of C corporation with par value of of

100 pesos each paying 2,000 on his subscription. Subsequently, Vince asked

Chloe, the president of the corporation to release him from his subscription. Chloe

consented provided that Vince forfeits to the corporation what he already paid.

Vince agreed and Chloe issued a certificate of release, Not long afterwards, the

corporation became insolvent and a receiver was appointed. The receiver now

seeks to collect from Vince. the balance of his unpaid subscription Can the receiver

still collect from Vince,the subscriber ? Discuss and Justify answer