SCHEME OF OPTIONS IN FILING THE SUSPENSION OF DEBT PAYMENT OBLIGATION (PKPU) YOU NEED TO KNOW
“Request of PKPU may be filed on the initiative of a party or in the court of bankruptcy petition."
Suspension of Debt Payment Obligation (PKPU) is a mechanism which may be used by debtor to re-negotiate with all his creditors. However, the negotiation is conducted by the court’s assistant, in this case, the supervisory judge and the committee. Both of them are appointed through court’s decision.
Basically, there are 2 (two) option schemes in filing request for PKPU:
- Request for PKPU is filed based upon the initiative of a party
- The request of PKPU is filed in the court of bankruptcy petition
Request for PKPU may be filed either by one creditor or the by the creditor, as stated in Article 222 of Law concerning Bankruptcy and Suspension of Debt Payment Obligation (“Bankruptcy Law”).
Request for PKPU is made based upon the worries that the debtor will be unable to continue paying the debts which have matured and must be made, with the intention of presenting a composition plan that includes an offer to pay all or part of the debts. (Read also: Can The Accord Be Made After The Debtor Is Declared Bankrupt?)
In this case, both concurrent, separatist and preferred creditors have the right to file the request for PKPU. (Read Also: Separatist Creditor Position in Suspension of Debt Payment Obligation (PKPU))
If the request for PKPU is based upon the initiative of the debtor himself, it is known as voluntary petition. In this case, there is no opposed party in the court, but only one party, which is debtor as the applicant.
In this case, the request of PKPU is filed as a form of "defense" against the bankruptcy petition filed by the Creditor. Debtor uses PKPU as a way out against the existing bankruptcy petition.
It is allowed to do so, as stated by Article 229 paragraph (4) of Bankruptcy Law:
“If Request for the Suspension of Debt Payment Obligation is filed after the petition for declaration of bankruptcy against the debtor, the request for PKPU shall be adjudicated first as referred to in paragraph (3), shall be filed in the first hearing of the bankruptcy declaration.”
Delay in examining the petition for bankruptcy declaration due to the request for PKPU, will be terminated if the request for Permanent PKPU is granted or rejected. If the Permanent PKPU is granted, then the delay in examining the petition for bankruptcy will be terminated.
However, if the request for Permanent PKPU is rejected, then the hearing process will be resumed. The Commercial Court shall declare the Debtor bankrupt no later than on the next day. (See also: Two Stages in Suspension of Debt Payment Obligation (PKPU) Process).
BP Lawyers can assist you
BP Lawyers has experiences in resolving Bankruptcy and Suspension of Debt Payment Obligation cases in the Commercial Court. You can reach us via e-mail firstname.lastname@example.org or +62 821 1000 4741
Fairus Harris, S.H., M.Kn.