Posts Tagged ‘bankruptcy’
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…
Read MoreCAN RECONCILIATION BE DONE AFTER THE DEBTOR IS DECLARED BANKRUPT?
Debtor may offer reconciliation if the majority creditor does not agree with the bankruptcy decision against the debtor due to not being asked for approval nor summoning the majority creditor. After declared bankrupt by the Commercial Court’s decision, Debtor still has the right to offer reconciliation. This right is stipulated under Article 144 of Law…
Read MoreTHE BANKRUPTCY PETITION AGAINST THE INSURANCE COMPANY MUST BE FILED BY THE FINANCIAL SERVICES AUTHORITY (OJK)
The Insurance company does not have an authority to submit a bankruptcy petition even when the business license has been revoked. The petition can only be filed by the Financial Services Authority (OJK) A Bankruptcy petition against the insurance company has already accepted in Indonesia since the establishment of the Commercial Court in Indonesia. The…
Read MoreTHREE KEY ROLES OF LAWYER IN CORPORATE LIQUIDATION
Naturally, business contains risk, either positive or negative. It would be positive risk if the company gains a lot of benefits. In contrary, it would be negative risk if the company goes bankrupt so that the company must be liquidated. Related to company liquidation process, there are 3 (three) key roles of lawyer that you…
Read MoreGUIDELINES TO LIQUIDATE COMPANY IN INDONESIA
Pursuant to Company Law, the Company shall be dissolved by several matters and one of which is liquidation according to shareholder’s decision in General Meeting of Shareholders. The Board of Directors (“BOD”), Board of Commissioners (“BOC”) or one or more shareholders representing at least 1/10 of the total shares with voting rights could propose liquidation…
Read MoreImportant Note Related to ActioPauliana in Bankruptcy Cases
“The basis of Actiopauliana lawsuit is creditor damages.” In various bankruptcy cases can be found the existence of legal action by the creditors to nullify the debtor’s transactions, which is considered causing damage to the creditors. This action is known as actiopauliana. Furthermore, there are three conditions in actiopauliana, which are: There is legal action…
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