Posts Tagged ‘Commercial Court’
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 MoreBoard of Commissioners (BOC) Cannot be Completely OffHand in A Company Bankruptcy
The accountability of “BOC as the supervisor in a company, should be requested when a company is declared bankrupt.” The role and the main task of the board of commissioners in a company (Limited Liability Company) is carrying out general supervision over the policy and management of the company as well as providing advice to…
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The Insurance company does not have an authority to submit a bankruptcy petition even when the business license has been revoked.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…
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