Introduction The requirements for granting the bankruptcy declaration petition in Article 2 paragraph (1) of Law No. 37 of 2004 (“Bankruptcy Law”) are (i) debtor has two or more creditors and (ii) debtor has not paid in full at least one debt which is due and payable....
Introduction The law on bankruptcy and postponement of debt payment obligation of 2004 (Bankruptcy Law) is based on non-insolvency test, meaning the test is not to check whether the debtor is solvent or not solvent, but whether the debt is already due and payable, and...
Bankruptcy proceedings settlement process in Indonesia is performed in the Commercial Court ("Court"). This is in accordance with Article 1 paragraph 7 of Law Number 37 of 2004 on Bankruptcy and Postponement of Debt Payment ("Indonesian Bankruptcy Law"), which states...