INTRODUCTION Business has long been an essential aspect in supporting the community's economy. Nevertheless, it is sometimes encountered that debtors are no longer able to repay their debts (default) to their creditors. In Indonesia, this issue poses a significant...
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...
Background The creditor’s meeting is a meeting that shall be held after the bankruptcy decision. In this regard, under Article 87 of Law No. 37 of 2004 on Bankruptcy and Suspension of Obligation for Payment of Debts (“Bankruptcy Law”) regulates that all decisions of...
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...
Background One of the acknowledged parties in the Indonesia Bankruptcy proceeding is the Committee of Creditors (“Committee of Creditors”). Committee of Creditors is the party who represents the Creditors. Therefore, Committee of Creditors shall fight for their legal...
The definition of Receiver in Law Number 37 of 2004 on Bankruptcy and Postponement of Payment (“Indonesian Bankruptcy Law”) is Heritage Hall (Balai Harta Peninggalan) or an individual appointed by Court to take care and clear bankrupt debtor’s assets under supervision...
Bankruptcy law is considered to be an essential practicing area in the legal field. Therefore, the US law firms are expanding their bankruptcy and restructuring practices. Filing bankruptcy is common in the US as the economy is undergoing depression. Millions of...
Background There are various subject of Applicant in Bankruptcy based on Law Number 37 of 2004 on Bankruptcy and Moratorium Obligation the “Indonesian Bankruptcy Lawof Debt Payment. Article 2 of Indonesian Bankruptcy Law states that the request of bankruptcy...