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 the creditor’s meeting shall be made on the basis of affirmative vote of more than ½ (one half) of the amount of votes casted by the creditors and/or their proxy attending the meeting. As a follow-up to the provisions, it is necessary to have a regulation that further stipulates the calculation number of creditor’s voting right. Thus, on March 18, 2005 the Government Regulation No.10 of 2005 on the Calculation Number of Creditor’s Voting Right was enacted.
Voting Right of Creditors
In the creditor’s meeting, every creditor has a right to vote, which is the minimum of 1 (one) vote. The calculation number of creditor’s voting right under the Bankruptcy Law is based on the receivable amount of the creditors.
Every creditor has a right of 1 (one) vote in the creditor’s meeting if the receivable’s amount is up to Rp 10,000,000 (ten million Rupiah). The additional calculation vote may be applied based on the multiple systems, that is if the creditors have a receivable more than Rp 10,000,000 (ten million Rupiah), then for each multiple of Rp 10,000,000 (ten million Rupiah), the creditors have a right of 1 (one) additional vote. With regards to the provision, if there are remaining receivable that do not reach Rp 10,000,000 (ten million Rupiah), the creditor has a right of 1 (one) additional vote when the remaining receivable has an amount of Rp 5,000,000 (five million Rupiah) or more.
Deby Selina Panjaitan
