Bancruptcy & Suspension Of Debt Payment

Bankruptcy is a general confiscation of all Bankrupt debtor assets that will be managed and liquidated by a receiver under the supervision of Supervisory Judge as regulated in Law Number 37 year 2004 regarding Bankruptcy and Suspension of Debt Payment Obligation. Meanwhile Suspension of Debt Payment Obligation (SDPO) is a Debtor debts payment process who are unable, or expect that they will be unable, to continue paying those debts which have matured and must be paid to Creditor with the an intention of presenting a composition plan that includes an offer to pay all or part of their debts to Creditors that will be managed by appointed Administrator.

Basically Bankruptcy and SDPO are one of debtor debt payments mechanisms to creditors, which among other things are selling of debtor assets, rescheduling debts (rescheduling), reconditioning agreement requirements (reconditioning), reduction of the amount of principal arrears (haircut), reduction of the amount of interest in arrears, fines and other costs, decreased interest rates, providing new debt, debt conversion to the Company's capital (debt equity swap) and others.

The judicial decision of bankruptcy case will be rendered the latest within the time period of 60 (sixty) days and one or more receiver will be appointed to manage the bankruptcy process. The main focus of bankruptcy process is to sale the debtor assets that will be used to pay all the debts that have been verified in the creditor meeting. Even though the debtor is in the bankruptcy process however the reconciliation and submission of composition proposals may still occurred.

Meanwhile in SDPO, the request submitted by the creditor must be decided no later than 20 days, and if the PKPU petition is submitted by the debtor, then the petition must be decided no later than three days, and the court will appoint one or more administrator. The main focus of PKPU is reconciliation so that the debtor needs to provide an attractive composition plan and is agreed by creditors. However, if it fails to achieve reconciliation, the debtor can be ruled bankrupt and it will be continued with liquidating or selling the debtor's assets.

DASH itself has handled many bankruptcy or SDPO cases either as receiver, administrator, or legal counsel for creditors or debtors. Sahat Parulian, S.H., and M. Darwin Syafii Hasibuan, S.H. are receiver and administrator registered in the Ministry of Law and Human Rights of Republic of Indonesia and they are members of the Indonesian Receiver and Administrator Association (AKPI) and have had more than 15 years of experience. Some cases that have been handled are bankruptcy or PKPU of PT Bouraq Indonesia Airlines, PT Dirgantara Air Services, PT. Niaga Putra Perkasa, PT Industries Badja Garuda, PT Hutan Rindang Banua, PT Radiance, PT Suharli Malaya Lestari Indonesia.

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