When a debtor is declared under the status of PKPU (Suspension of Debt Payment Obligations), from the moment the declaration decision is pronounced, all actions related to the management and transfer of the debtor’s assets must be accompanied by the management team. As stipulated in Article 225 of the Republic of Indonesia Law Number 37 of 2004 concerning Bankruptcy and Suspension of Debt Payment Obligations (PKPU Law), after the Temporary PKPU decision is pronounced, the court is obligated to summon the debtor and creditors by registered mail to appear at a hearing to be held no later than the 45th day since the Temporary PKPU decision was pronounced. Therefore, before this hearing takes place, the management team is responsible for compiling a list of creditor debts and debtor obligations.
To make payments to all creditors, the management team must first record all creditors, verify the validity of each creditor’s debt, and confirm the amount or value of each creditor’s debt. Once the debts of the creditors have been registered, a creditors’ meeting for debt verification will be held. The schedule for the upcoming debt verification meeting is determined in advance by the Supervisory Judge. However, what happens if the debtor is absent or not ready with their list of obligations at this meeting?
In the PKPU Law, Article 124 paragraph (5) states that if it is deemed necessary to postpone the meeting, the Supervisory Judge will determine the next meeting to be held within 8 (eight) days after the postponed meeting, without further summons. Although this provision is originally intended for the bankruptcy process, it can also apply mutatis mutandis to the PKPU process. This is supported by the Decision of the Chief Justice of the Supreme Court of the Republic of Indonesia Number: 109/KMA/SK/IV/2020 concerning the Implementation of the Guidelines for the Resolution of Bankruptcy and Suspension of Debt Payment Obligations Cases in Book II, point B, number 4 (4.2.8).
It should be noted that even though the debt verification meeting may be postponed, in accordance with Article 225 paragraph (4) of the PKPU Law, the deliberation session of the council to determine the continuation of the Temporary PKPU status must still take place no later than the 45th day since the Temporary PKPU decision was pronounced.