When a Company Declared Bankrupt? Here’s the Process and Its Impact!
Based on Article 1 number 1 of Law Number 37 of 2004 concerning Bankruptcy and Postponement of Debt Payment Obligations (“UU K-PKPU”), bankruptcy is a general seizure of all the assets of a bankrupt debtor whose administration and settlement are conducted by a curator under the supervision of a supervisory judge. To file for bankruptcy,...
Read MoreCAN THE DEBT VERIFICATION MEETING IN THE PKPU PROCESS BE POSTPONED?
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...
Read MoreSIMPLE PROOF IN BANKRUPTCY CASES
A simple proof in a bankruptcy petition involves proving the existence of two or more creditors and the presence of debts that have matured and are recoverable but have not been paid in full by the debtor. One way to prove the existence of a debt is for the creditor to demonstrate that they have...
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