RusBankrot
We know everything about bankruptcy
18/12/2024
Wednesday
THIS DAY IN HISTORY:
18 December 
1970 France, on behalf of 25 EU countries, called for the decriminalization of same-sex relations.
1970 France, on behalf of 25 EU countries, called for the decriminalization of same-sex relations.
1970 The slavery was abolished in the United States.
1970 the slavery in the United States was abolished.
1970 The anthem of the Russian Empire “God Save the Tsar!” was performed for the first time.
18 December
1970 France, on behalf of 25 EU countries, called for the decriminalization of same-sex relations.
1970 France, on behalf of 25 EU countries, called for the decriminalization of same-sex relations.
1970 The slavery was abolished in the United States.
1970 the slavery in the United States was abolished.
1970 The anthem of the Russian Empire “God Save the Tsar!” was performed for the first time.
WHAT BANKRUPTCY RULES ARE INTRODUCED IN INDONESIA?
The COVID-19 pandemic has become a challenge for the Indonesian economy. It became clear that the damage from the coronavirus was greater than the mortgage crisis that hit the state in 2008. In order to somehow restrain the spread of the disease, the government introduced a program of special social restrictions PSBB.
The essence of program was the requirement for most Indonesian enterprises to stop working completely or significantly reduce their activities. As a result, the country's Chamber of Commerce and Industry acknowledged that about 15 million workers were laid off by May, despite the official statements of the Ministry of Human Resources that only 2 million people were left without work.
But the main thing is that the gradual transition from a hard PSBB regime to the new standards of business activity is accompanied by an increase in conflict situations, in which the market players who did not work during the PSBB regime receive claims from their creditors to pay the debt obligations. In such cases, the bankruptcy proceedings and the so-called PKPUs come to the aid of the creditors, according to which the obligation to repay the debt is suspended, but not completely terminated due to the decision of the special Commercial Court that regulates outstanding debts.
The experts note that the procedures provided for by the Indonesian Law No. 37 of 2004 (Law 37/2004) are more preferable for the creditors than filing a civil lawsuit in court. The fact is that bankruptcies or PKPU cases are usually resolved much faster than the ordinary civil disputes. In particular, bankruptcy proceedings should be considered within two months (60 days) from the date of filing an application.
The lawyers working on the Indonesian market note that there are five courts in the country (in Jakarta, Makasar, Medan, Surabaya and Semarang) that deal with bankruptcy or suspension of liabilities. None of them suspended their activities during the pandemic. Security measures were introduced and the number of visitors attending public hearings was limited. Creditors' meetings, usually convened after PKPU or bankruptcy, continued to be held. At the same time, in a number of cases, the Internet websites that provided affordable opportunities for organizing video conferences were selected for meetings.
The essence of program was the requirement for most Indonesian enterprises to stop working completely or significantly reduce their activities. As a result, the country's Chamber of Commerce and Industry acknowledged that about 15 million workers were laid off by May, despite the official statements of the Ministry of Human Resources that only 2 million people were left without work.
In order to facilitate the work of companies in difficult situation, the state recommended that the banks reduce their debt burden as much as possible, and the financial services department was instructed to monitor how the banks fulfill this assignment.
But the main thing is that the gradual transition from a hard PSBB regime to the new standards of business activity is accompanied by an increase in conflict situations, in which the market players who did not work during the PSBB regime receive claims from their creditors to pay the debt obligations. In such cases, the bankruptcy proceedings and the so-called PKPUs come to the aid of the creditors, according to which the obligation to repay the debt is suspended, but not completely terminated due to the decision of the special Commercial Court that regulates outstanding debts.
The experts note that the procedures provided for by the Indonesian Law No. 37 of 2004 (Law 37/2004) are more preferable for the creditors than filing a civil lawsuit in court. The fact is that bankruptcies or PKPU cases are usually resolved much faster than the ordinary civil disputes. In particular, bankruptcy proceedings should be considered within two months (60 days) from the date of filing an application.
When it comes to the PKPU cases, the proceedings here are completed within 20 days, depending on who made the statement.
The lawyers working on the Indonesian market note that there are five courts in the country (in Jakarta, Makasar, Medan, Surabaya and Semarang) that deal with bankruptcy or suspension of liabilities. None of them suspended their activities during the pandemic. Security measures were introduced and the number of visitors attending public hearings was limited. Creditors' meetings, usually convened after PKPU or bankruptcy, continued to be held. At the same time, in a number of cases, the Internet websites that provided affordable opportunities for organizing video conferences were selected for meetings.
08.07.2020
