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Kudri & Djamaris, Attorneys –
Counsellors At Law
TheSupremeCourtoftheRepublicofIndonesia(“SCRI”)hasissued
a new requirement on the filing of PKPU petition. In Indonesian
language, PKPU stands for suspension of debt payment obligation
which is basically a court supervised debt restructuring. Petition
of PKPU is filed in order for the debtor to suspend the payment of
its debt and to propose a debt restructuring plan that include an
offer to pay the entire of part of their debts to creditors, and such
petition may be filed either by the creditor or the debtor itself.
Under Circular Letter of SCRI No. 2 of 2016 dated 25 April
2016 regarding the Increase of Efficiency and Transparency of
Bankruptcy Case Handling and Suspension of Debt Payment
Obligation Cases by Courts (“
SEMA 2/2016
”), SCRI now requires
that the filing of PKPU petition by the debtor must be accompanied
with approval letter from the creditors on the proposed name(s)
of the administrator that will be appointed to jointly manage the
debtor’s asset with the debtor upon the granting of PKPU petition
by the commercial court. The existence of this approval letter is
mandatory as SEMA 2/2016 stipulates that the letter is a formal
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requirement for the acceptance of PKPU petition. Should the
approval letter from the creditor is not obtained by the debtor then
the PKPU petition filed by the debtor shall not be acceptable.
With this new requirement, the SCRI seems to have the intention
to ensure that the debt restructuring process under the PKPU shall
be conducted and facilitated by the administrator independently
and protecting both the interest of creditor and the debtor.
Kudri & Djamaris, Attorneys - Counselors
at Law
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Floor
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Jakarta 12920 - Indonesia
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Meta Herlinda, S.H.
Associate
+62 21 522 5453
Restructuring and Insolvency
The New Requirements in Petitioning a Suspension of Debt
Payment Obligation by the Debtor
