Indonesia report – Corporate Restructuring and Insolvency in Asia 2020

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Reporters: Indri Pramitaswari “Mita” Guritno, Kadir, Andi Y, Timur Sukirno and Agung Wijaya

Index

A. INTRODUCTION

i. Indonesia's bankruptcy law reform

ii. Current bankruptcy regulations overview

iii. Asset security and recording

a. Hak tanggungan
b. Hypothec over vessels
c. Pledge
d. Fiducia security

B. PRIVATE RESTRUCTURING AND COURT-SUPERVISED PROCEEDINGS

i. Private restructuring

ii. Court-supervised proceedings

a. PKPU proceedings
b. Bankruptcy proceedings

iii. Effects of a PKPU or bankruptcy declaration

a. Effects on stay and enforcement
b. Effects on contracts
c. Specific contract issues

iv. Filing and priority of creditors' claims

a. Filing of creditors' claims
b. Priority of creditors' claims

v. Creditors' meetings and creditors' committee

a. Creditors' meetings
b. Creditors' committee

C. ROLES OF THE COMMERCIAL COURT AND STATE AGENCIES

D. MANAGEMENT OF DISTRESSED ENTITIES

i. Administrators in PKPU proceedings

ii. Curators in bankruptcy proceedings

iii. Obligations for directors of distressed entities

iv. Residual powers

E. CONVERSION FROM PKPU TO BANKRUPTCY

F. EMPLOYMENT ISSUES

G. CLAWBACK PROCEDURES

H. RESCUE PLANS

i. Out-of-court rescue plan

ii. Court-sanctioned rescue plan

I. COSTS OF PROCEEDINGS

J. INTERNATIONAL AND CROSS-BORDER INSOLVENCY LAW

APPENDIX OF LEGISLATION AND REGULATIONS REFERRED TO