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Indonesia: New Criminal Code - fraudulent acts against creditors chapter
2023-01-30

In brief

The New Criminal Code became the first piece of legislation passed into Law in 2023 and was promulgated on 2 January as Law No. 1 of 2023.

Filed under:
Indonesia, Insolvency & Restructuring, Litigation, White Collar Crime, Baker McKenzie, Articles of association, Anti-money laundering, Anti-bribery and corruption
Authors:
Andi Y. Kadir
Location:
Indonesia
Firm:
Baker McKenzie
View Original Article
UPDATED: Emergency legislation and measures around the world (COVID-19)
2020-07-20

UPDATED 3 AUGUST 2020

Updates marked with *

Updated: Ireland, Israel

We take a look at some of the recent emergency legislation and measures implemented by various nations around the world in response to COVID-19. As this is a rapidly developing crisis, please ensure you keep a close eye on the Lexology Coronavirus hub page for the most up-to-date information.

Filed under:
Argentina, Australia, Brazil, Canada, Chile, China, Colombia, European Union, France, Germany, Global, Guernsey, Hong Kong, Hungary, India, Indonesia, Ireland, Israel, Italy, Netherlands, New Zealand, Portugal, Russia, Singapore, Slovakia, Spain, Sweden, Switzerland, Thailand, Turkey, Ukraine, United Arab Emirates, United Kingdom, USA, Company & Commercial, Employment & Labor, Healthcare & Life Sciences, Insolvency & Restructuring, Insurance, Leisure & Tourism, Public, Tax, Coronavirus, Coronavirus compliance, European Commission, HM Revenue and Customs (UK)
Location:
Argentina, Australia, Brazil, Canada, Chile, China, Colombia, European Union, France, Germany, Global, Guernsey, Hong Kong, Hungary, India, Indonesia, Ireland, Israel, Italy, Netherlands, New Zealand, Portugal, Russia, Singapore, Slovakia, Spain, Sweden, Switzerland, Thailand, Turkey, Ukraine, United Arab Emirates, United Kingdom, USA
View Original Article
US Chapter 15: Recognition of Indonesian Reorganization Plan
2020-10-09

On September 14, 2020, the US Bankruptcy Court for the Southern District of New York recognized the Indonesian court-supervised restructuring plan for the Indonesian Duniatex textiles group ("Duniatex Group") under Chapter 151. Chapter 15 is a powerful and accessible tool for protection under the US Bankruptcy Code for non-US debtors facing litigation claims in the US.

Filed under:
Global, Indonesia, Singapore, USA, New York, Insolvency & Restructuring, Litigation, White & Case LLP
Authors:
Charles McConnell , Joann Ho
Location:
Global, Indonesia, Singapore, USA
View Original Article
PKPU update: a secured creditor is permitted to file a PKPU petition again
2020-05-08

The Indonesian Supreme Court has reinstated the right of secured creditors to file a bankruptcy and suspension of payment (Penundaan Kewajiban Pembayaran Utang or PKPU) process.

Filed under:
Indonesia, Banking, Insolvency & Restructuring, Litigation, White & Case LLP
Authors:
Charles McConnell , Alexander McMyn
Location:
Indonesia
Firm:
Witara Cakra Advocates
View Original Article
PKPU Update: Secured Creditor no Longer Permitted to File a PKPU Petition Against a Debtor
2020-04-06

The Indonesian Supreme Court has provided guidance on the availability of the key restructuring process in Indonesia – the examination process of a suspension of payment or restructuring (Penundaan Kewajiban Pembayaran Utang or PKPU). The guidance comes amidst a challenging economic climate and limits the remedies available to secured creditors by preventing secured creditors from initiating a PKPU.

PKPU as a Restructuring Channel

Filed under:
Indonesia, Insolvency & Restructuring, Litigation, White & Case LLP
Authors:
Fajar Ramadhan
Location:
Indonesia
Firm:
White & Case LLP
View Original Article
Are secured creditors secured?
2020-03-20

Supreme Court issued guidelines on bankruptcy and suspension of debt repayment – you might want to rethink your options.

The highest judiciary authority in Indonesia, the Supreme Court (Mahkamah Agung, MA), recently issued MA Decree No. 3/KMA/SK/I/2020 on the Guidelines on the Handling of Bankruptcy and Suspension of Debt Payment Proceedings (the Guideline). This Guideline sets out, among others:

Filed under:
Indonesia, Insolvency & Restructuring, Hogan Lovells, Bankruptcy, Debt
Location:
Indonesia
Firm:
Hogan Lovells
View Original Article
First Regulation on Dissolution, Liquidation and Bankruptcy of Insurance Companies
2016-05-16

The Financial Services Authority (OJK) has issued the first regulation on the dissolution, liquidation and bankruptcy of insurance companies. On 11 December 2015, enacted Regulation No. 28/POJK.05/2015 on Dissolution, Liquidation and Bankruptcy of Insurance Companies, Syariah Insurance Companies, Reinsurance Companies and Syariah Reinsurance Companies (POJK 28). Before the enactment of  POJK 28 there was no regulation within the vicinity of the insurance law on matter.

Filed under:
Indonesia, Insolvency & Restructuring, Insurance, Baker McKenzie, Reinsurance, Liquidation, FSA
Location:
Indonesia
Firm:
Baker McKenzie
View Original Article
Supreme Court ruling on bankruptcy of Bumi Asih Jaya
2015-09-14

Commercial Dispute Resolution Jakarta Client Alert September 2015 Supreme Court Ruling on Bankruptcy of Bumi Asih Jaya On 9 September 2015, the Republic of Indonesia Supreme Court gave its ruling on the cassation application submitted by the Financial Services Authority ("OJK") regarding the bankruptcy petition against PT Asuransi Jiwa Bumi Asih Jaya ("BAJ"), one of the oldest insurance company in Indonesia. The Supreme Court ruled in favour of OJK and approved the bankruptcy petition against BAJ. Under the previous regime, Law No.

Filed under:
Indonesia, Insolvency & Restructuring, Insurance, Litigation, Baker McKenzie, Bankruptcy
Location:
Indonesia
Firm:
Baker McKenzie
View Original Article
INSOL 2017: Indonesia, China and India - Where Are We and What’s Next?
2017-03-22

The giants of Asia – Indonesia, China, and India – raise many opportunities and challenges for insolvency practitioners. Baker McKenzie’s own Andi Kadir spoke this morning about some of the solutions to those problems, showcasing his significant experience with insolvency reforms and opportunities in Indonesia.

Andi highlighted the benefits of the Penundaan Kewajiban Pembayaran Utang regime as a restructuring tool in Indonesia. A PKPU is a debtor in possession mechanism, somewhat like a blend of a US Chapter 11 administration with aspects of the insolvency laws of the Netherlands.

Filed under:
China, India, Indonesia, Insolvency & Restructuring, Baker McKenzie
Authors:
Ian Innes , Kwun-Yee Cheung , Rian Matthews
Location:
China, India, Indonesia
Firm:
Baker McKenzie
View Original Article
Indonesia: Supreme Court reintroduces the right of secured creditors to file a petition for court supervised restructuring (PKPU)
2020-05-01

In brief

The Chairman of the Supreme Court has just issued a decree on judicial guidelines for bankruptcy and court supervised restructuring (PKPU) processes ("Supreme Court Decree"), which sets out how Commercial Court judges are to manage bankruptcy and PKPU cases.

Filed under:
Indonesia, Insolvency & Restructuring, Litigation, Baker McKenzie
Location:
Indonesia
Firm:
Baker McKenzie
View Original Article

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