The creditor’s meeting is a meeting that shall be held after the bankruptcy decision. In this regard, under Article 87 of Law No. 37 of 2004 on Bankruptcy and Suspension of Obligation for Payment of Debts (“Bankruptcy Law”) regulates that all decisions of the creditor’s meeting shall be made on the basis of affirmative vote of more than ½ (one half) of the amount of votes casted by the creditors and/or their proxy attending the meeting.
Background
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.
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.
On December 11 2015 the Indonesian Financial Services Authority (OJK) enacted Regulation 28/POJK.05/2015 concerning the Dissolution, Liquidation and Bankruptcy of Insurance Companies, Sharia Insurance Companies, Reinsurance Companies and Sharia Reinsurance Companies. The regulation was authorised by Articles 42(4), 44(3), 45(3) and 51(4) of Law 40/2014 concerning Insurance, which require the aforementioned processes to be governed by a specific regulation.
New disclosure requirements imposed on listed companies under the Securities and Futures Ordinance (“SFO”) have been effective since on 1 January 2013.
Under these requirements, a listed company is obliged to disclose inside information as soon as reasonably practicable when the information has or ought reasonably have come to the knowledge of an officer of the listed company.
Indonesia has had a bankruptcy law since 1905, when Staatsblad 1905 No. 217 juncto Staatsblad 1906 No. 348 Concerning Bankruptcy was enacted. In response to the 1997-98 Asian financial crisis, and the view that the 1905 bankruptcy law was out of date and irrelevant to modern commercial needs, the Government on April 22, 1998, issued Government Regulation in Lieu of Law No. 1 of 1998 regarding Amendments to the Bankruptcy Law. GR 1/1998 was adopted as Law No. 4 of 1998 on September 9, 1998. Law No. 4 of 1998 was eventually revoked by Law No.
About a year ago, I completed the most exhausting marathon of my life serving as the chief lawyer during the cross-border restructuring and chapter 11 of Waypoint Leasing, an Ireland-based helicopter leasing company. I joined Waypoint Leasing shortly after it started operations in the newly formed helicopter leasing industry. After the first few years of meteoric growth, the collapse in oil & gas prices hit the helicopter industry hard. We soon found ourselves dealing with bankrupt customers and eventually reached the brink of financial distress ourselves.
Following our articles on:
Some businesses may soon (and indeed already) be faced with sudden cash flow and liquidity issues as a result of the sudden economic disruption caused by the COVID-19 pandemic.
Some of these businesses may be well advised to first seek to renegotiate arrangements with creditors whilst others may require formal court protection from creditors to assist them while arrangements with creditors are being put in place.
The three main legal avenues which are available to businesses seeking to restructure their debt under Irish law are as follows: