Expertise: Restructuring & Insolvency

Recent Developments in Bankruptcy Law and Suspension of Debt Payments in Indonesia

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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 In response to the 1997-98 Asian financial crisis, and the view that the 1905 bankruptcy law was out of date and irrelevant to modern commercial needs, the Government on April 22, 1998, issued … Recent Developments in Bankruptcy Law and Suspension of Debt Payments in Indonesia

Michael Carl of SSEK Featured at INSOL Seminar on Insolvency

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Michael S. Carl, an international legal adviser at SSEK Indonesian Legal Consultants, was a featured speaker at a one-day seminar in Seoul organized by INSOL, an international association of restructuring, insolvency and bankruptcy professionals. The seminar covered the role of insolvency practitioners in rehabilitation proceedings, cross-border insolvency in the shipping industry, the reorganization of small … Michael Carl of SSEK Featured at INSOL Seminar on Insolvency

Michael Carl of SSEK a Panelist at INSOL Seminar on Indonesian Bankruptcy Law

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Michael S. Carl, an international legal advisor at SSEK Indonesian Legal Consultants, was a panelist at a recent one-day seminar in Jakarta organized by INSOL International. The seminar covered developments in the Indonesian Bankruptcy Law and key domestic issues that affect foreign creditors in Indonesia. Michael was invited to sit on a panel on trustee and … Michael Carl of SSEK a Panelist at INSOL Seminar on Indonesian Bankruptcy Law

Indonesian Legal Review: Bankruptcy

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Indonesia’s Law No. 37 of 2004 regarding Bankruptcy and Suspension of Debt Payment Obligations (the Bankruptcy Law) sets forth the requirements for filing a bankruptcy petition. The essential requirement is that there must be two or more creditors and at least one mature but unpaid debt for a bankruptcy action to be initiated against a … Indonesian Legal Review: Bankruptcy

Fee Guidelines for Administrators and Receivers in Indonesian Bankruptcy Proceedings

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By Dewi Savitri Reni  and Dewi Mayangsari Law No. 37 of 2004 regarding Bankruptcy and Suspension of Debt Payments (the “Bankruptcy Law”) stipulates that the fees for Administrators and Receivers are decided after the bankruptcy or the Suspension of Debt Payment (Penundaan Kewajiban Pembayaran Utang or “PKPU”) is concluded. While there is some subjectivity in determining … Fee Guidelines for Administrators and Receivers in Indonesian Bankruptcy Proceedings