Corporate/Other | Receiver & Administrator

Manullang & Putranto Law Firm is licensed to provide receivership and administrator services according to the prevailing laws and regulations. Similar to the US Chapter 11 proceedings, Indonesian law provides protection from bankruptcy to corporations that require time to reorganize or liquidate their assets and repay their debts (Suspension of Payment or Penundaan Kewajiban Pembayaran Utang, PKPU). Corporations planning or undergoing bankcruptcy or liquidation may contact us for assistance.

Deliverables
Outcomes of PKPU (receivership) or bankruptcy (administration) proceedings may be:
PKPU resulting in bankruptcy or settlement
Bankruptcy resulting in settlement or liquidation

Estimated time
Temporary PKPU: Max. 270 days
Bankruptcy: 1 – 4 years depending on the size of assets of the debtor and the number of creditors.

Documents required

  • Identity of the debtor, receiver or administrator (if any) and the supervising judge (if any)
  • Places, types, and scale of business activities of the debtor
  • Financial situation of the debtor
  • Assets of the debtor, including all bank accounts and important assets and property owned or controlled by the debtor
  • Liabilities of the debtor, including identity of known creditors and their claims, basis of their claims and repayment schedule
  • Employees data
  • Tax data
  • Spouse data including any prenuptial agreement (if any, if debtor is an individual)
  • Information regarding the Verdict of the District Court (if any)
  • Any other documentation related to the assets of the debtor

Prevailing regulation(s)
Law No. 37 Year 2004 regarding Bankruptcy and Suspension of Payment (Penundaan Kewajiban Pembayaran Utang, PKPU)
Regulation of the Minister of Law and Human Rights No. 1 Year 2013 regarding Compensation Guidelines of Receivers and Administrators
Code of Professional Ethics of the Association of Receivers and Administrators
Civil Law Code (Burgerlijk Wetboek voor Indonesie)

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