Category: Legal Services
Written by Valdo Auzan Putra M. on 06/10/2022
The author’s views are entirely their own and may not always reflect the views of Putranto Alliance.
A company can be considered bankrupt when it has debts against two or more creditors and cannot pay off debts when it has exceeded maturity. Insolvent debtors must pay their debts with the assets and income they have. In that case, the party with authority to handle bankruptcy is the Receiver and Administrator, who has the authority to manage and arrange the assets of debtors who cannot pay their debts.
According to Regulation Number 37, the Year 2004, Concerning bankruptcy and postponement of debt payment obligations, the Receiver is a Balai Harta Peninggalan or an individual appointed by the Court to manage and arrange the Bankrupt Debtor’s assets under the supervision of the Supervisory Judge following this law. Balai Harta Peninggalan is a receiver and Administrator from the Government that works under the Ministry of Law and Human Rights. The Receiver must have specific skills and special education to manage and arrange the debtor’s assets and wealth and be registered in the Judiciary Department and Human Rights.
A receiver is a profession intended for a Bachelor of Law and a Bachelor of Accounting. Not only Receiver but, in some cases, there is also an Administrator that focuses on postponing debt repayment obligations. There are two types of Receivers and Administrators. The first type is Balai Harta Peninggalan. There are also private Receivers and Administrators like debtors or creditors that can be hired, and people can find them in a law firm.
A Receiver is responsible for a bankruptcy litigation processes. That is why not everyone can become a Receiver. In Indonesia, the requirement to be a Receiver is strictly regulated by bankruptcy law. Thereby, there’s a particular chapter about the Receiver.
The Debtor and Creditor can propose a Receiver, but if they do not propose any Receiver to the Commercial Court, the Judge will appoint Balai Harta Peninggalan as the Receiver.
Below are Receiver responsibilities:
Bankruptcy is a legal process of seeking debt repayment through Commercial Court when a debtor cannot pay their debts that is due and can be collected. The circumstances of non-payment of debts may be caused by incompetence or do not want to pay debts. The Judge panel must declare incompetence from the Commercial Court with bankruptcy judgment. After the debtor is declared insolvent, their asset and wealth will be confiscated because of the law. The Receiver will arrange the administration and management of the asset and wealth under the surveillance of the supervisor Judge. The asset and wealth will be sold and distributed to creditors to pay debts.
Article 1 number 1 of the law Number 37/2004 states:
“Bankruptcy is the general confiscation of all the wealth of bankrupt debtor whose management and the Receiver carries out a settlement under the surveillance of the supervisor judge.”
In the case where the debtors find it difficult to pay, the creditor gives extra time appropriately. It is also stipulated that the credit agreement is made in writing, witnessed by two witnesses, has a due date, and has a guaranteed item.
Article 113 of the Civil Code states:
“All movable and immovable property belonging to the debtor, both exist and future, become collateral for the debtor’s engagement.”
Article 1132 of the Civil Code states:
“All property becomes a shared guarantee to all creditors against the debtor. The proceeds from sales of those goods are divided according to the ratio of their respective receivables except when there is the right to be put first among the creditors.
The purpose of the two articles is that all property belonging to the debtor, both existing and future, becomes collateral for the repayment of the debtor’s debt. The debtor’s assets become a shared guarantee for all creditors. If the debtor cannot repay his due debt and can be collected, the debtor is declared bankrupt.
Things that have the right to be put first according to Article 1139 of the Civil Code are:
The essence of bankruptcy is when the debtor has stopped and cannot carry out his obligations to pay the debts that have matured and can be collected. Then by the Court, the debtor is declared bankrupt. All of the debtor’s property is in general confiscation for later sale or auction by the Receiver, whose proceeds will later be paid to the creditors on a procedural basis.
A debtor can propose bankruptcy to a commercial court with the conditions:
Receivers are needed by the debtor or creditor when the debtor’s debt has exceeded maturity and can be collected. When the debt has exceeded maturity, the debtor and creditor can propose a trusted receiver to manage and arrange the debtor’s assets.
Bankrupt itself requires a decision from a commercial judge stating that the debtor can no longer pay debts and goes bankrupt. One of the Receiver’s duties is to manage by calculating the debtor’s assets and property so they can conclude whether the debtor can still carry out his debt obligations or not.
Bankruptcy can occur due to internal factors such as improper financial arrangements, massive expansion, lack of attention to the balance of income and expenditure, and the company’s management action resulting in bankruptcy. As a result, all companies will find it difficult to pay their debts before maturity. That is the reason we are here for you.
We are here to assist you as a receiver and also in managing your business and finances and providing business planning services per the company profile. Our focus is to minimize your losses, prevent bankruptcy, ensure financial stability, and give your company the best solution from our experts and other services such as business valuation, financing, financial planning, tax, and business advisory.
Undang-Undang Nomor 37 Tahun 2004 KEPAILITAN DAN PENUNDAAN KEWAJIBAN PEMBAYARAN UTANG
Dr. Yuhelson, S.H., M.H., M.Kn. | Hukum Kepailitan Indonesia
Peraturan Menteri Hukum dan HAM Nomor 18 Tahun 2013 Tentang Peraturan Menteri Hukum dan HAM tentang Syarat dan Tata Cara Pendaftaran Kurator dan Pengurus
Dr. Syamsudin M. Sinaga, SH., MH | Hukum Kepailitan Indonesia
According to the applicable regulations, only a person who has special education and the ability to handle bankruptcy cases. In addition, an institution from the Government, namely the heritage hall, can act as a receiver.
The Receiver and Administrator cannot guarantee that the company can avoid bankruptcy. But the Receiver and Administrator can help you to pursue appropriate legal remedies so that the company can avoid or minimize the occurrence of bankruptcy. The Receiver and Administrator will also help you manage and arrange company assets so that nothing untoward happens by the company and management.
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