On 29 April 2020, the Chairman of the Supreme Court issued a new decree No. 109/KMA/SK/IV/2020 (“Decree”) that revoked and replaced the previous decree No. 3/KMA/SK/I/2020 (“Previous Decree”) regarding the handbook for resolution of bankruptcy and suspension of debt payment (penundaan kewajiban pembayaran utang or “PKPU”) cases. The Previous Decree, which contained a controversial provision with regard to the requirement for PKPU application, lasted for only around three months.
Partner, Narada Kumara with Associate, Febriantoro Suardy, set out on today’s Legal Alert the salient features of the Decree: