Though we are in our second year of the Covid pandemic, it still looms as a massive threat to the economy. Both individuals and businesses are buckling as their profits and revenues have been hit hard, bankruptcy filings are predicted to increase.
In response to this, the Indonesian Employers Association has called upon the Indonesian government to impose a moratorium on Bankruptcy and Postponement of Debt Settlement Obligations (“PKPU”). Both are presently regulated in Law No. 37 of 2007 on Bankruptcy and PKPU, as amended by Law No. 40 of 2014 on Insurance which sets out the rights of the debtor as well as the impact of either bankruptcy and PKPU on a debtor’s assets.
View today’s infographic to learn more about the state of bankruptcy and PKPU cases.
Should you have any inquiries related to restructuring and insolvency, or would like to request legal assistance, you can reach us at [email protected].