What are the legal consequences if the Bankruptcy Decision already exists in the Indonesian Legal Territory?
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| Filing bankruptcy to a commercial court is because the company already feels unable to pay its debts to third parties, or in other words is bankrupt. What are the legal consequences if a Bankruptcy Decision already exists? |
The legal consequences of bankruptcy are:
- Compensation Is Possible Compensation for receivables can be made by the creditor with the debtor provided that:
- Performed in good faith. Good faith in this case means that at the time of the transaction that caused the debt, the creditor does not know that the debtor will be bankrupt in the near future.
- Conducted transactions that existed before the debtor was declared bankrupt The justification ratio of compensation for creditors if the debtor is declared bankrupt is that it is felt to be unfair if the creditor must make every effort to repay his debts while the debts of the bankrupt debtor are only awaiting the distribution which is likely to not be paid in full. .
- Reciprocal Contract May Be Continued Against a reciprocal contract between the bankrupt debtor and the creditor made before the debtor is bankrupt, the creditor can ask for certainty from the curator regarding the continuation of the contract and the time of its implementation. If the contract is continued, the creditor can ask the curator to provide guarantees for the implementation of the contract.
- The Suspension of Execution of Debt Guarantees Execution Since the bankruptcy verdict was handed down, separatist creditors have entered a waiting period during which they may not execute their debt guarantees. This waiting period is a maximum of 90 (ninety) days and is valid because of the law without having to be requested by the parties.
- Valid Actio Pauliana
- General Confiscation of All Debtor Assets
- Including husband / wife
- Debtor Loses Management Rights
- An Agreement After a Bankrupt Debtor Cannot be Paid Unless the Engagement Brings Profits for Bankruptcy
- Lawsuit Must Be Made by the Curator
- Court Cases Suspended or Taken Over by the Curator
- If the Curator and the Crediting Creditors, the Curator and the Creditors Can Ask the Legal Deeds of the Debtor Canceled If the case is carried out against or by the curator, then all debtor's actions before being bankrupt can be canceled as long as it can be proven that the act was done intentionally to harm the interests of the creditor and that matter known by his opponent.
- Implementation of Judge's Decision Stopped
- All Confiscations are Canceled If prior to the decision on bankruptcy has been issued there has been a seizure decision on the assets of bankrupt debtors that have or have not been implemented, then the confiscation is null and void.
- Debtor Released from Prison
- Forced Money Not Required
- Ongoing Auctions Continue
- Change of Name or Recording of Debt Collateral for Immovable Property
- Expiration Is Prevented
- Forward Transaction is Terminated If before a bankruptcy decision has been handed down a transaction in which the goods have been delivered by the debtor is made after the bankruptcy decision has been rendered, then the transaction is null and void. The creditor in the transaction can request compensation. If the transaction results in a loss for bankrupt assets, the party contracting with the debtor is obliged to compensate for the losses on the bankrupt assets.
- Leases can be stopped
- Employees can be laid off
- Inheritance can be Received by the Curator or Rejected
- Debt Payments Before Bankruptcy by Debtors Can be Canceled. Payment of debtor debts made before the bankruptcy decision can be canceled if:
- It can be proven that at the time of payment of the debt the recipient of the payment knows that the debtor has been requested for bankruptcy.
- Payment of debt is due to collusion between the debtor and the creditor.
- Cancellation of debt payments is different from Actio Pauliana, because Actio Pauliana can only cancel acts that are not required by law, whereas debt payments are acts that are required by law.
- Money from the Sale of Securities is Refunded. Securities holders must return the payment they have received if:
- It can be proven that at the time the securities were issued, the party receiving the payment knew that the debtor had filed for bankruptcy.
- The issuance of these securities is a result of collusion between creditors and debtors
- Payments to Debtors After Bankruptcy Statement Can be Canceled If there are creditors who pay to the bankrupt debtor to fulfill the existing agreement before the debtor is bankrupt, then the payment can be canceled, except:
- If paid after the bankruptcy award has been handed down but the decision has not been announced, and the payer is not aware of the existence of the bankruptcy decision, or
- Payments are made after the bankruptcy statement has been announced, but the payer can prove that the payer is not aware of the bankruptcy decision and the announcement at his residence, with the right of the curator to prove otherwise.
- The payment benefits bankrupt assets.
- Allied Bankrupt Debtor Allies are entitled to Compensate for Debt with Profits In an alliance, if one of the allies is bankrupt so that the alliance is dissolved and the bankrupt ally has a debt to the alliance, then the profits from the alliance which is part of an ally declared bankrupt can be deducted for repay the bankrupt banker's debt.
- Retention Rights Are Not Lost
- Bankruptcy Debtors Can be held hostage and subject to Corporate Force
- Bankrupt Debtors Released from Detention with or without Security Money
- Bankrupt Debtor By Law Is Blocked
- Bankrupt Asset Can Be Sealed
- Letters to Bankrupt Debtors Can be Opened by Curators
- Valuables Belonging to Bankrupt Debtors Stored by Curators
- Cash Must Be Stored at the Bank
- Hostage and Restrictions also Apply to Directors
- Bankruptcy Decisions Are Mutual
- Applicable Criminal Provisions for Debtors Against several actions of debtors or directors and commissioners of a bankrupt company or company that is about to go bankrupt, may be subject to a criminal offense classified as detrimental to the creditor or person who has the right (Chapter XXVI Second Book of the Criminal Law Code ). These actions include borrowing money, transferring assets, making expenses that actually do not exist, not making the required records, or at the time of verification of receivables claiming that there are actually no receivables or increasing the amount of receivables.
- Bankrupt Debtors, Directors and Commissioners of Bankrupt Companies May Not Become Directors / Commissioners of Other Companies Within 5 (five) years after the bankruptcy verdict was handed down, bankrupt debtors (personal), directors and commissioners of a company that was declared bankrupt may not be a bankrupt directors or commissioners of other companies, with the record of bankrupt debtor (personal), the director or commissioner is also guilty of causing the company to go bankrupt.
- Certain Rights of the Bankrupt Debtor Remain Applicable The amended rights of the debtor are:
- What has been expressly changed by the legislation in the field of bankruptcy
- What is explicitly amended by other laws other than legislation in the field of bankruptcy
- What is not explicitly changed by law, but should be changed because it no longer fits the bankruptcy nature of a company. If the bankrupt is a publicly listed company, then in addition to the consequences above, the company:
- Must report to BAPEPAM and announce to the public about bankruptcy requests.
- Parties who know information about insolvency before reporting are subject to insider trading conditions.
- Subject to provisions concerning suspension and delisting of the stock exchange.