INDONESIA BANKRUPTCY LAW
Based on Law Number 37 of 2004.
Two basic court - supervised insolvency procedures are available under the Indonesia bankruptcy law is :
First, a Bankrupcty petition may be filed by the debtor or its creditors or other authorized parties.
Second, a petition for Suspension of debt payment may be filed by the debtor or its creditors.
A petition for bankruptcy or suspension of payments is examined and adjudicated by the commercial court.
Commercial court may accept a bankruptcy petition by declaring the debtor bankrupt condition, or reject the bankruptcy petition, or accept a suspension of payment petition.
A debtor can be declared bankrupt through a commercial court decision, either (a) at its own petition (voluntary) or (b) at the request of one or more of its creditors (involuntary) if the debtors has two or more creditors and fails to pay at least one debts that is due and payable. The petition for bankruptcy declaration will be granted if the facts or circumstances can simply prove that these condition have been fulfilled.
In response to a bankruptcy petition being filed by creditors or other parties, a debtor intending to submit a composition plan may apply for suspension of debt payments in order to give the debtor time to prepare and submit a composition plan to its creditors.
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