Archive for category Committee of Creditor

Creditor’s Voting Right under Government Regulation Number 10 of 2005 on the Calculation Number of Creditor’s Voting Right

Woman voting yes on cardBackground

The creditor’s meeting is a meeting that shall be held after the bankruptcy decision. In this regard, under Article 87 of Law No. 37 of 2004 on Bankruptcy and Suspension of Obligation for Payment of Debts (“Bankruptcy Law”) regulates that all decisions of the creditor’s meeting shall be made on the basis of affirmative vote of more than ½ (one half) of the amount of votes casted by the creditors and/or their proxy attending the meeting. As a follow-up to the provisions, it is necessary to have a regulation that further stipulates the calculation number of creditor’s voting right. Thus, on March 18, 2005 the Government Regulation No.10 of 2005 on the Calculation Number of Creditor’s Voting Right was enacted. 

 

Voting Right of Creditors

In the creditor’s meeting, every creditor has a right to vote, which is the minimum of 1 (one) vote. The calculation number of creditor’s voting right under the Bankruptcy Law is based on the receivable amount of the creditors.

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Committee of Creditors in Bankruptcy

Background

One of the acknowledged parties in the Indonesia Bankruptcy proceeding is the Committee of Creditors (“Committee of Creditors”). Committee of Creditors is the party who represents the Creditors. Therefore, Committee of Creditors shall fight for their legal interest.

The Committee of Creditors

There are two types of Committee of Creditors presented in Indonesian Bankruptcy Law, such as:

1. Temporary Committee of Creditors

Under Article 79 of Law Number 37 of 2004 on Bankruptcy and Postponement of Debt Payment, it is stated that in terms of bankruptcy decision, the Court may form a temporary committee of creditors. These committee comprises of 3 (three) people which is chosen from the acknowledged creditors with the intention to give advice to the receiver.

The acknowledged creditors are the creditor who has already registered themselves to be verified.

The appointed creditors may delegate their works in the committee to other party. Read the rest of this entry »

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