Posts Tagged Bankruptcy Law

The Position of Receiver in Bankruptcy

The definition of Receiver in Law Number 37 of 2004 on Bankruptcy and Postponement of Payment (“Indonesian Bankruptcy Law”) is Heritage Hall (Balai Harta Peninggalan) or an individual appointed by Court to take care and clear bankrupt debtor’s assets under supervision of the Supervisory Judge (“Receiver”).

In a bankruptcy stipulation, Receiver and Supervisory Judge shall be appointed by Judge of the Court. In article 15 paragraph (3) of Indonesian Bankruptcy Law, it is mentioned that a Receiver must be independent, does not have conflict of interest to the debtor or creditor, and does not handle bankruptcy cases and the postponement of payment more than 3 (three) cases. The task of Receiver is to perform management and/or settlement of the bankruptcy assets. Receiver is authorized to carry out of the management and/or settlement for bankruptcy assets from the date of the bankruptcy verdict was pronounced although there is a cassation to the supreme court or judicial review against the decision. Read the rest of this entry »

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A general guide to bankruptcy law

Bankruptcy law is considered to be an essential practicing area in the legal field. Therefore, the US law firms are expanding their bankruptcy and restructuring practices. Filing bankruptcy is common in the US as the economy is undergoing depression. Millions of people in America are filing bankruptcy when they are unable to grapple with their financial issues. People file under personal bankruptcy that incorporates chapter 7 and chapter 13. If you are undergoing financial distress then filing for bankruptcy will help you give a fresh start. Before you file bankruptcy ensure that you have complete information on bankruptcy law.

What are the types of bankruptcy law?

The Bankruptcy Act of 1994 signed by former US President Mr. Bill Clinton, helped to implement the law. This law contains comprehensive provisions for business as well as personal bankruptcies. It provides easy solution to both consumers and businesses with faster hearings. It encourages them to file under chapter 13 bankruptcy as it can restructure the debt and help them start a fresh with ease. They can avoid severely affecting their credit report by filing under chapter 13 bankruptcy. The National Bankruptcy Commission is set up to monitor as well as probe into bankruptcy laws and practices, enabling a fair opportunity to litigate.

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Public Prosecutor and Bank of Indonesia as Bankruptcy Applicant

Background

There are various subject of Applicant in Bankruptcy based on Law Number 37 of 2004 on Bankruptcy and Moratorium Obligation the “Indonesian Bankruptcy Lawof Debt Payment. Article 2 of Indonesian Bankruptcy Law states that the request of bankruptcy stipulation may be applied by the Public Prosecutors, Bank of Indonesia, Capital Market Supervisory Board, insurance Company and Minister of Finance.

Public Prosecutors

Public Prosecutor is able to submit bankruptcy request for public interest. Based on Indonesia Bankruptcy Law’s explanation, the public interest in here is the interest of nation, country and civilians, for instance: Read the rest of this entry »

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