Posts Tagged Committee of Creditor

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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