Posts Tagged Creditor Voting Right

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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