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.

In carrying out its duties, the Receiver is not required to obtain approval or submitting prior notice to the debtor or one of the debtor’s organs, even in a state of non-bankruptcy, the approval or notification required, and Receiver may apply for loans from the third parties, to increase the value of bankruptcy assets.

Since the beginning of his appointment, the Receiver has to implement all efforts to secure bankruptcy assets and keep all letters, documents, money, jewelry, securities, and other securities by providing a receipt. In the case of fault or negligence in handling bankruptcy assets, the Receiver is responsible for the fault or negligence in performing the management and/or settlement which causes losses to the bankruptcy assets.

Raymond Hutagaol

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