Bancruptcy Proceedings and Postponement of Debt Payment Obligations

 The Bankruptcy Process begins with an application which is then examined in a trial that is open to the public in order to achieve the main requirements in Article 2 paragraph (1) of Law no. 37 of 2004, namely "Debtors who have two or more creditors and do not pay off at least one debt that has matured and can be collected, are declared bankrupt by a court decision, either at their own request or at the request of one or more of their creditors". After that, proceed with a bankruptcy decision with all legal efforts. If the debtor in question has been declared bankrupt in a commercial court decision at the first level, then the next process is through the process of managing and/or settling bankruptcy assets, in which restructuring will be found by the debtor to avoid insolvency, both debt restructuring and corporate restructuring. 

 In the postponement of debt payment obligations process, as well as the bankruptcy process above, it begins with a request which is then examined in a trial that is open to the public in order to achieve the main requirements in Article 222 Law No. 37 of 2004, which basically states that creditors and debtors who cannot or predict that they will not be able to continue paying their debts which are due and collectible, can request a postponement of debt payment obligations, with the intention of submitting a peace plan which includes an offer of partial payment. or all debts to creditors. After fulfilling these conditions, the court will postpone the obligation to pay the debt temporarily for a maximum period of 45 days. This delay can become permanent if the debtor fulfills certain conditions and is approved by the creditor. The same thing with bankruptcy proceedings, that when delays occur, both temporary and permanent, in this case the debtor is obliged to submit a peace plan to his creditors. This is where the restructuring lies, both debt restructuring and debtor company restructuring.

 So it was revealed that some bankruptcy and the postponement of debt payment obligations cases ended in peace, although there were others that ended in bankruptcy and settlement of bankrupt assets. Especially if the Bankruptcy and PKPU are filed based on bad faith, for example a debtor who is dishonest and runs away. There may also be creditors who are fraudulent by asking PKPU to obtain a bankruptcy title for the debtor, considering that there is no legal remedy for PKPU and it can be carried out quickly. However, in terms of achieving peace, this can occur and the draft or peace plan that has been prepared by the debtor can satisfy the interests of the creditor, including the debt restructuring model and the company restructuring model.