#SIPTalk: PKPU Menyelamatkan Perusahaan dari Lilitan Hutang (Part 2 of 3) | Imran Nating, S.H., M.H.

Summary

This transcript delves into the complexities of the PKPU (Postponement of Debt Payment Obligation) and debt restructuring process in Indonesia, highlighting the legal aspects of peace agreements between creditors and debtors. It discusses how creditors are bound by the decisions made in the voting process, the implications of approving or rejecting peace proposals, and the legal consequences of a debtor’s failure to adhere to the agreement. The script emphasizes the need for careful consideration by creditors and the critical role of the court in validating such agreements, with insights into both the risks and strategies involved in debt restructuring.

Takeaways

• 😀 The voting process for debtors' proposals is critical, as decisions made by a majority in voting are legally binding for all creditors.
• 😀 In cases of rejected offers, the proposal may force creditors to accept terms that might seem unfair but are better than bankruptcy.
• 😀 Debtors can sometimes exploit creditor psychology by offering proposals that are not attractive, knowing that creditors fear bankruptcy.
• 😀 Once a peace agreement is proposed and voted on, it becomes legally binding, even if not all creditors agreed or participated in the voting.
• 😀 Creditors who disagree with the proposal after voting can challenge the decision in court, but most challenges are typically rejected.
• 😀 A debtor can be declared bankrupt if they fail to meet the terms of an approved peace agreement, leading to asset liquidation.
• 😀 There are two common ways to sign the peace agreement: with the signatures of all creditors or just the necessary authorities such as the debtor, judge, and court clerk.
• 😀 The law forces creditors to comply with the peace agreement once it's approved, even if they did not vote in favor of it, as long as legal requirements are met.
• 😀 Creditors should be prepared for possible compromises in the peace agreement, such as receiving partial payments or a haircut on the debt.
• 😀 Creditors wishing to initiate a PKPU (suspension of debt payments) must be aware of the potential outcomes, including limited options for recovering the full debt amount.

Q & A

What is the legal consequence when a debtor loses a voting process in a PKPU (temporary debt settlement) case?

When a debtor loses a voting process in a PKPU case, the law binds them to comply with the approved proposal for peace (perjanjian perdamaian). This binding is enforced regardless of the debtor's agreement, provided the proposal meets the necessary legal requirements, such as approval from at least half of the concurrent creditors and a significant portion of separatis creditors.

What happens if a debtor does not comply with the peace proposal after it is ratified by the court?

If a debtor fails to comply with the ratified peace proposal, they are considered in default (wanprestasi), which leads to the cancellation of the peace agreement. Consequently, the debtor is declared insolvent and enters into bankruptcy, with their assets being executed for liquidation.

Can creditors who did not participate in the voting process be forced to comply with the peace agreement?

Yes, creditors who did not participate in the voting process are still legally bound by the peace agreement, as long as it meets the necessary legal criteria. The law forces compliance for all creditors, even those who abstained from voting, as long as the required majority is met.

What does 'homology' mean in the context of the PKPU process?

Homology refers to the court's formal validation of a peace proposal. Once the proposal is agreed upon by the required majority of creditors, the court will issue a homology ruling, legally recognizing the proposal and making it binding on all creditors.

What role does the court play in the process of confirming a peace proposal?

The court's role is to assess and approve the peace proposal by issuing a homology ruling. The court ensures the proposal complies with the legal requirements and, once approved, it becomes binding for all creditors, regardless of their participation in the voting process.

How does the law handle creditors who refuse to sign the peace agreement?

Under the law, creditors who refuse to sign the peace agreement are still bound by it if the proposal is ratified by the court and meets the legal requirements. Even if a creditor abstains or disagrees, the agreement is enforced as long as the required majority vote is reached.

Can creditors appeal a decision regarding the peace proposal?

Yes, creditors can appeal the decision through the cassation process to the Supreme Court. However, appeals are rarely successful if the proposal meets the legal conditions, such as support from the required percentage of creditors.

What is the purpose of a 'haircut' in the PKPU process?

A 'haircut' refers to a reduction in the amount of debt that a creditor is owed. It is often part of the settlement offer, where creditors agree to receive a lower amount than the original debt, as part of a feasible solution to avoid bankruptcy.

What happens if creditors demand full repayment instead of accepting a partial offer?

If creditors demand full repayment and refuse the debtor’s partial offer, they risk pushing the debtor into bankruptcy, as the debtor may choose to declare insolvency rather than accept demands that are unrealistic or unsustainable.

Why might creditors agree to delay the payment of debts in a PKPU case?

Creditors may agree to delay the payment of debts if they believe that allowing the debtor more time will ultimately lead to a better recovery of their owed amounts, or if the alternative—pushing the debtor into bankruptcy—would result in a smaller recovery or no recovery at all.