Business & Lifestyle

Since the monetary crisis hit Indonesia, which is about the year 1997 many large companies have difficulty in the financial sector. This resulted in many companies went bankrupt and was forced out of business. This situation actually is is a situation that is not desired by all parties, but because of the economic crisis that occurred in our country is severe enough so that this situation can no longer be avoided.

Bankruptcy is one way used by both creditors and the debtors to resolve “problems” they are, because the essence of bankruptcy for the debtor is to avoid the arbitrariness of the creditors, while the nature of bankruptcy for creditors is to obtain assurance of payment. As a result of bankruptcy for the debtor and his / her wealth is the debtor’s assets will be confiscated to be sold, and the debtor no longer be eligible to manage these assets, because its management is to be conducted by the curator. Meaning of bankruptcy itself according to Law No. 37 of 2004 namely:
“A general confiscation of all property (assets) that the maintenance and curator pleh pemberesannya conducted under the supervision of judges pengawassebagaimana regulated in the Act.”

Bankruptcy occurs when borrowers can no longer pay its debts, while the full provisions of the bankruptcy requirements set out in Article 1 of Law No. 4 of 1998, namely:
“Debtors who have two or more bkreditur and do not pay at least one debt which has been due and payable, be declared bankrupt by a competent court decision referred to in Article 2, either on his own request or at the request of one or more creditors.”

Legal Terms for bankruptcy are:
1. The existence of debt
2. At least one debt is due and payable
3. The existence of the debtor
4. The existence of creditors (more than one)
5. Statement of bankruptcy petition
6. Declaration of bankruptcy by the Commercial Court
As for the parties who can request bankruptcy are:
1. Debtor
2. Creditor
3. Attorney for the sake of public interest
4. Bank Indonesia
5. Capital Market Supervisory Agency
The steps that are in bankruptcy, there are 9 steps, namely:
1. Bankruptcy petition, bankruptcy petition requirements have been stipulated in Law No. 4 of 1998, as what has been written above.
2. Bankruptcy decision-powered equipment, with a term until the decision of the bankruptcy until the bankruptcy stay is 90 days strength.
3. Meeting of verification, is meeting registration debts, in this step is data collection on how much debt and piutangyang owned by the debtor. Verification of the debt is the most important stage in the bankruptcy because it will set the order of consideration of the rights of each creditor. Verification meeting chaired by the supervisory judge and attended by: (a) the Registrar (as the registrar), (b) Debtor (will not be represented because the debtor must explain if later there is a difference of opinion about the number of bills, (c) Creditor or his proxy (if absent to present it’s okay, will follow the meeting), (d) a receiver (must be present as an asset manager).
4. Peace, if peace is received then the bankruptcy process ends, otherwise it will proceed to the next process. The peace process was always sought and included in the agenda. There are several differences between the peace that occurred in the peace process with the usual bankruptcy. Peace in the bankruptcy process include: (a) binding on all creditors, except creditors separatists, because the separatists have been secured creditors with its own separate security object to the bankruptcy estate generally. (B) bound formality, (c) the ratification of the trial homologation, (d) if the commercial court rejected the appeal, (e) there is strength eksekutorial, what is stated in the peace, the practices can be done by force. The stages in the peace process, among others: (a) the filing of the peace proposal, (b) the announcement of peace proposals, (c) decision-making meetings, (d) trial homologation, (e) an appeal, (f) rehabilitation.
5. Homologation get along, ie request endorsement by the Commercial Court, if the process is acceptable.
6. Insolvency, a condition in which the debtor otherwise is really not able to pay, or in other words, fewer debtors assets with debt. Thing about this is determining the fate of insolvency of debtors, whether there will be no execution or debt restructuring in peace. When the occurrence of insolvency (Article 178 UUK), namely: (a) when verification is not offered peace, (b) rejected the peace offer, (c) the ratification of peace was rejected by the judge. With the bankruptcy estate of insolvency then immediately executed and distributed to the creditors.
7. Clearance / liquidation, the bankrupt debtor ppenjualan property, which is distributed kepad unsecured creditors, after deducting the costs.
8. Rehabilitation, which is a good name of creditor recovery effort, but with a note if the peace process acceptable, because if peace is rejected then there is no rehabilitation. Terms rehabilitsi is: there has been peace, there has been debt payments in full.
9. Bankruptcy ends.
In a bankruptcy the role of a curator is very very important because he acted as asset manager. Some of the things that must be considered by the curators in performing their duties include:
• The authority of law
• economic and business considerations related to the liquidation of assets
• Involvement of other parties (judge supervisor)
• Procedures relating to certain legal actions (meetings verification)
• Habits and proper procedures according to law in a particular action
In carrying out its authority, the curator also has a legal responsibility. One of the articles that regulate the legal responsibility curator in UUK is in article 72 which states:
“Curator responsible for the mistakes and negligence in carrying out the maintenance and / or settlement which caused the loss against the bankruptcy estate”

Under article 72 of Law “is the curator can bear personal responsibility. If due to error or negligence causes losses for the parties having interests in the bankruptcy estate, which is particularly unsecured creditors. So curators can be sued for restitution.

The legal consequences of the bankruptcy decision is:
• Applicable in the field of property
• May not be a director or commissioner of another company.
• confiscation of all assets of debtors generally
• Individual Debtor, including the husband or wife
• Debtor taxable block (not allowed to leave the domicile)
• Conditions apply criminal
• The decision of bankruptcy by the operation of law
• valuable items stored curator
• Cash Money in the bank