Korea World Center Indonesia (KWCI) Bankruptcy

kwci bankruptcy

Yanuarius Viodeogo

Not carrying out obligations to its partners, PT Korea World Center Indonesia (KWCI) was forced into bankruptcy.

The cause after the peace agreement in The Suspension of Debt Repayment Obligations was rejected by its partners.

KWCI also had to give up its fortune managing the business district in Pulo Mas, East Jakarta.

Not without effort, KWCI gets justice. After it was decided bankrupt, they had to file objections to the highest level even review (PK).

Unfortunately, the goddess of justice has not sided with KWCI because the Supreme Court insisted on rejecting the PK's application.

Pk's decision that was hammered by the ma judge on September 10 was delivered to the public on November 1, 2019, stating that pk KWCI's application was unacceptable.

"Punishing pk applicants to pay the cost of the case amounted to Rp10 million," said the chairman of the panel of judges Syamsul Ma'ari in warning of his decision.

The basis of KWCI bankruptcy, began when partners or tenants within the area of 3.1 hectares were charging their rights in the form of power outages and water that is often jammed to Korea World Center Indonesia.

The company, which has 10 fruit stores in a number of regions in Indonesia, rented the building for 15 years in an area managed by KWCI.

However, after 3 years of running, there are electrical problems that are often problematic. Therefore, Fruit Land chose the PKPU line to charge rights that were not fulfilled by the debtor.

Fruit Land collected its receivables worth Rp13 billion by registering the PKPU application at the Central Jakarta Commercial Court on August 6, 2018.

The PKPU application was granted by the panel of judges so that the debtor must undergo the PKPU process.

In the process of verifying receivables bills, a total of 22 creditors with billing handles reached Rp100 billion. The bill spread across 14 concurrent creditors as much as Rp100 billion and 8 preferential creditors as much as Rp500 million.

After matching the receivables, the PKPU process took place fiercely. KWCI assesses that they have performed their obligations in the business district.

Rica Pandirot as the debtor's attorney said that the tenants as renters are not debt collectors.

In addition, he continued, there is still cooperation between partners and KWCI should not be addressed to its clients PKPU.

He said KWCI was determined to settle payments to creditors if the value of receivables bills made sense. In verifying receivables, Rico expressed objections to the creditor's unreasonable bills.

The absence of an agreement between the creditors due to the proposal offered by KWCI led to it being declared bankrupt by the court on November 28, 2018.

Amar court decision is to reject the ratification of peace (homologation) of kwci with creditors and declare his company is in a state of bankruptcy.

After bankruptcy or declared insolvency, KWCI bankruptcy curator Jahmada Girsang said it had combed the assets in Pulo Mas in the form of management rights during 2042 including management for buildings, vacant land, business districts and others.

Sahat Marulitua Sidabukke, a member of the bankruptcy curator said that after being declared bankrupt, the assets in the business district precisely located in Kayu Putih had to be saved in order to remain operational.

"So that this location does not die, this business district remains the way because there are still tenants," he said.


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