JAKARTA — Bankruptcy and Debt Repayment Obligation Delay Law (PKPU) No. 37/2004 as a legal instrument resulting from the 1998 reforms became a clear measure to resolve the default between the business people in dispute.
Bankruptcy lawyer and PKPU Muhammad Ismak said the Bankruptcy Law and PKPU have so far been an option for businesses to end defaults between business people in dispute compared to using other civil legal instruments namely civil law.
Ismak said that the Bankruptcy Law drafted and drafted by the drafter of the law aims to separate the use of legal instruments of the Civil Code which in the settlement of cases in court takes a long time.
"The case in Indonesia for some foreigners is a long settlement, until the execution of bail, the length of it is his business. Not to mention, the property of the person who was executed, he filed a fight [semakin panjang penyelesaian] therefore with the Bankruptcy Law and PKPU there is a time limit," said Ismak.
In the procedure of the trial when submitted to the commercial court, the period of the trial lasts 20 days from the date of registration of the application letter. If granted there are two periods of pkpu period that is temporary with a range of 45 days and continues for 270 days with the approval of creditors. (Indonesian Business)