BANKRUPTCY ASSISTANCE
Our Bankruptcy Legal Services assist individuals or companies facing serious financial issues and struggling with debt payments. Our legal experts guide clients as a Debtor or Creditor through the bankruptcy process, including managed and liquidated assets of Debtor. The ultimate goal is to provide the best solution for overcoming our clients' financial difficulties and provide security for the payment of its receivables.
There are at least two bankruptcy requirements that are simple to prove, namely a debtor having two or more creditors and failing to pay at least one det which has matured and became payable, as regulated in Article 2 paragraph (1) of Law No.37 of 2004 concerning Bankruptcy and Suspension of Obligation For Payment of Debts. Whereas, application for a declaration of bankruptcy must be granted by the Commercial Court if there are facts or circumstances that prove simply that the two conditions for bankruptcy in Article 2 paragraph (1) of Law No.37 of 2004 concerning Bankruptcy and Suspension of Obligation For Payment of Debts have been met.
On the other hand, in the event that the debtor has undergone PKPU until a reconciliation is agreed upon, but the debtor in the process fails to fulfill the PKPU reconciliation, the creditors can submit a cancellation of the reconciliation and the debtor is declared bankrupt. Bankruptcy can be started with Bankruptcy Petition submitted by the Debtor or Creditors in the Commercial Court at the District Court, and from Suspension of obligation for payment of debt Service (PKPU) process if a reconciliation. is not reached.
Conducting a Bankruptcy matters Involves several key steps:
1. | Initial Consultation: Encompasses the initial meeting between the client and the legal team to analyze financial issues and formulate an appropriate legal strategy. |
2. | Document Collection and Information Gathering: Involves the reception, analysis, and thorough evaluation of required financial documents, forming the basis for a comprehensive understanding of the client’s assets, liabilities, and financial position. |
3. | Bankruptcy: The phase where the legal team compiles and submits the bankruptcy petition to the relevant legal authority, initiating the formal process in accordance with applicable legal provisions. |
4. | Automatic Stay: Involves the automatic legal mechanism that temporarily halts most creditor actions related to debt collection and seizure, providing protection to the client during the legal process. |
5. | Creditor Meeting: An interactive forum where the client and legal representatives meet with creditors and the bankruptcy trustee to discuss, detail, and resolve financial aspects relevant to the bankruptcy process. |
6. | Debt Settlement or Financial Recovery: The stage where asset liquidation or the formulation of a debt repayment plan occurs, depending on the type of bankruptcy, with the goal of effectively addressing the client’s financial obligations. |
Benefits of Using Our Service in Bankruptcy Settlement:
Legal Protection
Clients receive significant legal protection, particularly through the automatic stay, which temporarily halts creditor actions and seizures, providing an opportunity for clients to managed and liquidated asset of Debtor.
Managed Debt Resolution
The bankruptcy process allows for a managed resolution of debt, whether through asset liquidation or the creation of a structured debt repayment plan, giving clients the opportunity to address their financial burdens in a more organized manner.
Opportunity for Fresh Start
Bankruptcy, when handled effectively, offers clients the chance for a fresh start financially. Following debt discharge, clients can rebuild their financial stability and focus on the future with greater peace of mind.
Get Started!
Our dedicated team is ready to assist you and providing the necessary legal support to address your concerns in accordance with Indonesian law.
