Jakarta, 2019. Our firm has fruitfully defended our client, PT Limin Marine & Offshore, a well known shipping company in Indonesia, over an application of suspension of debt payment obligation (PKPU).
The main claim by the PKPU Claimant, a foreign legal entity established under UK laws, is a deman that the PKPU Defendant i.e. our client to be declared as under temporary PKPU for 45 days.
The panel of the judges considers that other creditor has received payment of debt from the PKPU Defendant and therefore the debt of PKPU Defendant has been fully paid. This would mean that the creditors under the PKPU application is only one (1) creditor where under the prevailing bankruptcy law there should be at least two (2) creditors. Accordingly, the panel of judges declines the PKPU application. Responding to the court’s decision, our Ivor Pasaribu says, “The formal requirement for a PKPU application is mandatory. Despite of PKPU Claimant’s objection towards the payment made by PKPU Defendant to the other creditor during the trial proceeding, the panel of judges still considers that the PKPU Defendant’s debt to the other creditor has been fully paid, and therefore the formal requirement for PKPU is not fullfiled.”
Leks&Co is recommended on commercial dispute resolution by Legal500, asialaw Profiles, and Benchmark Litigation. One Client said, as quoted by Benchmark Litigation 2019, “In my experience, the law firm’s litigation team often thought out of the box and was very professional with extraordinary legal service execution.”
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