Are secured creditors secured?

Supreme Court issued guidelines on bankruptcy and suspension of debt repayment – you might want to rethink your options. The highest judiciary authority in Indonesia, the Supreme Court (Mahkamah Agung, MA), recently issued MA Decree No. 3/KMA/SK/I/2020 on the Guidelines on the Handling of Bankruptcy and Suspension of Debt Payment Proceedings (the Guideline).

This Guideline sets out, among others:

  1. The administrative requirements for bankruptcy and suspension of debt repayment (penundaan kewajiban pembayaran utang, PKPU) petitions.
  2. The procedural steps for examining bankruptcy and PKPU petitions.
  3. The procedural details of actionable items following the issuance of the bankruptcy and/or PKPU decision.

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