By Timur Abimanyu, SH.

MH

The Washington Post

LAW OF THE REPUBLIC OF INDONESIA 37 OF 2004 ABOUT
BANKRUPTCY AND DEBT OBLIGATIONS OF DELAY
BY THE GRACE OF GOD ALMIGHTY PRESIDENT
OF THE REPUBLIC OF INDONESIA
Considering:
a. that the development of national laws in order to realize a just and prosperous society
based on Pancasila and the Constitution of the Republic of Indonesia Year 1945 should be
able to support and guarantee the certainty, order, enforcement and legal protection of the
core of justice and righteousness, b. that with the rapid development of economy and trade
debts more and more problems arising in society, c. that the monetary crisis in Indonesia has
given an unfavorable impact on the national economy so that cause great difficulties to the
business community in resolving debts to continue their activities, d.bahwa as one means of
law to settle debts, the Law on Bankruptcy ( Faillissements verordening, Staatsblad
1905:217 conjunction Staatsblad 1906:348) most of the material is no longer appropriate
with the development and legal needs of society and therefore has been amended by
Government Regulation in Lieu of Law No. 1 of 1998 on the Amendment to the Law on
Bankruptcy , which is then set into Law ¬ Act pursuant to Act No. 4 of 1998, but changes
are yet to meet development and legal needs of society and e. e. that based on the
considerations referred to in letter a, b, c, and d, have formed a new Law on Bankruptcy and
Suspension of Payment.

Given:
1.Pasal 1 paragraph (3), Article 5 paragraph (1), Article 20, Article 24 and Article 33
paragraph (4) of the Constitution of the Republic of Indonesia Year 1945, 2. Reviewed
Inland Regulation Indonesia who Updated (Het Herziene Indonesisch Reviewed Inland
Regulation, Government Gazette conjunction Staatsblad 1926:559 1941:44), 3. Reviewed
Inland Regulation Procedural Law for the Countryside of Java and Madura
(Rechtsreglement Buifengewesten, Staatsblad 1927:227), 4. Act No. 14 of 1985 on the
Supreme Court (State Gazette of the Republic of Indonesia Year 1985 Number 73,
Supplementary State Gazette of the Republic of Indonesia Number 3316) as amended by
Act No. 5 of 2004 concerning Amendment to Law Number 14 Year 1985 on Supreme Court
(State Gazette of the Republic of Indonesia Year 2004 Number 9; Gazette of the Republic of
Indonesia Number 4359), 5. Law No. 2 of 1986 on General Court (State Gazette of the
Republic of Indonesia Year 1986 Number 20; Gazette of the Republic of Indonesia Number
3327) as amended by Act No. 8 of 2004 concerning Amendment to Law No. 2 of 1986 on
General Court (State Gazette of the Republic of Indonesia Year 2004 Number 34,
Supplementary State Gazette of the Republic of Indonesia Number 4379) and 6. Law
Number 4 Year 2004 regarding Judicial Power (State Gazette of the Republic of Indonesia
Year 2004 Number 8, Supplement to State Gazette of the Republic of Indonesia Number
4358).

With Joint Agreement:

HOUSE OF REPRESENTATIVES OF THE REPUBLIC OF INDONESIA
and
PRESIDENT OF THE REPUBLIC OF INDONESIA
DECIDED:
Setting:
LAW ON BANKRUPTCY AND SUSPENSION OF PAYMENT OBLIGATIONS
UTANG.BAB I
GENERAL PROVISIONS

Article 1
In this Act referred to as:
1. Bankruptcy is a general confiscation of all property that the maintenance of the Bankrupt
Debtor and pemberesannya conducted by Curator under the supervision of Judge
Supervisory Board as stipulated in Law ini.2 ¬. Creditors are the people who had accounts
receivable due to the treaty or the Act that can be charged before the courts. 3. Debtors are
people who have debt because of an agreement or law which repayment can be billed in
advance pengadilan.4.Debitor bankruptcy is the debtor who has been declared insolvent by
the verdict Pengadilan.5. Curator is the Heritage Center or an individual who is appointed
by the court to look after and care of the Bankrupt Debtor's assets under the supervision of
the Supervisory Judge in accordance with this Law. 6.Utang is an obligation which
otherwise) or can be expressed in the amount of money both in the Indonesian currency and
foreign currency, both directly and that will arise in the future or contingent, arising from
treaties or laws and that must be met by Debtor and if not fulfilled entitled the creditors to
obtain fulfillment of wealth Debitor.7. Court is the Commercial Court in the general court,
8. Supervisory Judge is a judge appointed by the Court in the decision of bankruptcy or
suspension of obligation for payment utang.9 decision. Today is the day calendar and when
the last day of the grace period falls on a Sunday or holiday, effect the next day,
10.Tenggang time is the time period shall be calculated by not entering into force the day
grace period tersebut.dan 11:11. Each person is an individual or corporation, including
corporations in the form of legal entity or that no legal entity in liquidation.

CHAPTER II
BANKRUPTCY
Part One
Terms and Decision Bankrupt

Article 2
(1). The debtor who has two or more creditors and do not pay in full at least one debt which
has matured and payable, be declared bankrupt by court decisions, either on the application
itself or at the request of one or more creditors. (2). The application referred to in paragraph
(1) may also be filed by prosecutors in the public interest. (3). In the event that the debtor is
a bank, a bankruptcy petition may be filed by Bank Indonesia. (4). In the event that the
debtor is a securities company, Stock Exchange, Clearing Guarantee Institutions, Central
Securities Depository, a bankruptcy petition may be filed by the Capital Market Supervisory
Agency. And (5). In the event that the debtor is an Insurance Company, Reinsurance
Companies, Pension Funds, or State-Owned Enterprises engaged in the public interest, a
bankruptcy petition may be filed by the Minister of Finance.

Article 3
(1) A decision on a bankruptcy petition and other matters related and / or regulated in this
Act, be decided by the Court of jurisdiction covers the area where the debtor's legal position.
(2) In the event that the debtor has left the territory of the Republic of Indonesia , the
competent Court ruled on a bankruptcy petition is the Court which jurisdiction covers the
Debtor's last legal domicile. (3) In the event that the Debtor is a shareholder of a firm, the
Court of jurisdiction covers the firm's legal domicile is also authorized to decide. (4) In the
event that the debtor is not domiciled in the territory of the Republic of Indonesia but run
profession or business in the territory of the Republic of Indonesia, the Court is the court
competent to decide which jurisdiction covers the domicile or head office of the debtor to
run a profession or business in the territory of the Republic Indonesia.dan (5 ) If the debtor
is a legal entity, its legal domicile shall be prescribed in its articles of association.
Article 4
(1) In the case of a bankruptcy petition filed by the Debtor that is still bound in a legitimate
marriage, the petition may be filed only with the approval of their husband or wife.
(2) The provisions referred to in paragraph (1) does not apply where there is no unity
property.

Article 5
Bankruptcy petition against a firm shall contain the name and residence of each shareholder
is jointly and severally bound to the firm's debt.
Article 6
(1) Application for declaration of bankruptcy filed with the President of the Court.
(2) The Registrar shall register the bankruptcy petition on the date the request is filed, and
the applicant is given a written receipt signed by an authorized officer with the same date
to the date of registration.
(3) The Registrar shall refuse registration of a bankruptcy petition for the institution as
referred to in Article 2 paragraph (3), subsection (4), and subsection (5) if done not in
accordance with the provisions of paragraph ¬ verse.
(4) The Registrar shall submit a bankruptcy petition to the President of the Court no later
than 2 (two) days after the date the petition is registered.
(5) Within a period not later than 3 (three) days after the date a bankruptcy petition filed, the
Court studied the request and set a date for a hearing.
(6) The examination hearing on a bankruptcy petition held within a period of at least 20
(twenty) days after the date the petition is registered.
(7) At the request of the debtor and based on sufficient reasons, the Court may postpone the
hearing referred to in subsection (5) until no later than 25 (twenty five) days after the
date the petition is registered.

Article 7
(1) The application referred to in Article 6, Article 10, Article 11, Article 12, Article 43,
Article 56, Article 57, Article 58, Article 68, Article 161, Article 171, Article 207 and
Article 212 must be filed by a advocate.
(2) The provisions referred to in paragraph (1) does not apply in the case filed by the
prosecutor's request, Bank Indonesia, the Capital Market Supervisory Agency, and
Minister of Finance.

Article 8
(1) The Court:
a. shall call the debtor, in the case of a bankruptcy petition filed by a creditor, attorney, Bank
Indonesia, the Capital Market Supervisory Agency, or the Minister of Finance;
b. can call the creditor, in the case of a bankruptcy petition filed by the debtor and there is
doubt that the requirements to be declared bankrupt as defined in Article 2 paragraph (1)
have been met.
(2) The summons referred to in paragraph (1) conducted by the bailiff by registered express
mail no later than 7 (seven) days before the first hearing was held.
(3) The invitation is valid and shall be deemed received by the debtor, if done by a bailiff in
accordance with the provisions referred to in paragraph (2).
(4) Application for declaration of bankruptcy must be granted if there are any facts or
circumstances that simply proved that the requirements to be declared bankrupt as defined in
Article 2 paragraph (1) have been met.
(5) Court decision on a bankruptcy petition shall be made no later than 60 (sixty) days after
the date a bankruptcy petition filed.
(6) The decision of the Court as referred to in subsection (5) shall include also:
a. certain articles of the legislation in question and / or unwritten sources of law relied upon
to adjudicate, and
b. legal considerations and opinions that differ from the judge or chairman of council
members.
(7) The decision on a bankruptcy petition as referred to in paragraph (6), which contains a
complete legal reasoning underlying the decision shall be stated in a hearing open to the
public and can be implemented in advance, although the decision was filed a legal action.

Article 9
A copy of the decision of the Court as referred to in Article 8 paragraph (6) must be
submitted by the bailiff by registered express mail to the debtor, who filed the bankruptcy
petition, Curator, and the Supervisory Judge no later than 3 (three) days after the decision on
a bankruptcy petition pronounced.

Article 10
(1) During the decision on a bankruptcy petition has not been uttered, every creditor,
attorney, Bank Indonesia, the Capital Market Supervisory Agency, or the Minister of
Finance to submit an application to the Court to:
a. put the confiscation of part or all of the Debtor's property; or
b. Curator appointed temporarily to oversee:
1) the management of the Debtor's business; and
2) payment to the creditor, transfer, or collateralization of wealth in the bankruptcy debtor
who is an authority Curator.
(2) The application referred to in paragraph (1) can only be granted, if it is necessary to
protect the interests of creditors.
(3) If the application referred to in paragraph (1) letter a is granted, the court may set a
requirement for the applicant creditor to give assurance deemed reasonable by the Court.

Article 11
(1) legal action which may be brought against the decision on a bankruptcy petition is to
appeal to the Supreme Court.
(2) The application for cassation as referred to in paragraph (1) submitted at least 8 (eight)
days after the date of the verdict pronounced petitioned for an appeal, by registering to the
Clerk of the Court who have disconnected the bankruptcy petition. (3) The application for
cassation as referred to in paragraph (2), in addition may be filed by the Debtor and Creditor
which is a party to the court of first instance, also may be filed by any other creditor not a
party to the court of first instance are not satisfied with the decision on the request statement
bankrupt.
(4) The Registrar shall register the appeal on the relevant date of application submitted and
the applicant is given a written receipt signed by the clerk with the same date to the date of
receipt of registration.

Article 12
(1) Applicant must submit an appeal to the Clerk of the Court of cassation on the date the
petition is filed.
(2) The Registrar shall transmit the appeal and cassation as referred to in paragraph (1) to
the defendant of an appeal no later than 2 (two) days after the request is filed.
(3) Respondent may file a counter appeal against the cassation to the Court clerk at least 7
(seven) days after the date the defendant receives cassation cassation as referred to in
paragraph (2), and the court clerk shall deliver the counter against the cassation to the
applicant of the cassation at the latest 2 ( two) days after a counter appeal was received.
(4) The Registrar must submit the request for cassation, appeal, appeal and counter appeal
and the relevant case files to the Supreme Court no later than 14 (fourteen) days after the
request is filed.

Article 13
(1) The Supreme Court shall examine the appeal and set a date for a hearing no later than 2
(two) days after the date the request was received by the Supreme Court.
(2) The examination hearing on the appeal made at least 20 (twenty) days after the date the
request was received by the Supreme Court.
(3) A decision on cassation shall be made no later than 60 (sixty) days after the date the
request was received by the Supreme Court.
(4) A decision on cassation as, referred to in paragraph (3), which contains a complete legal
reasoning underlying the decision shall be stated in a hearing open to the public.
(5) In the event there is a difference of opinion between members of the council chairman,
the difference of opinion shall be contained in the decision.
(6) The Registrar of the Supreme Court shall deliver the decision of cassation to the Clerk of
the Commercial Court no later than 3 (three) days after the decision on appeal was made.
(7) The court bailiff shall deliver the decision of cassation as referred to in paragraph (5) the
applicant's appeal, the defendant appeals, Curator, and Judge of Trustees no later than 2
(two) days after the decision was received.

Article 14
(1) Any decision, on a bankruptcy petition, which has obtained permanent legal force, can
be submitted for reconsideration to the Supreme Court.
(2) The provisions referred to in Article 12 and Article 13 shall apply mutatis mutandis to
judicial review.

Article 15
(1) In the decision on declaration of bankruptcy, shall be appointed Receivers and Trustees
appointed a Judge of the Court.
(2) In the event that the Debtor, Creditor, or the authorities filed a bankruptcy petition as
referred to in Article 2 paragraph (2), paragraph (3), subsection (4), or paragraph (5) do not
submit proposals to the Court the appointment of the Curator Heritage Hall was appointed
as the Curator.
(3) a receiver who was appointed as referred to in paragraph (1) must be independent, have
no conflict of interest with the debtor or the creditor, and is not currently handling cases of
bankruptcy and postponement of debt payment obligations for more than 3 (three) cases.
(4) Within a period of no later than 5 (five) days after the date of bankruptcy declaration
decision is received by the Curator and the Supervisory Judge, Curator announced in the
State Gazette of the Republic of Indonesia and at least 2 (two) daily newspapers are set by
the Supervisory Judge, on summary bankruptcy declaration decision which shall contain the
following:
a. name, address, and the Debtor's employment;
b. behalf of the Supervisory Judge;
c. name, address, and job Curator;
d. name, address, and job Creditors committee members while, if it has been appointed; and
e. place and time of the first meeting of creditors.

Article 16
(1) Curator authority to carry out the maintenance and / or settlement of the bankruptcy
estate from the date of the decision of bankruptcy even though the decision was filed an
appeal or judicial review.
(2) In the event of bankruptcy declaration decision is canceled as a result of an appeal or
judicial review,
the works which have been made by the Curator before or on the date of receiving the
Curator
notice of the cancellation decision referred to in Article 17 remains valid and binding on the
debtor.

Article 17
(1) The Curator shall announce the decision of an appeal or judicial review the decision to
cancel the bankruptcy in the State Gazette of the Republic of Indonesia and at least 2 (two)
daily newspapers as referred to in Article 15 paragraph (4).
(2) The panel of judges overturned the bankruptcy declaration also sets the cost of
bankruptcy and the Curator's fee.
(3) Costs referred to in paragraph (2) charged to the applicant or the applicant's declaration
of bankruptcy and debtor in the ratio set by the panel of judges.
(4) For the implementation of bankruptcy and the payment for the Curator's fee as referred
to in paragraph (2), President of the Court issued a decision on the request execution
Curator.
(5) In the event of bankruptcy declaration decision is canceled, the peace that may occur
autumn by law.

Article 18
(1) In the event of the bankruptcy estate is not sufficient to pay the costs of bankruptcy, the
court upon the recommendation of the Supervisory Judge and after hearing the committee of
creditors while if any, and after calling the debtor's legal or hearing, to decide the revocation
decision on the declaration of bankruptcy.
(2) The decision referred to in paragraph (1) stated in a session open to the public.
(3) The judge who ordered the removal of bankruptcy set the number of bankruptcy costs
and the Curator's fee.
(4) Total cost of bankruptcy and the Curator's fee as referred to in paragraph (3) charged to
the debtor.
(5) Costs and benefits service as referred to in paragraph (3) must take precedence over all
debts which are not secured by collateral.
(6) On the determination of the panel on the costs of bankruptcy and the Curator's fee as
referred to in paragraph (3), no legal action may be filed.
(7) For the implementation of bankruptcy and the payment for the Curator's fee as referred
to in paragraph (3), President of the Court issued a determination of the execution of this
request known to the Supervisory Judge Curator.

Article 19
(1) ruling that ordered the removal of the declaration of bankruptcy, announced by the Clerk
of Court in the State Gazette of the Republic of Indonesia and at least 2 (two) daily
newspapers as referred to in Article 15 paragraph (4).
(2) Any decision of revocation of declaration of bankruptcy as referred to in paragraph (1)
may be filed an appeal and / or judicial review.
(3) In the event that after the decision of revocation of bankruptcy declaration filed a
bankruptcy petition, the debtor or the applicant must prove that there is enough wealth to
pay the costs of bankruptcy.

Article 20
(1) Clerk of Court must hold a public register to record every bankruptcy case individually.
(2) The general register referred to in paragraph (1) must contain in order:
a. overview of the bankruptcy decision or the decision of cancellation of the declaration of
bankruptcy;
b. brief contents of the decision of peace and endorsement;
c. cancellation of the peace;
d. the number of division in the settlement;
e. revocation of bankruptcy as defined in Article 18; and
f. rehabilitation;
by mentioning the date of each.
(3) Further provisions concerning the form and content of the general list as referred to in
paragraph (1) stipulated by the Decree of the Chairman of the Supreme Court.
(4) The general register referred to in paragraph (1) open to the public and can be viewed by
everyone with no charge.
Part Two
Due to Bankruptcy
Article 21
Bankruptcy includes the entire wealth of the debtor at the time of the bankruptcy declaration
and everything acquired during the bankruptcy.

Article 22
The provisions referred to in Article 21 shall not apply to:
a. objects, including animals that are really needed by the Debtor in connection with his
work, equipment, medical instruments used for health care, beds and equipment that is used
by the debtor and his family, and food for 30 (thirty) days for the Debtor and family, who
are in that place;
b. Debtor obtained everything from his own work as a payroll of an office or service, as
wages, pensions, cash or money waiting for benefits, to the extent determined by the
Supervisory Judge; or
c. money given to the debtor to fulfill an obligation to give a living by law.

Article 23
Bankrupt Debtor as referred to in Article 21 and Article 22 includes the wife or husband of a
married Bankrupt Debtor in union property.

Article 24
(1) the debtor by operation of law lose their rights to control and manage their wealth are
included in the bankruptcy estate, since the date of the bankruptcy declaration.
(2) The date of the decision as referred to in paragraph (1) calculated from at 00.00 local
time.
(3) In the case before the bankruptcy declaration has been implemented transfer of funds
through banks or institutions other than banks on the date of the decision as referred to in
paragraph (1), the transfer must be forwarded.
(4) In the case before the bankruptcy declaration was executed on the Stock Exchange of
Securities Transaction the transaction will be settled.

Article 25
All engagement Debtor which was published after the bankruptcy declaration decision can
no longer be paid from the bankruptcy estate, unless the commitment, the benefit of the
bankruptcy estate.
Article 26
(1) Claims about the rights or obligations relating to the bankruptcy estate must be filed by
or against the Curator.
(2) In the case of demands referred to in paragraph (1) filed or continued by or against the
Bankrupt Debtor then if the claim resulted in a conviction against the Debtor Bankrupt,
punishment has no legal effect against the bankruptcy estate.

Article 27
During the bankruptcy claims to obtain fulfillment of the engagement of the bankruptcy
estate are directed against the Debtor Bankrupt, can only be filed with the register to be
matched.

Article 28
(1) A lawsuit filed by the Debtor and the running during the bankruptcy took place, at the
request of the defendant, the case should be deferred to give the defendant an opportunity to
call the curator to take over the case within the period specified by the judge.
(2) In case the Curator did not heed the call, the defendant's right to appeal the case to be
aborted, and if this is not filed, the case can be forwarded between the debtor and the
defendant, beyond the burden of the bankruptcy estate.
(3) The provisions referred to in paragraph (2) applies also in respect of the Curator refused
to take over the case.
(4) Without getting calls, every time Curator of the authority took over the case and request
that the debtor removed from the case.

Article 29
A lawsuit filed in court against the debtor so far aimed to obtain the fulfillment of
obligations from the bankruptcy estate and the case is under way, killed by law with the
verdict pronounced against the Debtor's bankruptcy declaration.

Article 30
In the event of a case followed by the Curator, the Curator of the opponent may file a
cancellation of all acts committed by the debtor prior to the relevant declared bankrupt, if
the debtor can prove that the act was committed with intent to harm creditors, and it is
known by his opponent.

Article 31
(1) The decision resulted in a bankruptcy court that any determination of the implementation
of each part of the debtor's property that had begun before the bankruptcy, must be stopped
immediately and since then there is not a decision that can be included or also with the
debtor hostage.
(2) All the foreclosures that have been done to remove it and if necessary the Supervisory
Judge shall order pencoretannya.
(3) Without prejudice to the provisions referred to in Article 93, the debtor who is in
detention should be released immediately after the bankruptcy declaration.
Article 32
During the bankruptcy the debtor is not subject to money forcibly.

Article 33
In the case before the bankruptcy declaration, the sale of either the debtor's property both
movable and immovable in order of execution is so far away until the day of the sale of
items that have been defined so with the permission of the Supervisory Judge, the Curator to
continue the sale shall be borne by the bankruptcy estate.

Article 34
Except as otherwise provided in this Act, an agreement which meant handing over land
rights, under the name of the ship, the imposition of rights, mortgage, or fiduciary which
have been agreed beforehand, can not be carried out after the bankruptcy declaration.
Article 35
In the case of a bill proposed for matched then it prevents the entry into force expired.

Article 36
(1) In the case when the decision pernyalaan bankruptcy, there is a reciprocal agreement that
has not or only partially met, the parties entered into an agreement with the debtor may ask
the Curator to give certainty on the continued implementation of the agreement within the
time agreed upon by the Curator and the them.
(2) In the event that an agreement on the time period referred to in paragraph (1) is not
reached, the Supervisory Judge set a time period.
(3) If within the period referred to in paragraph (1) and (2) a receiver does not provide an
answer or not willing to continue the implementation of the agreement, the agreement ends
and the party referred to in paragraph (1) may demand compensation and will be treated as
unsecured creditors.
(4) If the Curator Curator stated its ability obliged to provide collateral for the ability to
implement the agreement.
(5) The provisions referred to in paragraph (1), subsection (2), paragraph (3), and paragraph
(4) shall not apply to agreements that oblige the debtor to do his own act of agreement.

Article 37
(1) If the agreement referred to in Article 36 of the promised delivery of merchandise items
commonly traded with a length of time and parties should submit these items prior to
delivery of executed declared bankrupt then the agreement becomes clear with the decision
saying the declaration of bankruptcy, and in case the opponent disadvantaged because of the
elimination of the concerned can lodge themselves as unsecured creditors to obtain redress.
(2) In the event that harmed the bankruptcy estate because the removal referred to in
paragraph (1) the other party is obliged to make restitution.

Article 38
(1) In the event that the Debtor has hired an object then both the curator and the lessor of
objects, may terminate the rental agreement, provided that notice of termination is done
before the expiration of the agreement in accordance with local custom.
(2) In respect of termination as referred to in paragraph (1), have also ignored the notice of
termination by agreement or by custom in the shortest period of 90 (ninety) days.
(3) In the event that the rent had been paid in advance, the rental agreement can not be
stopped early before the expiry of the period already paid the rent.
(4) Since the date of the bankruptcy declaration, the rent is a debt of the bankruptcy estate.

Article 39
(1) Workers who worked on the debtor to terminate the working relationship, and vice versa
Curator to dismiss with respect to the period by agreement or statutory provisions in force,
with the understanding that the working relationship can be resolved with a minimum notice
of 45 (forty five) days previously.
(2) Since the date of the bankruptcy declaration, wages owed before and after the
bankruptcy declaration are bankruptcy estate debt.

Article 40
(1) heritage for bankruptcy due to the Bankrupt Debtor, the Receiver should not be
accepted, unless the benefit of the bankruptcy estate.
(2) To not receive an inheritance, Curator require permission from the Supervisory Judge.

Article 41
(1) For the purposes of the bankruptcy estate, the Court may be requested cancellation of all
legal actions that have been declared bankrupt debtor which harm the interests of creditors,
conducted before the bankruptcy declaration.
(2) The cancellation referred to in paragraph (1) can only be done if it can be proved that at
the time of legal acts performed, the Debtor and the party with whom the legal act was
committed knows or should know that these legal actions will result in losses for creditors.
(3) Exempted from the provisions referred to in paragraph (1) Debtor is the legal act is
obliged to do under the agreement and / or by law.

Article 42
If legal actions are detrimental to creditors made within 1 (one) year before the bankruptcy
declaration, while the act was not mandatory debtor, unless it can be proven otherwise, the
debtor and the party with whom it was committed is considered to know or should know
that such actions will result in losses for creditors as referred to in Article 41 paragraph (2),
in which case such actions:
a. an agreement whereby the Debtor's liabilities far exceed the liabilities of the party with
whom the agreement was made;
b. constitutes payment of, or provision of collateral for outstanding debt and / or have not or
can not be billed;
c. performed by an individual debtor, with or for the benefit of:
1) a husband or wife, adopted child, or his family until the third degree;
2) a legal entity in which the debtor or party referred to in point 1) is a member of the board
of directors or management or when that party, either individually or together ¬ together,
participate directly or indirectly in the ownership of legal entities are more than 50% (fifty
percent) of paid up capital or the control entity.
d. performed by the debtor being a legal entity, with or for the benefit of:
1) of the directors or managers of the debtor, husband or wife, adopted child, or family until
the third degree of board members or management;
2) an individual, either alone or jointly with husband or wife, adopted child, or family until
the third degree, who participated directly or indirectly in the ownership of the debtor more
than 50% (fifty percent) of the paid up capital control of such legal entity;
3) individuals whose husband or wife, adopted child, or his family until the third degree,
participate directly or indirectly in the ownership of the debtor more than 50% (fifty
percent) of paid up capital or the control entity.
e. performed by the debtor being a legal entity with or for the benefit of another legal entity,
if:
1) individual member of the board of directors or manager of both legal entities is the same
person;
2) a husband or wife, adopted child, or family until the third degree of individual members
of the board of directors or the debtor who is also a member of the board of directors or
other legal entity, or vice versa;
3) individual members of the board of directors or managers, or members of the supervisory
body on the debtor, or the husband or wife, adopted child, or family until the third degree,
either alone or together, participate directly or indirectly in any other legal entity ownership
of more than 50% (fifty percent) of the capital paid up or in control of such legal entity, or
otherwise;
4) the debtor is a member of the board of directors or manager of any other legal entity, or
otherwise; 5) the same legal entity, or individual the same either together or not with a
husband or wife, and or the foster children and their families to participate in the third
degree directly or indirectly in the legal entity is at least 50% (fifty percent) of paid-in
capital.
f. performed by the debtor being a legal entity with or against other legal entities in one
group in which the debtor is a member;
g. provisions in the letter c, d, e, and f shall apply mutatis mutandis in the case made by the
debtor to or for the benefit of:
1) members of the board of a legal entity, husband or wife, adopted child or family member
to the third degree of management;
2) an individual, either alone or jointly with a husband or wife, adopted child, or family to
the third degree who participated directly or indirectly in control of such legal entity.
Article 43
Grants may be requested by the Debtor cancellation to the Court, if the curator can prove
that at the time such grant is made the debtor knew or ought to know that such action would
result in losses for creditors.

Article 44
Unless proven otherwise, the debtor is considered to know or should know that these grants
harm creditors, if such grant is made within 1 (one) year before the bankruptcy declaration.

Article 45
Payment of a debt that has to be collected can only be canceled if payment is proved that the
recipient knows that the debtor's bankruptcy petition was filed, or in payment is the result of
a conspiracy between the debtor and creditors with a view favorable Creditors Creditors
exceeds any other.

Article 46
(1) Subject to the provisions referred to in Article 45, payment received by the holders of a
replacement or a letter at sight of because of legal relationship with the previous holder shall
receive payments, such payments are not refundable.
(2) In the case of non-refundable payment as referred to in paragraph (1), those who profited
as a result of the issuance of a replacement letter or letters on sight, shall refund to the
bankruptcy estate the amount of money that was paid by the debtor if:
a. can be proved that at the time of issuance of the letter referred to in paragraph (1)
concerned to know that the Debtor's bankruptcy petition was filed; or
b. issuance of the letter was the result of a conspiracy between the debtor and the first
holder.

Article 47
(1) claims rights under the provisions referred to in Article 41, Article 42, Article 43, Article
44, Article 45 and Article 46 proposed by the Receiver to the Court.
(2) Creditor on the grounds referred to in Article 41, Article 42, Article 43, Article 44,
Article
45, and Article 46 may file a rebuttal to demands Curator.

Article 48
(1) In the event of the bankruptcy ended with the passing of the peace then the demands
referred to in Article 47 fall.
(2) The demand referred to in Article 47 does not fall, if the peace contains the release of the
bankruptcy estate, for it demands to be continued or proposed by the pemberes property for
the benefit of creditors.

Article 49
(1) Any person who has received the object that is part of the Debtor's assets covered by the
legal act that canceled, should return the object to the Receiver and reported to the
Supervisory Judge.
(2) In the case of persons referred to in paragraph (1) can not restore objects that have been
received in its original state, shall pay compensation to the bankruptcy estate.
(3) Rights of third parties on the object referred to in paragraph (1) obtained in good faith
and not for free, must be protected.
(4) Benda received by the debtor or its successor shall be returned by the Curator, so far
benefited the bankruptcy estate, while for the shortcomings, the person against whom the
cancellation is required to appear as an unsecured creditor.

Article 50
(1) Any person who after the bankruptcy declaration but has not been announced, pay to the
Debtor Bankrupt to meet the engagement, which was published before the bankruptcy
declaration, released to the bankruptcy estate so far not proved that it is aware of any
decision of the bankruptcy declaration.
(2) Payments referred to in paragraph (1) a bankruptcy declaration made after the verdict
was announced, no release of the bankruptcy estate unless the conduct can be proved that
the announcement of bankruptcy declaration decision is made by law can not be known in
his home.
(3) Payments made to the Debtor Bankrupt, freeing Debitornya against the bankruptcy
estate, if payment of the bankruptcy estate's benefit.

Article 51
(1) Any person who has a debt or receivable against the Bankrupt Debtor, may apply for an
encounter held the debt, if debt or receivables were issued before the bankruptcy
declaration, or a result of acts done by the Bankrupt Debtor before the bankruptcy
declaration.
(2) If necessary, the receivables against the Bankrupt Debtor calculated according to the
provisions referred to in Article 136 and Article 137.

Article 52
(1) Any person who has taken over a debt or receivables from third parties before the
bankruptcy declaration, not to beg the encounter held the debt, if any takeover of the debt or
accounts receivable, which concerned not acting in good faith.
(2) All debts are taken over after the bankruptcy declaration, can not be diperjumpakan.

Article 53
Any person who has a debt to the Debtor Bankrupt, who want menjumpakan debts with a
doubtful receivables at sight or on a substitute, must prove that at the time of the bankruptcy
declaration, the person in good faith has become the owner of the letter at sight or letter on
the replacement.

Article 54
Any person who is in the Bankrupt Debtor as a fellowship or liquidated during the
bankruptcy, has the right to reduce part of its profits are at the time the division held due to
the Debtor Bankrupt, the Bankrupt Debtor's obligation to pay the partnership debts.

Article 55
(1) With due regard to the provisions referred to in Article 56, Article 57 and Article 58,
each Creditor holding the lien, fiduciary security, rights, mortgage, or other collateral rights
on property, to execute his rights as if no bankruptcy occurred.
(2) In the event of a billing claims as referred to in Article 136 and Article 137 then they can
only do so after the match only to take their billing and payment of the amounts recognized
from that billing.

Article 56
(1) Rights of Creditors of execution as referred to in Article 55 paragraph (1) and the right to
sue third parties who are in control of his property Bankrupt Debtor or Curator, suspended
for a maximum period of 90 (ninety) days from the date of the bankruptcy declaration.
(2) Suspension as referred to in paragraph (1) shall not apply to claims of secured creditors
with cash and the rights of creditors to arrange a meeting debt.
(3) During the period of suspension as referred to in paragraph (1), Curator of the
bankruptcy estate may use the form object does not move as well as the body moves or sells
the bankruptcy estate in the form of moving objects that are in control of the Curator in the
framework of the sustainability of the Debtor, in the case have been given reasonable
protection for the interests of creditors or third party referred to in paragraph (1).

Article 57
(1) The period referred to in Article 56 paragraph (1) ends by law at the time of bankruptcy
sooner terminated or at the commencement of insolvency circumstances referred to in
Article 173 paragraph (1).
(2) Creditor or any third party whose rights are suspended may submit an application to the
Curator to lift the suspension or change the terms suspension.
(3) If the curator refused application referred to in paragraph (1), creditors or third parties
may apply to the Supervisory Judge.
(4) Supervisory Judge no later than 1 (one) day after the application referred to in paragraph
(2) is received, the Curator shall be ordered to immediately call by registered mail or by
courier, creditors and third parties referred to in paragraph (2) to heard at the hearing on the
petition.
(5) The Supervisory Judge shall provide the determination on the request no later than 10
(ten) days after the application referred to in paragraph (2) shall be submitted to the
Supervisory Judge.
(6) In deciding the application referred to in paragraph (2), the Supervisory Judge to
consider:
a. length of the suspension period is already underway;
b. protection of the interests of creditors and third parties concerned;
c. the possibility of peace;
d. the impact of the suspension of business continuity and business management and
settlement of the bankruptcy estate the debtor.

Article 58
(1) Determination of Supervisory Judge of the application referred to in Article 57
paragraph (2) can be a lifting of the suspension for one or more creditors, and / or specify
requirements regarding length of time the suspension, and / or concerning one or several of
collateral that can be executed by the Creditor .
(2) If the Supervisory Judge refuses to lift or modify the suspension requirements, the
Supervisory Judge ordered that the Receiver shall provide protection deemed reasonable to
protect the interests of the applicant.
(3) Upon determination of the Supervisory Judge, creditors or third parties who filed the
petition as referred to in Article 57 paragraph (2) or the Curator may file opposition to the
Court no later than within 5 (five) days after the verdict is pronounced, and the Court shall
decide upon the resistance for a period of at least 10 (ten) days after the resistance is
determined.
(4) The Court decision referred to in paragraph (2) can not be filed any legal action,
including judicial review.

Article 59
(1) With due regard to the provisions of Article 56, Article 57 and Article 58, creditors
rights holders as referred to in Article 55 paragraph (1) shall exercise its rights for a period
of at least 2 (two) months after the commencement of insolvency as defined in state Article
178 paragraph (1).
(2) After the expiration of the period referred to in paragraph (1), the Curator shall require
the deposit of items which become collateral for subsequent sale in accordance with the
manner referred to in Article 185, without prejudice to the rights holders of those rights of
creditors from the sale of such collateral.
(3) Every time the Curator to freeing objects that become the collateral by paying the
smallest number of objects between the market price of collateral and the amount of debt
secured by collateral to creditors object in question.

Article 60
(1) Creditor holder of rights referred to in Article 55 paragraph (1) which carry the right,
obliged to give account to the Curator of the sale of the collateral object and submit the
remaining proceeds after deducting the amount owed, interest, and costs to the Curator.
(2) On the Curator or a creditor demands that privileged position higher than the creditor
rights holders as referred to in paragraph (1), Creditor rights holders are required to submit a
part of the proceeds for an amount equal to the number of bills the privileged.
(3) In the event that the proceeds referred to in paragraph (1) not enough to pay off the
related receivables, creditors rights holders can submit claims for payment of these
deficiencies of the bankruptcy estate as an unsecured creditor, after making a request
verification of claims.

Article 61
Creditors have the right to withhold the debtor's property, do not lose any rights because the
decision of the bankruptcy declaration.

Article 62
(1) In the case of a husband or wife is declared bankrupt, the wife or husband is entitled to
take back all movable and immovable property which is inherited from the wife or husband
and property obtained respectively as a gift or inheritance.
(2) If the wife or husband's property had been sold by the husband or wife and the price has
not been paid or money from the sale has not been mixed in the bankruptcy estate, the wife
or husband is entitled to take back the money from the sale.
(3) For bills that are personal to the wife or husband, the creditors of the bankruptcy estate is
a husband or wife.

Article 63
Wife or husband is not entitled to sue for benefits in the agreed in the agreement of the
bankruptcy estate of marriage to a husband or wife who is declared bankrupt, as well as
Creditor husband or wife who declared bankruptcy was not entitled to claim benefits agreed
in the contract of marriage to wife or husband is declared bankrupt.

Article 64
(1) Bankruptcy husband or wife who married in a union property, bankruptcy unity treated
as such property.
(2) Without prejudice to the exceptions referred to in Article 25 of the bankruptcy include
all items included in the union, while the bankruptcy is to the interests of all creditors, who
are entitled to request payment from the union property.
(3) In the case of a husband or wife who is declared bankrupt have objects that do not
include the unity of the property then the object including the bankruptcy estate, but only
can be used to pay personal debts husband or wife who is declared bankrupt.
Part Three
Bankrupt Property Handling
Paragraph 1
Supervisory Judge

Article 65
Supervisory Judge to supervise the management and settlement of the bankruptcy estate.

Article 66
The court shall hear the opinion of Judge of Supervisors, before taking a decision regarding
the handling or settlement of the bankruptcy estate.

Article 67
(1) The Supervisory Judge is authorized to hear witnesses or order an investigation by
experts to gain clarity on all matters concerning bankruptcy.
(2) Witnesses called on behalf of the Supervisory Judge.
(3) In the event that the witness did not come before, or refuse to testify, the applicable
provisions of the Civil Procedure Code.
(4) In the event that a witness residing outside the territorial jurisdictions are deciding
bankruptcy, the Supervisory Judge may delegate its examination of witnesses before the
courts of jurisdiction covers the place to live witnesses.
(5) The wife or husband, the former wife or husband, and blood relatives by descent straight
up and down from the Bankrupt Debtor DII has the right to withdraw as a witness.

Article 68
(1) Of all the determination of the Supervisory Judge, within 5 (five) days after such
determination is made, an appeal can be lodged with the Court.
(2) An appeal can not be filed against the decision referred to in Article 22 letter b, Article
33, Article 84 paragraph (3), Article 104 paragraph (2), Article 106, Article 125 paragraph
(1), Article 127 paragraph (1 ), Article 183 paragraph (1), Article 184 paragraph (3), Article
185 paragraph (1), subsection (2), and paragraph (3), Article 186, Article 188; and Article
189.
Paragraph 2
Curator

Article 69
(1) The duties of the Curator is to perform the maintenance and / or settlement of the
bankruptcy estate.
(2) In performing its duties, the Curator:
a. not required to obtain approval from or deliver notice to the debtor or the debtor's one of
the organs, though in a state outside bankruptcy such consent or notice required;
b. may apply for loans from third parties, only in order to increase the value of the
bankruptcy estate.
(3) If in performing loans from third parties need to burden the Curator of the bankruptcy
estate with a lien, fiduciary security, security right, mortgage, or other collateral rights on
property, the loan must first obtain approval from the Supervisory Judge.
(4) The imposition of the bankruptcy estate with a lien, fiduciary security, security right,
mortgage, or other collateral rights on property referred to in paragraph (3), can only be
done against the bankruptcy estate who have not pledged as collateral for debt.
(5) To appear in the trial court, the Curator must first obtain permission from the
Supervisory Judge, unless the verification of claims or disputes regarding the matters
referred to in Article 36, Article 38, Article 39 and Article 59 paragraph (3).

Article 70
(1) Curator as referred to in Article 69 are:
a. Heritage Hall; or
b. Other curators.
(2) The Receiver may be referred to in paragraph (1) letter b, is:
a. An individual who is domiciled in Indonesia, which has special skills are required in order
to manage and / or clean up the bankruptcy estate; and
b. registered at the ministry that the scope of duties and responsibilities in the field of law
and legislation.

Article 71
(1) The court may at any time grant proposal Curator replacement, after the call and hear the
curator, and appoint another curator and / or appoint additional Curator of:
a. Curator own petition;
b. Curator requests, if any;
c. proposal of the Supervisory Judge; or
d. Bankrupt Debtor's request.
(2) The court shall dismiss or appoint the Curator at the request or upon the suggestion of
the unsecured creditors under the Creditors meeting held decision referred to in Article 90,
with the requirements of the decision taken by the affirmative votes of more than half (one
half) of unsecured creditors or their proxies who attended the meeting and representing more
than half (one half) of total receivables unsecured creditors or their proxies present at the
meeting.

Article 72
Curator responsible for errors or negligence in carrying out maintenance tasks and / or
settlement which caused the loss against the bankruptcy estate.

Article 73
(1) If more than one appointed Curator then to perform a valid and binding action, the
Curator requires approval of more than half (one half) of the Curator.
(2) If the votes agree and disagree just as much, the action referred to in paragraph (1) must
obtain approval from the Supervisory Judge.
(3) a receiver appointed for specific tasks based on the decision of the bankruptcy
declaration, the authority to act alone limited duty.

Article 74
(1) The Curator shall submit reports to the Supervisory Judge of the state of the bankruptcy
estate and the execution of his duty every 3 (three) months.
(2) The report referred to in paragraph (1) be open to the public and can be viewed by
everyone with no charge.
(3) Supervisory Judge may extend the period referred to in paragraph (1).

Article 75
Curator's fee amount is determined after the bankruptcy ends.
Article 76
The amount of fees payable to Curator as referred to in Article 75 is based on the guidelines
set by the Minister whose scope of duties and responsibilities in the field of law and
legislation.

Article 77
(1) Every creditor, creditors committee, and the Bankrupt Debtor may file an objection letter
to the judge of Trustees of the acts committed by the Curator or to appeal to the Supervisory
Judge to issue a warrant for Curator perform certain acts or does not perform acts that have
been planned.
(2) Supervisory Judge must submit an objection letter to the Curator at the latest 3 (three)
days after the letter of objection received.
(3) The Curator shall provide feedback to the Supervisory Judge no later than 3 (three) days
after receiving the letter of objection.
(4) The Supervisory Judge shall provide the determination no later than 3 (three) days after
the response received from the Curator.

Article 78
(1) The absence of authorization or consent of the Supervisory Judge, in terms of power or
required permission, or not diindahkannya provisions referred to in Article 83 and Article
84, does not affect the validity of acts committed by the Curator of the third party.
(2) In connection with these actions, the Curator himself responsible for the Bankrupt
Debtor and Creditor.

Paragraph 3
Creditors Committee

Article 79
(1) In the decision on bankruptcy or by the setting later, the Court may establish temporary
committee of creditors consisting of 3 (three) persons selected from the creditor who is
known for the purpose of giving advice to the Curator.
(2) Creditors who are appointed to represent to others all work related to his duties within
the committee.
(3) In the event that a creditor who appointed reject his appointment, stop, or die, the Court
must replace it by lifting a Creditor between 2 (two) candidates nominated by the
Supervisory Judge.

Article 80
(1) After completion of matching debt, the Supervisory Judge shall offer to the creditors to
form a creditors committee permanent.
(2) At the request of the unsecured creditors with unsecured creditors on the basis of the
decision of ordinary majority vote in the creditors meeting, the Supervisory Judge:
a. replace the temporary committee of creditors, if the decision of the bankruptcy creditors
committee has been appointed temporary, or
b. form a committee of creditors, if the decision has not been appointed bankruptcy creditors
committee.

Article 81
(1) The committee of creditors at all times shown are entitled to request all books,
documents, and letters about the bankruptcy.
(2) The Curator shall provide to the committee of creditors of all the information requested.
Article 82
If necessary, the Curator may convene a meeting with the creditors committee, for advice.

Article 83
(1) Before you file a lawsuit or continue the ongoing case, or refute the claim submitted or
in progress, the Curator shall seek the views of the committee of creditors.
(2) The provisions referred to in paragraph (1) shall not apply to disputes about the
verification of claims, about continuing or not continuing the company in bankruptcy, in
matters referred to in Article 36, Article 38, Article 39, Article 59 paragraph (3) , Article
106, Article 107, Article 184 paragraph (3), and Article 186, on how settlement and sale of
the bankruptcy estate, and about the timing and amount of distribution to be done.
(3) Comments Creditors committee referred to in paragraph (1) is not required, if the
Curator has called a meeting of creditors committee in order to give an opinion, but within 7
(seven) days after the call, the committee of creditors do not give such an opinion.

Article 84
(1) a receiver is not bound by the opinion of the committee of creditors.
(2) In case the Curator does not approve the opinion of the Curator of the Creditors
committee within 3 (three) days shall notify the committee of creditors.
(3) If the creditors committee did not approve the opinion of the Curator, the Creditors
committee within 3 (three) days after the notification referred to in paragraph (2) may
request the establishment of the Supervisory Judge.
(4) If the creditors committee requests a Supervisory Judge, the Curator shall suspend the
implementation of actions planned for 3 (three) days.

Paragraph 4
Creditor Meetings

Article 85
(1) In a meeting of creditors, to act as chairman of the Supervisory Judge.
(2) The Curator shall attend the creditors meeting.

Article 86
(1) Supervisory Judge to determine the day, date, time and place of the first creditors
meeting, which must be held within a period of at least 30 (thirty) days after the date of
bankruptcy decision.
(2) Within 3 (three) days after the decision of the bankruptcy declaration is received by the
Judge of Trustees and the Curator, the Supervisory Judge shall submit to the Curator of the
plan of holding the first meeting of creditors referred to in paragraph (1).
(3) Within no later than 5 (five) days after the decision of the bankruptcy declaration is
received by the Curator and the Supervisory Judge, the Curator shall notify the organizing
meeting of creditors referred to in paragraph (2) to the creditor who is known by registered
mail or by courier, and with advertisement in at least 2 (two) daily newspapers, with due
regard to the provisions referred to in Article 15 paragraph (4).

Article 87
(1) Except as provided in this Act, every decision is based on the Creditor's meeting
affirmative votes amounting to more than half (one half) the number of votes issued by the
Creditors and / or power of Creditors present at the meeting concerned.
(2) In the event that Creditors Creditors attending the meeting and did not use voting rights,
voting rights is calculated as the sounds do not agree.
(3) Further provisions regarding the calculation of the number of voting creditors as referred
to in paragraph (1) regulated by Government Regulation.
(4) The transfer of receivables by way of solving accounts after the bankruptcy declaration,
do not deliver the voting for the new creditor.
(5) In the event that the transfer be done as a whole after the bankruptcy declaration,
creditors assignee creditor to obtain voting rights that transfer.

Article 88
Creditors who have voting rights are recognized creditors, creditors who accepted the terms,
and the bearer at sight of a receivable that have been matched.

Article 89
Creditors who has notified the curator, that for the bankruptcy has been appointed a power
or who have been represented at a meeting to someone else then all the calls and notices
shall be addressed to such power, unless the creditors ask the Curator to send the call and
the notice to creditors own or an other power.

Article 90
(1) Creditors Meeting shall be held in accordance with the provisions of this Act.
(2) In addition to meeting referred to in paragraph (1), the Supervisory Judge may convene a
meeting if deemed necessary or upon request:
a. committee of creditors; or
b. at least five (5) Creditors who represent one fifth (one-fifth) of all receivables which are
recognized or accepted with conditions.
(2) The Supervisory Judge shall determine the day, date, time and place of the meeting.
(3) Curator called all Creditors who have voting rights by registered mail or by courier, and
with ads at least 2 (two) daily newspapers as referred to in Article 15 paragraph (4).
(4) Calls by registered mail or by courier, and with ads in daily newspapers as referred to in
paragraph (4) contains the event which will be discussed in the meeting.
(5) The Supervisory Judge shall determine the time period between the date of notice and
the day of the meeting.

Paragraph 5
Judge Determination

Article 91
All the determination regarding the maintenance and / or settlement of the bankruptcy estate
is set by the Court in the last level, unless this Act otherwise provides.

Article 92
All the determination regarding the maintenance and / or settlement of the bankruptcy estate
also set by the judge can be implemented in advance, unless this Act otherwise provides.

Part Four
Actions After Bankrupt and Duty Statement Curator

Article 93
(1) the Court with the decision of the bankruptcy declaration or any time thereafter, upon the
recommendation of the Supervisory Judge, Curator request, or at the request of a creditor or
so and after hearing the Supervisory Judge, may order that the Bankrupt Debtor retained,
either placed on or in the State Prison his own house, under the supervision of the prosecutor
who was appointed by the Supervisory Judge.
(2) The order of detention referred to in paragraph (1) implemented by the prosecutor who
was appointed by the Supervisory Judge.
(3) The period of detention referred to in paragraph (2) applies no later than 30 (thirty) days
from the detention place.
(4) At the end of the period as referred to in paragraph (3), upon the recommendation of the
Supervisory Judge or at the request of the Curator or a creditor or so and after hearing the
Supervisory Judge, the Court may extend detention periods each time for a maximum period
of 30 (thirty ) days.
(5) detention costs charged to the bankruptcy estate as a debt of the bankruptcy estate.

Article 94
(1) Court Bankrupt Debtor authorizing release from custody upon the recommendation of
the Supervisory Judge or at the request of the Debtor Bankrupt, with guaranteed money
from third parties, that the Bankrupt Debtor at any time be facing on the first call.
(2) The amount of security deposit referred to in paragraph (1) shall be determined by the
Court and if the debtor's bankruptcy does not come before, the deposit becomes advantage
of the bankruptcy estate.

Article 95
Bankrupt Debtor's request to detain must be granted, if the request is based on the grounds
that the Bankrupt Debtor intentionally did not fulfill the obligation stated in Article 98,
Article 110 or Article 121 paragraph (1) and paragraph (2).
Article 96
(1) In the event that required the presence of Debtor Bankrupt act on anything relating to the
bankruptcy estate if the debtor is in custody Bankrupt, Bankrupt Debtor can be taken from
the prisoners on the orders of the Supervisory Judge.
(2) The orders referred to in paragraph (1) implemented by the prosecution.

Article 97
During bankruptcy, the Bankrupt Debtor should not be left houses without the permission of
the Supervisory Judge.

Article 98
Since its appointment, the Curator shall carry out all efforts to secure the bankruptcy estate
and keep all letters, documents, money, jewelry, securities, and other securities by providing
a receipt.

Article 99
(1) a receiver can request the sealing of the bankruptcy estate with the court, based on the
reasons for the bankruptcy estate to secure, through the Supervisory Judge.
(2) sealing as referred to in paragraph (1) conducted by the bailiff on the property itself is in
the presence of 2 (two) witnesses one of whom is a representative of local government.

Article 100
(1) Curator must make a recording of the bankruptcy estate no later than 2 (two) days after
receiving the decision letter of appointment as Curator.
(2) Registration of the bankruptcy estate can be done under the hands of the Curator with the
approval of the Supervisory Judge.
(3) Members entitled to attend the committee of creditors while making the record.

Article 101
(1) Objects referred to in Article 98, should be included in the recording of the bankruptcy
estate.
(2) Objects referred to in Article 22 letter a, shall be included in the list of descriptions
attached to the records referred to in Article 100.

Article 102
Immediately after the recording was made of the bankruptcy estate, the Curator must make a
list stating the nature, amount of receivables and debts of the bankruptcy estate, Creditor's
name and residence and the amount receivable of each creditor.

Article 103
Registration of the bankruptcy estate as referred to in Article 100, the list referred to in
Article 102, by the Curator is placed in the Court Clerk to be viewed by anyone with just ¬
charge.

Article 104
(1) Based on the approval of the committee of creditors while, Curator of the debtor who
can continue the effort against the decision to go bankrupt despite the declaration of
bankruptcy is filed an appeal or judicial review.
(2) If not appointed in bankruptcy creditors committee, the Supervisory Judge Curator
require permission to continue business as referred to in paragraph (1).
Article 105
(1) Curator authorized to open letters and telegrams addressed to the Debtor Bankrupt.
(2) Letters and telegrams that are not related to the bankruptcy estate, should be immediately
handed over to the Debtor Bankrupt.
(3) of the Company sending letters and telegrams to give to the Curator, letters and
telegrams addressed to the Debtor Bankrupt.
(4) All letters of complaints and objections relating to the bankruptcy estate is addressed to
the Curator.
Article 106
Curator authorized by the state to provide an amount of money set by the Supervisory Judge
for living expenses the Bankrupt Debtor and his family.

Article 107
(1) Upon approval of the Supervisory Judge, the Curator may, during the bankruptcy estate
to the extent necessary to cover the cost of bankruptcy or if the arrest will lead to a loss in
the bankruptcy estate, although the decision is filed to appeal or judicial review.
(2) The provisions referred to in Article 185 paragraph (1) applies to paragraph (1).

Article 108
(1) Money, jewelry, stocks and other securities shall be kept by the curator himself except
when otherwise determined by the Supervisory Judge.
(2) Cash not required for administering the bankruptcy estate, shall be kept by the Curator in
the bank for the benefit of the bankruptcy estate after obtaining permission of the
Supervisory Judge.

Article 109
Curator after seeking advice from the committee of creditors while, if any, and with the
permission of the Supervisory Judge is authorized to make peace in order to terminate an
ongoing case or prevent the onset of a case.

Article 110
(1) Bankrupt Debtor shall face the Supervisory Judge, Curator, or the creditors committee if
called upon to give testimony.
(2) In the case of a husband or wife is declared bankrupt, the wife or husband is declared
bankrupt shall provide a description of all acts committed by each of the community
property.

Article 111
In the case of bankruptcy of a legal entity, the provisions referred to in Article 93, Article
94, Article 95, Article 96 and Article 97 only applies to the board the legal entity, and the
provisions of Article 110 paragraph (1) apply to the director and commissioner.

Article 112
At the request and cost of each creditor, the Registrar shall give a copy of the letter provided
on the Registrar's Office for viewing by interested parties.
Part Five
Receivables Matching

Article 113
(1) No later than 14 (fourteen) days after the bankruptcy declaration, the Supervisory Judge
shall determine:
a. deadline for filing claims;
b. deadline for tax verification to determine the amount of tax liability in accordance with
legislation in the field of taxation;
c. day, date, time and place of meeting of creditors to conduct verification of claims.
(2) grace period between the date referred to in paragraph (1) letters a and b for a minimum
of 14 (fourteen) days.

Article 114
Curator within 5 (five) days after the determination referred to in Article 113 shall notify
such determination to all creditors whose address is known by the letter and announce it in
at least 2 (two) daily newspapers as referred to in Article 15 paragraph (4).

Article 115
(1) All creditors must submit their respective claims to the Curator accompanied by
calculation or other written statement indicating the nature and amount of receivables,
accompanied by a letter or a copy of the evidence, and a statement whether or not a creditor
has a privilege, lien, fiduciary , right, mortgage, collateral rights, or rights to hold objects.
(2) Upon submission of claims as referred to in paragraph (1), creditors are entitled to
request a receipt from the Curator.

Article 116
(1) The Curator shall:
a. match calculation accounts submitted by the Creditor with a note that has been made
previously and description Bankrupt Debtor; or
b. negotiate with creditors if there are objections to the billing receipt.
(2) Curator as referred to in paragraph (1) is entitled to ask the creditors to enter a letter that
has not been submitted, including notes and letters show original proof.

Article 117
Curator shall include the approval of accounts receivable into a list receivable that while it is
acknowledged, while the disputed receivables, including the reasons included in the list of
its own.

Article 118
(1) In the list referred to in Article 117, also affixed to any accounts receivable records if in
the opinion of the respective curator privileged or receivables secured by lien, fiduciary
security, security right, mortgage, collateral rights, or rights to hold objects for bill in
question can be implemented.
(2) If the Curator is only denied the right to come first or the right to hold objects, the
related receivables should be included in the list receivable for a while following recognized
Curator notes about the denial and the reasons.

Article 119
Curator at the Registrar shall provide the Court a copy of each list referred to in Article 117,
for 7 (seven) days before the day of verification of claims, and everyone can see them for
free.

Article 120
Curator shall notify by letter about the list referred to in Article 119 to the creditor who is
known, along with calls for meetings and verification of claims by saying the peace plan if it
had been submitted by a Debtor Bankrupt.

Article 121
(1) Bankrupt Debtor shall present themselves in meeting verification of claims, in order to
provide information requested by the Judge of Trustees regarding the cause of bankruptcy
and the circumstances of the bankruptcy estate.
(2) Creditors may request information from the Bankrupt Debtor on matters raised by the
Supervisory Judge.
(3) The question posed to the Debtor Bankrupt and the answers given by him, shall be
recorded in the minutes.

Article 122
In the event that a legal person is declared bankrupt, all the obligations referred to in Article
121 paragraph (1) and paragraph (2) the responsibility of the management entity.

Article 123
In the meeting referred to in Article 121, creditors may face themselves or depute to his / her
attorney.

Article 124
(1) At the meeting referred to in Article 121, the Supervisory Judge read out a list receivable
and recognized as a disputed list receivable by the Curator.
(2) Any creditor who is named in the list receivable referred to in paragraph (1) may request
that the Curator gives a description of each receivable and placement in the list, or to deny
the truth of the receivables, the priority right, the right to hold an object, or Curator to
approve rebuttal.
(3) Curator entitled to withdraw the recognition of temporary or rebuttal, or demanding that
the Creditor's claims are strengthened by an oath of truth that is not denied by the Curator or
by one of his creditors.
(4) In the event that the Creditors of origin has died, his successor shall explain their rights
under oath that they in good faith believe it is doubtful there is not yet settled.
(5) In the event that is considered necessary to postpone the meeting of the Supervisory
Judge shall determine the next meeting be held within 8 (eight) days after the meeting
adjourned, without a call.

Article 125
(1) Pronunciation oath referred to in Article 124 paragraph (3) and paragraph (4) shall be
done by the creditors themselves or their representatives specially authorized for that, either
at the meeting referred to, as well as on other days determined by the Supervisory Judge.
(2) In the event that the Creditors were told to take an oath not present or not represented at
the meeting, the clerk shall notify the creditor of the command to take an oath and the day
appointed for the swearing.
(3) The Supervisory Judge shall provide a written statement to the creditors of the oath that
has been spoken, unless the oath is spoken in a meeting of creditors will be recorded in the
minutes of the meeting concerned.

Article 126
(1) Claims not disputed shall be transferred to the list receivable recognized, are included in
the minutes of the meeting.
(2) In case of receivables in the form of letters on sight and then substitute a letter of
recognition Curator notes on the relevant letter.
(3) Claims that the Curator was ordered to be strengthened with an oath, accepted the
condition, until it was received with certainty after the oath is spoken at the time referred to
in Article 125 paragraph (1).
(4) News of the meeting signed by the Judge of Trustees and the clerk's successor.
(5) The recognition of a receivable that is recorded in the minutes of the meeting have the
force of which remains in bankruptcy and cancellation can not be prosecuted by the Curator,
except on grounds of fraud.

Article 127
(1) In the event that there are denials while the Supervisory Judge can not reconcile both
parties, although the dispute has been filed with the courts, the Supervisory Judge ordered
both sides to settle the dispute in court.
(2) Advocates who represent the parties should advocate referred to in Article 7.
(3) The case referred to in paragraph (1) examined simple.
(4) In the case of a request matching Creditor claims are not facing the trial in question have
been determined then deemed to have been pulled back its request and in the case of parties
who do not come before the denial in question deemed to have waived rebuttal, and judges
must recognize the related receivables .
(5) Creditors at the meeting did not initiate verification of claims denials, is not allowed to
join or intervene in the case concerned.

Article 128
(1) Examination of the rebuttal submitted by the Curator suspended by operation of law with
the passing of the peace in bankruptcy, unless the case papers have been submitted to the
judge to decide, provided that:
a. in the case of accounts receivable deemed acceptable then recognized in bankruptcy;
b. Debtor's legal costs be borne by the Bankrupt.
(2) the debtor can take over a pending case referred to in paragraph (1) as a substitute
Curator based case letters referred to in paragraph (1), represented by an advocate.
(3) During the takeover as referred to in paragraph (2) does not happen then the other party
is entitled to call the debtor to take over the case.
(4) In the event that the Debtor is not facing, the decision was not present may be imposed
by the Civil Procedure Code.
(5) In the case of denial was filed by the creditor participant, after the decision of ratification
of peace in bankruptcy to obtain permanent legal force, the case can proceed by the parties
only to ask the judge to decide on legal costs.

Article 129
Creditors whose claims are denied are not required to submit more evidence to strengthen
the receivables rather than evidence that should be put to the Bankrupt Debtor.

Article 130
(1) In the event that the Creditors whose claims are denied are not present in the meeting,
bailiff within 7 (seven) days after the absence of creditor must notify the official letter of
rebuttal that has been proposed.
(2) In the event that Creditor run in rebuttal as referred to in paragraph (1), creditors can not
be used as a reason for the lack of notification in the case referred.

Article 131
(1) Supervisory Judge to accept a conditional receivables disputed up to an amount specified
by him.
(2) In the case of a disputed is rated doubtful, the Supervisory Judge to admit that with the
conditional ranking.

Article 132
(1) Bankrupt Debtor entitled to argue upon receipt of a receivable in whole or in part, or
deny the existence of rank receivable by arguing in a simple reason.
(2) Counter as referred to in paragraph (1) recorded in the minutes of the meeting and why.
(3) Counter as referred to in paragraph (2) does not preclude the recognition of receivables
in bankruptcy.
(4) Counter that does not mention the reason or objection is not directed against the
receivable but does not state explicitly recognized part or parts of the refuted, not regarded
as a rebuttal.

Article 133
(1) Claims included in the Curator after the expiration of the period referred to in Article
113 paragraph (1), provided that included at least 2 (two) days before the holding of the
meeting
verification of claims, must be matched if a request is submitted at the meeting and no
objection, whether proposed by the Curator or by one of his creditors who attended the
meeting.
(2) Claims submitted after the specified time period referred to in paragraph (1), is not
matched.
(3) Provisions period referred to in paragraph (1) and paragraph (2) does not apply if the
creditor is domiciled outside the territory of the Republic of Indonesia which is an obstacle
to self-report first.
(4) In case the presentation of the objection as referred to in paragraph (1) or in the case of
disputes regarding the presence or absence of obstruction referred to in paragraph (3), the
Supervisory Judge shall take a decision after seeking advice from the meeting.

Article 134
(1) Any interest on debt incurred after the bankruptcy declaration can not be carried out
verification of claims, except and only to the extent guaranteed by lien, fiduciary security,
security right, mortgage, or other collateral right.
(2) Any interest that is secured by collateral rights as referred to in paragraph (1) must be
verification of claims by pro memory.
(3) If the relevant interest may not be repaid by the sale of objects that become collateral,
the creditor concerned can not exercise its rights arising from the verification of claims.

Article 135
A receivable with the terms must be matched to cancel the entire amount with no mitigation
of the terms be canceled if conditions are met.

Article 136
(1) Due to the delay requirement can be matched to its value at the time of the bankruptcy
declaration.
(2) In the case of Curator and Creditors agreed there was no word on how matching, claims
must be accepted with the requirement for the entire amount.

Article 137
(1) Claims that billing is not yet clear when or who gives the right to obtain payment on a
regular basis, must be matched in value at the date of the bankruptcy declaration.
(2) All accounts receivable are collectible within 1 (one) year after the date of the
bankruptcy declaration, shall be treated as a receivable that can be billed on that date.
(3) All accounts that can be billed after the lapse of 1 (one) year after the date of the
bankruptcy declaration, must be matched to the prevailing value of 1 (one) year after the
date of the bankruptcy declaration.
(4) In calculating the value of a claim referred to in paragraph (2) and paragraph (3), must
be considered:
a. time and the installment payment;
b. benefits that may be obtained; and
c. the amount of interest if the agreement.

Article 138
Creditors whose claims are secured by lien, fiduciary security, security right, mortgage,
collateral rights, or who have privileged rights over a particular object in the bankruptcy
estate and can prove that some accounts are unlikely to be settled from the sale of objects
the collateral, may be given the rights of unsecured creditors held on the accounts, without
prejudice to the right to take precedence over objects that become the collateral for
receivables.

Article 139
(1) Claims that value is not specified, uncertain, not expressed in the currency of the
Republic of Indonesia or not at all set in the money, must be matched according to the
estimation value in the currency of the Republic of Indonesia.
(2) determination of the value of a claim in the currency of the Republic of Indonesia as
referred to in paragraph (1), was made on the date of the bankruptcy declaration.
(3) determination of the value of a claim in the currency of the Republic of Indonesia for the
accounts receivable of Creditors as referred to in Article 55 paragraph (1) made on the date
of execution of collateral objects using Bank Indonesia Middle Rate.

Article 140
(1) Due at sight can be matched with the registered letter without mentioning the name of
the carrier or by mencatatkannya on behalf of the carrier.
(2) Each matched receivables at sight without mentioning the name of the bearer as referred
to in paragraph (1) is considered as a separate creditor accounts.

Article 141
(1) Creditors whose claims are secured by an insurer to submit verification of claims after
deducting any payment received from the insurer.
(2) Insurer is entitled to make a matching registration fee that has been done to the creditors.
(3) In addition to the rights referred to in paragraph (2), the insurer may be accepted in the
match conditional on any amount not paid by the insurer and not matched by the creditor.

Article 142
(1) In the event of a debtor's responsibility to bear and one or more of the debtor is declared
bankrupt, creditors can submit claims to the debtor is declared bankrupt or to their
respective ¬ Debtor being declared bankrupt until all claims are paid in full.
(2) Each of the Debtor's half-bear who has the right to demand reimbursement from the
bankruptcy estate any other debtor declared bankrupt may be conditionally accepted in the
match if the Creditor does not do the match itself.
(3) In the event that the Debtor's bankruptcy estate all bear responsibility in excess of 100%
(hundred percent) of the bill, the excess is distributed among the debtor's responsibility to
bear according to the legal relationship between them.

Article 143
(1) After the end of verification of claims, the Curator shall provide a report on the state of
the bankruptcy estate, and subsequently to the creditors must be given all the information
requested by them.
(2) After the end of the meeting, the report referred to in paragraph (1) along with meeting
minutes of verification of claims shall be made available at the Registrar's Office and the
Curator's office.
(3) For a copy of the letter referred to in paragraph (2) be charged.
(4) After the minutes of the meeting referred to in paragraph (2) available, Curator, Creditor,
or the debtor may ask the Bankruptcy Court that the minutes of the meeting is fixed, if the
documents regarding the bankruptcy there are errors in the minutes of the meeting.

Part Six
Peace
Article 144
Bankrupt Debtor reserves the right to offer a peace to all creditors.

Article 145
(1) If Bankrupt Debtor filed a plan for peace and no later than 8 (eight) days before the
meeting provide verification of claims in the Court Clerk to be viewed freely by the
individuals concerned, the peace plan must be discussed and a decision was taken
immediately after completion of match receivable, except in cases specified in Article 147.
(2) Along with the provision of the peace plan as referred to in paragraph (1) the Clerk of
Court, the copy must be sent to each member of the committee of creditors while.

Article 146
Receiver and creditors committee while each must provide a written opinion regarding the
peace plan at the meeting referred to in Article 145.

Article 147
Discussion and decision regarding the peace plan as referred to in Article 145, be postponed
until the following meeting dates set by the Supervisory Judge no later than 21 (twenty one)
days later, in the case:
a. if the committee appointed at a meeting of creditors and equipment are comprised of
people who are just as temporary committee of creditors, and the majority creditors of the
Creditors committee still wants a written opinion about the proposed peace; or
b. peace plan was not provided in the Clerk of Court within the time prescribed, and the
majority creditors who attended the meeting wanted resignation.

Article 148
In terms of talks and a vote on the peace plan referred to in Article 147 was delayed until the
next meeting, Curator within 7 (seven) days after the date of the last meeting should notify
the creditor or creditors recognized that for the time being recognized did not attend the
meeting matching receivables with a brief letter containing the contents of the peace plan.

Article 149
(1) The holder of lien, fiduciary security, rights, mortgage, or other collateral rights and
privileged creditors, including creditors who have an indisputable right of precedence, may
not make a sound with regard to the peace plan, unless they have waived its right to
precedence in the interest of the bankruptcy estate prior to the holding of a vote on the peace
plan.
(2) With the release of rights referred to in paragraph (1), they become unsecured creditors,
also in terms of peace were not accepted.
Article 150
Bankrupt Debtor is entitled to comment on the peace plan and defend it and has the right to
change the peace plan during negotiations.

Article 151
Peace plan accepted if approved in a meeting of creditors by more than half (one half) of
unsecured creditors who attended the meeting and whose rights are recognized or
acknowledged that for a while, which represent at least 2 / 3 (two thirds) of the total
receivables concurrent recognized or temporarily admitted of unsecured creditors or their
proxies present at the meeting.

Article 152
(1) If more than half (one half) the number of creditors present at the meeting of creditors
and represent at least 1 / 2 (one half) of total receivables Creditors who have voting rights
agreed to accept the peace plan at the latest within 8 (eight) days after the first ballot was
held, held a second ballot, with no dialing required.
(2) On the second ballot, Creditors are not bound to the sound issued on the first ballot.

Article 153
Changes that occur later, either on the number of creditors and the amount of receivables,
which do not affect the validity of the acceptance or rejection of peace.

Article 154
(1) Minutes of the meeting shall contain:
a. the contents of peace;
b. name Creditors present and entitled to vote and face;
c. sound issued;
d. voting results; and
e. everything that happens in the meeting.
(2) News of the meeting signed by the Judge of Trustees and the clerk's successor.
(3) Any interested people can view at no charge in the minutes of the meeting referred to in
paragraph (1) which provided at least 7 (seven) days after the due date for a meeting at the
Clerk of the Court.
(4) To obtain a copy of the minutes of the meeting referred to in paragraph (3) are charged.

Article 155
Creditors who have a sound approve peace plan or the Bankrupt Debtor, may request that
the Court revised the minutes of the meeting within 8 (eight) days after the availability of
the minutes of the meeting referred to in Article 154 paragraph (3), if the document
regarding the peace plan meeting Supervisory Judge mistakenly turned out to have regarded
the peace plan was rejected.

Article 156
(1) In the event that the peace plan acceptable before the meeting closed, the Supervisory
Judge Court set a date for a hearing which will decide on whether or not approved the peace
plan.
(2) In the event that there is confusion as referred to in Article 155, setting date for a hearing
will be conducted by the Court and Curator shall notify the creditor with a letter of
determination day trial.
(3) The trial court shall be held no less than 8 (eight) days and no later than 14 (fourteen)
days after receipt of the peace plan in a meeting or a vote after the issuance of court
decisions in the event of a mistake as referred to in Article 155.

Article 157
During the hearing, the creditor can submit to the Supervisory Judge reasons that cause
rejection of the endorsement they wanted the peace plan.

Article 158
(1) On the day appointed by the Supervisory Judge in open court provide a written report,
while each creditor either alone or their proxies, to explain the reasons which caused him to
require ratification or rejection of peace.
(2) Bankrupt Debtor is also entitled to argue in order to defend its interests.

Article 159
(1) At the hearing referred to in Article 158, or at least 7 (seven) days after the date of the
hearing, the Court shall provide the determination and the reasons.
(2) The Court shall reject the ratification of peace if:
a. Debtor's assets, including items for which held the right to hold an object, much larger
than the amount approved in peace, b. implementation of the peace can not reasonably
assured, and / or
b. peace was achieved because of fraud, or conspiracy with one or more creditors, or
because the use of other efforts that are not honest and regardless of whether the debtor or
other parties cooperate to achieve this.

Article 160
(1) In the event that ratification of the peace denied, whether creditors who approved the
peace plan and the Bankrupt Debtor, within 8 (eight) days after the date of the decision of
the Court pronounced, may file an appeal.
(2) In the event that approval is granted the peace, within 8 (eight) days after the date of
ratification is spoken, an appeal may be filed by:
a. Creditors who reject peace or that are not present at the polling place;
b. Creditors agreed to peace after knowing that peace is achieved on the grounds referred to
in Article 159 paragraph (2) letter c.

Article 161
(1) the Court of Cassation against the decision referred to in Article 160 are maintained in
accordance with the provisions referred to in Article 11, Article 12 and Article 13.
(2) The provisions referred to in Article 158 unless the provisions relating to the
Supervisory Judge and Article 159 paragraph (1), also applies in an appeal inspection
referred to in paragraph (1).

Article 162
Peace which was passed applicable to all creditors who do not have the right to take
precedence, with no exceptions, those that have submitted themselves in bankruptcy or not.

Article 163
In terms of peace or endorsement is rejected, the Bankrupt Debtor can no longer offer the
peace in bankruptcy.

Article 164
Decision endorsement of peace which has obtained permanent legal force is the right that
can be run against the Debtor and all persons who bear the implementation of the peace in
connection with receivables that have been recognized, so far not disputed by the Bankrupt
Debtor pursuant to Article 132 as stated in the meeting minutes of verification of claims.

Article 165
(1) Although there is peace, Creditors still have rights against the insurer and fellow Debtor.
(2) Rights of creditors against third-party objects still held as though there is no peace.

Article 166
(1) In the event that ratification of the peace has obtained permanent legal force, bankruptcy
ends.
(2) The Curator shall announce the peace referred to in paragraph (1) in the State Gazette of
the Republic of Indonesia and at least 2 (two) daily newspapers as referred to in Article 15
paragraph (4).

Article 167
(1) After the ratification of peace to obtain permanent legal force, Curator obliged to
account to the debtor before the Supervisory Judge.
(2) In case the peace does not specify the other provisions, the Curator shall refund to the
debtor of all things, money, books, and documents belonging to the bankruptcy estate with a
valid receipt.

Article 168
(1) The amount of money that a creditor rights that have been matched by a recognized
privilege and bankruptcy costs must be submitted directly to the Curator, unless the debtor
has given security for it.
(2) During the obligations referred to in paragraph (1) has not been met, the Curator shall
hold all items and money belonging to the bankruptcy estate.
(3) If after passing a period of 30 (thirty) days after the date of ratification of the peace
verdict obtained permanent legal force and the debtor does not fulfill the obligations referred
to in paragraph (1), the Curator must pay it off from the bankruptcy estate available.
(4) Total debt as referred to in paragraph (1) and sections that must be submitted to each
respective creditor ¬ based privilege, if need be determined by the Supervisory Judge.

Article 169
If receivables privilege recognized by terms of the obligation referred to in Article 168 is
limited to providing guarantees, and if granting the guarantee is not met, the Curator is only
obliged to provide a number of reserves from the bankruptcy estate for the privilege.

Article 170
(1) Creditor may demand the cancellation of a peace which has been approved if the debtor
fails to comply with the contents of the peace deal.
(2) the debtor must prove that peace has been met.
(3) The court has the power to give concessions to the debtor to meet its obligations at the
latest 30 (thirty) days after the decision granting leniency is spoken.

Article 171
Demands cancellation of peace must be proposed and defined in the same manner, as
referred to in Article 7, Article 8, Article 9, Section 11, Article 12 and Article 13 for a
bankruptcy petition.

Article 172
(1) In the decision on the cancellation of the peace were ordered to reopen the bankruptcy,
with the appointment of a Judge of Trustees, Curator, and members of the committee of
creditors, if in a previous bankruptcy there is a committee like that.
(2) Judge Supervisor, Curator, and members of the committee referred to in paragraph (1)
wherever possible
removed from their former in bankruptcy has been assuming office.
(3) The Curator shall notify and announce the decision as referred to in paragraph (1)
manner as referred to in Article 15 paragraph (4).

Article 173
(1) In the event that bankruptcy is reopened then apply Article 17 paragraph (1), Article 19,
Article 20, Article 21, Article 22, and the articles in Part Two, Part Three, and Part Four of
Chapter II of this Act Law ¬ .
(2) Similarly, the provisions concerning verification of claims is limited to receivables that
are not verified.
(3) Creditors whose claims have been verified, shall be called also to attend the meeting
matching receivables and receivables for which a right to deny acceptance.

Article 174
Without prejudice to Article 41, Article 42, Article 43 and Article 44, if there is a reason for
that, all acts committed by the Debtor in the time between the ratification of peace and the
reopening of the bankruptcy bind to the bankruptcy estate.
Article 175
(1) After the bankruptcy is reopened then no longer be able to offer peace.
(2) The Curator shall immediately begin with the settlement of the bankruptcy estate.

Article 176
In the case reopened bankruptcy, the bankruptcy estate is divided among the creditors by
way of:
a. Creditors Creditors if the old or new have not received payment, the monetization of the
bankruptcy estate be divided among them pro rata;
b. if partial payments have been made to the old creditor, the Creditor old and the new
creditor is entitled to receive payment in accordance with the percentage agreed in the
peace;
c. Old and new Creditors Creditors are entitled to pro rata payment for the remaining of the
bankruptcy estate after deducting the payments referred to in letter b until the fulfillment of
all the receivables are recognized;
d. Creditors old who had obtained payment is not required to return payments already
received.

Article 177
The provisions referred to in Article 176 shall apply mutatis mutandis in the case of the
debtor once again been declared bankrupt, while at the time in question has not fulfilled all
obligations in peace.

Part Seven
Property settlement Bankrupt

Article 178
(1) If the verification of claims not meeting offered a plan for peace, the peace plan offered
is not acceptable, or endorsement of peace was rejected on the basis of the decision which
has obtained permanent legal force, by law, the bankruptcy estate in a state of insolvency.
(2) The provisions referred to in Article 104 and Article 106 shall not apply if there is
certainty that the company was insolvent debtor will not proceed according to the articles
below or if continuation of the effort was discontinued.

Article 179
(1) If the verification of claims not meeting offered peace plan or if the peace plan offered is
not acceptable, Curator or creditors who attended the meeting to propose that companies
continue Bankrupt Debtor.
(2) If there is a committee of creditors and the proposal submitted by the Creditor, creditor
committee and Curator shall give an opinion on the proposals.
(3) At the request of the Curator, or one of Creditors present, the Supervisory Judge to delay
talks and decisions of the proposal, until a meeting is set at least 14 (fourteen) days
thereafter.
(4) The curator shall immediately notify the creditors who did not attend the meetings will
be holding a meeting with a letter containing the proposal and reminded of the provisions
referred to in Article 119.
(5) At the meeting referred to in paragraph (4), if required can be matched against
receivables also included after the end of the period referred to in Article 113 paragraph (1)
and has not been matched by the provision referred to in Article 133.
(6) The accounts referred to in subsection (5), Curator shall act in accordance with the
provisions referred to in Article 116, Article 117, Article 118 and Article 119.
Article 180
(1) The proposal to continue the company referred to in Article 179 paragraph (1), shall be
accepted if the proposal is approved by creditors representing more than half (one half) of
all receivables are recognized and accepted by temporary, that is not secured by lien,
fiduciary security, rights, mortgage, or other collateral right.
(2) In the event that there is no committee of creditors, apply the provisions referred to in
Article 80.
(3) Minutes of the meeting shall contain the name of Creditors present, votes issued by each
creditor, the vote, and everything that happens at the meeting.
(4) Any interested people can view at no charge in the minutes of the meeting referred to in
paragraph (3) provided at least 7 (seven) days after the due date for a meeting at the Clerk of
the Court.

Article 181
(1) If within a period of 8 (eight) days after the decision of rejection of ratification of the
peace to obtain permanent legal force, Curator or Creditors submit proposals to the
Supervisory Judge to continue the Bankrupt Debtor company, the Supervisory Judge shall
hold a meeting at least 14 (fourteen) days after a proposal submitted to the Supervisory
Judge.
(2) The Curator shall invite the creditor no later than 10 (ten) days before the meeting was
held, with a letter stating that the proposal submitted by the Creditor and the letter must be
reminded provisions referred to in Article 119.
(3) The Curator shall advertise the same call in at least 2 (two) newspapers as referred to in
Article 15 paragraph (4).
(4) The provisions referred to in Article 179 paragraph (2), paragraph (5), subsection (6) and
Article 180 shall also apply.

Article 182
Over 8 (eight) days after completion of the meeting, if the document turned out to Judge
Trustees has mistakenly assumed the proposal was rejected or accepted, Curator or creditor
may ask the Court to once again declare that the proposal has been accepted or rejected.

Article 183
(1) At the request of the Creditor or the Curator, the Supervisory Judge may order that the
continuation of the company discontinued.
(2) In the event of a request referred to in paragraph (1), creditors committee, if any, shall be
heard and Curator shall also be heard if the proposal is not submitted by the Curator. (3)
Supervisory Judge can also hear Debtor Creditor and Bankrupt.

Article 184
(1) With due regard to the provisions of Article 15 paragraph (1), Curator should initiate
settlement and sell all of the bankruptcy estate without the need to obtain approval or help of
the debtor if:
a. proposal to manage the debtor company is not filed within the period as stipulated in this
Law, or the proposals have been proposed but rejected; or
b. the management of the debtor company discontinued.
(2) In the event that the company continues to be the sale of objects belonging to the
bankruptcy estate, which is not required to continue the company.
(3) Debtor Bankrupt to be given just furniture and equipment, medical instruments used for
health, or office furniture that is determined by the Supervisory Judge.

Article 185
(1) All items must be sold in public in accordance with the procedures specified in the
legislation.
(2) In terms of sales in public as referred to in paragraph (1) is not reached then the sale
under the hand can be done with the permission of the Supervisory Judge.
(3) All objects that are not immediately or completely unable to care of the curator who
decided what actions to take against the object with the permission of the Supervisory
Judge.
(4) a receiver is obliged to pay the receivables Creditors have the right to hold an object, so
it went back and benefit the bankruptcy estate.

Article 186
For the purposes of settlement of the bankruptcy estate, Curator of the Bankrupt Debtor may
use the services of the remuneration determined by the Supervisory Judge.

Article 187
(1) After the bankruptcy estate in a state of insolvency, the Supervisory Judge may convene
a meeting of creditors on the day, hour, and place set for hearing them as needed on how the
bankruptcy estate settlement and if necessary conduct verification of claims, which are
inserted after the expiration of the period as referred to in Article 113 paragraph (1), and has
not been matched as referred to in Article 133.
(2) Any claims as referred to in paragraph (1) The Curator shall act as referred to in Article
116, Article 117, Article 118, Article 119 and Article 120.
(3) The Curator shall announce the same call in the newspaper referred to in Article 15
paragraph (4).
(4) The Supervisory Judge shall determine the time period for a minimum of 14 (fourteen)
days between the day and the day calling the meeting.
Article 188
If the Supervisory Judge believes there is enough cash, Curator ordered to carry out the
distribution to creditors whose claims have been matched.

Article 189
(1) The Curator shall prepare a distribution list to request approval to the Supervisory Judge.
(2) List of distribution as referred to in paragraph (1) contains details of revenue and
expenditure including wages Curator, Creditor's name, which matched the amount of each
receivable, and parts that must diterimakan to Creditors.
(3) unsecured creditors should be given a part which is determined by the Supervisory
Judge.
(4) Payments to Creditors:
a. who have privileged rights, including in it a privilege denied; and
b. holder of lien, fiduciary security, rights, mortgage, or other collateral right, as far as they
are not paid according to the provisions referred to in Article 55, can be made from the sale
of objects towards which they have privileges or was pledged to them.
(5) In the event that the sale of objects referred to in paragraph (4) is insufficient to pay all
amounts that creditors will take precedence for their shortcomings located as unsecured
creditors.

Article 190
Creditors whose claims are accepted by the large number of the Conditional creditors in the
distribution list is calculated based on the percentage of total receivables.

Article 191
All bankruptcy fees charged to each object that is part of the bankruptcy estate, unless the
objects which, according to the provisions referred to in Article 55 has been sold by the
creditor holding lien, fiduciary security, rights, mortgage or other collateral right.

Article 192
(1) List the division that has been approved by the Supervisory Judge shall be made
available at the Clerk of Court to be viewed by the creditors during the grace period set by
the Supervisory Judge at the time the list was approved.
(2) Providing a list of the division and the period referred to in paragraph (1) announced by
the Curator in the newspapers referred to in Article 15 paragraph (4).
(3) The grace period referred to in paragraph (1) come into force on the day and date of the
provision of distribution lists are published in newspapers as referred to in paragraph (2).

Article 193
(1) During the grace period referred to in Article 192 paragraph (1) Creditors can resist such
distribution list by submitting a letter of objection along with the reasons to the Registrar of
the Court, by accepting the evidence of receipt.
(2) Letter of objection as referred to in paragraph (1) attached to the distribution list.

Article 194
(1) In the event that the opposition filed immediately after the end of the period referred to
in Article 192, the Supervisory Judge set a day to check the resistance in the trial court open
to the public.
(2) letter of determination date for a hearing made by the Supervisory Judge, provided the
Court Clerk to be seen by everyone with no charge.
(3) The confiscation clerk shall notify in writing of the provision to the fighting and the
Curator.
(4) The trial shall be determined no later than 7 (seven) days after the expiration of the grace
period established in accordance with Article 192 paragraph (3).
(5) In the trial open to the public as referred to in paragraph (4), the Supervisory Judge to
give a written report, while the Receiver and any creditors or their proxies to support or
refute these distribution lists by arguing why.
(6) On the day of the first hearing or within 7 (seven) days later, the Court must make a
decision which is accompanied by sufficient legal consideration.

Article 195
(1) Creditors whose claims are not verified and Creditors whose claims have been matched
for a number of very low according to the reporting itself, opposition to the requirement to
submit more than 2 (two) days before the examination of resistance in the trial court with
the following provisions:
a. receivables or receivables that have not been matched sections were submitted to the
Curator;
b. copy of accounts and proof of acceptance from the Curator is attached to the letter of
opposition;
c. Also in opposition was filed the petition to match or parts of accounts receivable.
(2) Matching as referred to in paragraph (1) conducted the hearing in the manner specified
as set forth in Article 124 and subsequent articles, conducted prior to the examination of
resistance began.
(3) If the resistance is only intended for doubtful contrarian matched, and no opposition is
filed by someone else, the cost of resistance should be borne by the creditors fighting it.

Article 196
(1) Against the decision of the Court as referred to in Article 194 paragraph (6), Curator or
any creditor can apply for an appeal.
(2) The Court of Cassation against the decision referred to in paragraph (1) held in
accordance with the provisions referred to in Article 11, Article 12 and Article 13.
(3) For the purposes of examination of the application for appeal, the Supreme Court may
summon the Curator or a creditor to be heard.
(4) Because of the lapse of the period as referred to in Article 192, without any resistance or
opposition is filed has been decided by the Court will be binding on the distribution list.

Article 197
Supervisory Judge shall order removal mortgage registration, mortgage, or fiduciary
burdensome objects belonging to the bankruptcy estate, immediately after the distribution
list that includes accountability for the sale of the encumbered object, becomes binding.

Article 198
(1) The division is dedicated to the Creditors whose claims are recognized while, not given
for any decision yet about the claims that have obtained permanent legal force.
(2) In the event that Creditor has proved to be receivable or receivable is less than the
money that is destined for him, the money originally intended for him, either in whole or in
part, to benefit other creditors.
(3) If the part allocated for priority right Creditors argued, exceed the percentage of parts
that must be paid to unsecured creditors, that section shall be appropriated for a while until
there is a decision regarding the right to take precedence.

Article 199
In the case of a body which lies above a certain privilege, lien, fiduciary security, security
right, mortgage, or other collateral rights on property sold, after the creditors are given
precedence over the distribution according to Article 189 at the time held the division again,
the sale of objects will be paid to them for most high value of rights that take precedence
after deducting the amount already received previously.
Article 200
(1) Creditors new negligently match after the division, may be paid an amount that is taken
in advance of the money that still exist, balanced with what has been accepted by other
creditors who are recognized.
(2) In the event that the Creditors have the right to take precedence, they lose those rights
against the sale of objects in question, if these results in a distribution list is earlier been
reserved for other Creditors are prioritized.

Article 201
After the expiration of a grace period to see a list of distribution as referred to in Article 192,
or in terms of resistance have been filed after the verdict was pronounced case of resistance,
the Curator shall immediately pay the assigned division.

Article 202
(1) Immediately after the creditors who have been matched, paid the full amount of their
claim, or immediately after closing the distribution list to be binding on the end to the
bankruptcy, with no prejudice to the provisions referred to in Article 203. (2) a receiver to
do the announcement about the end of bankruptcy in the State Gazette of the Republic of
Indonesia and newspapers as referred to in Article 15 paragraph (4).
(3) The Curator shall give account of the management and settlement that has been done to
the Supervisory Judge no later than 30 (thirty) days after the end of bankruptcy.
(4) All books and documents about the bankruptcy estate available on the Curator shall be
submitted to the debtor with a valid proof of receipt.

Section 203
In the event that was held after the division of the cover, there is the division that had been
earmarked as referred to in Article 198 paragraph (3), falling back in the bankruptcy estate,
or if it turns out there are still a part of the bankruptcy estate, which is unknown when the
settlement was held at the request of the Court, the Curator tidy and dividing it by the first
distribution list.

Section Eight
Legal Situation Debtor After termination settlement
Article 204
After closing the distribution list to be binding on the creditor to recover property rights of
execution against the debtor on their unpaid receivables.

Article 205
(1) The recognition of a receivable as referred to in Article 126 paragraph (5) has a legally
enforceable against the debtor as a court decision which has obtained permanent legal force.
(2) Summary of meeting minutes of verification of claims made in the verdict form that can
be implemented, is a title that can be executed against the debtor on the receivable is
recognized.

Article 206
The provisions referred to in Article 205 shall not apply, as far as the related receivables
denied by the Bankrupt Debtor as defined in Article 131.
Section Nine
Bankruptcy Heritage

Article 207
Property of the deceased must be declared in a state of bankruptcy, if two or more creditors
to apply for it and was briefly able to prove that:
a. debts of the deceased, during his lifetime is not paid in full; or
b. at the time of death of the person, his assets were not sufficient to pay its debts.

Article 208
(1) The application referred to in Article 207 must be filed with the court of jurisdiction
covers the last residence of the deceased debtor.
(2) Heirs shall be called to be heard regarding the request by letter bailiff. (3) The summons
referred to in paragraph (2), must be submitted at a residence terakhirDebitor who died,
without having to name their respective heirs, except the name
they were known.

Article 209
The decision resulted in bankruptcy for the sake of legal separation property of the deceased
from his heirs property.

Article 210
Bankruptcy petition must be filed with the court no later than 90 (ninety) days after the
debtor dies.

Article 211
The provisions of the peace referred to in Article 144 through Article 177, shall not apply to
bankruptcy inheritance, unless the inheritance was received by the heir of the pure.
Part Ten
The provisions of International Law
Article 212
Creditors are after the bankruptcy declaration, taking repayment of all or part of its
receivable from objects belonging to the bankruptcy estate that is located outside the
territory of the Republic of Indonesia, which does not diperikatkan him with a priority right
to the bankruptcy estate shall replace everything gained.

Article 213
(1) Creditors who move all or most of the Bankrupt Debtor claims against third parties, with
the intention that the settlement of a third party take precedence over others for all or part of
its receivable from objects belonging to the bankruptcy estate that is located outside the
territory of the Republic of Indonesia, shall change to the bankruptcy estate what is gained.
(2) Unless proved otherwise, each transfer of receivables shall be deemed to have been
carried out in accordance with the provisions referred to in paragraph (1), if the transfer was
made by the Creditors and the Creditors are aware that the declaration of bankruptcy has
been or will be filed.

Article 214
(1) Any person who moved all or part of receivables or debts to third parties, who therefore
have the opportunity to encounter debt outside the territory of the Republic of Indonesia
which is not permitted by this Act, shall replace the bankruptcy estate.
(2) The provisions of Article 213 paragraph (2) applies also to the matters referred to in
paragraph (1).
Eleventh Part
Rehabilitation
Article 215
After the end of bankruptcy as referred to in Article 166, Article 202 and Article 207 of the
debtor or his heirs are entitled to apply for rehabilitation to the Court who have said the
decision of the bankruptcy declaration.

Article 216
Application for rehabilitation of both the debtor and his heirs shall not be granted, unless the
petition is attached evidence to suggest that all creditors have received payments recognized
satisfactorily.

Article 217
Application for rehabilitation as referred to in Article 216 shall be announced in at least 2
(two) daily newspapers which are appointed by the Court.

Article 218
(1) Within 60 (sixty) days after the application for rehabilitation was announced in at least 2
(two) daily newspapers, each a recognized Creditors can file an objection to such
application, by entering a letter of objection along with the reasoning the Court Registrar
and the Registrar must give a receipt.
(2) The objection referred to in paragraph (1) may only be submitted if the requirements as
stipulated in Article 216 are not met.

Article 219
After the end of the 60 (sixty) days as stipulated in Article 218, despite objections filed or
not filed, the court must grant or refuse the application.

Article 220
Against the decision of the Court as referred to in Article 219 do not open any legal action.

Article 221
Decision to grant compulsory rehabilitation pronounced in open court to the public and
should be recorded in the public register referred to in Article 20.
CHAPTER III
DELAY DEBT OBLIGATIONS
Part One
Granting the postponement of debt and result
Article 222
(1) Suspension of Payment filed by the Debtor which have more than 1 (one) creditors or by
creditors.
(2) Debtor estimates that can not or will not be able to continue to pay its debts that are due
and collectible, can apply for a postponement of debt payment obligations, with the intent to
file a peace plan that includes an offer of payment of part or all debts to creditors.
(3) Creditors who estimates that the debtor can not continue to pay its debts which are due
and collectible, can apply for the debtor was given a delay for payment of debt obligations,
to enable the Debtor's proposed peace plan which includes the offer of payment of part or all
of the debts to creditors.

Article 223
In the event that the Debtor is Banks, Securities Firms, Stock Exchanges, Clearing
Guarantee Institutions, Depository Institutions, Insurance Companies, Reinsurance
Companies, Pension Funds, and State-Owned Enterprises engaged in the field of public
interest, which can apply for suspension of obligation for payment debt is an institution
referred to in Article 2 paragraph (3), subsection (4), and subsection (5).

Article 224
(1) Application for postponement of debt payment obligations as stipulated in Article 222
must be filed with the court referred to in Article 3, to be signed by the applicant and by the
advocate.
(2) If the applicant is the debtor, requests for postponement of debt payment obligations
must be accompanied by a list containing the nature, amount receivable, and debts of the
debtor along with sufficient proof.
(3) If the applicant is a creditor, the Court shall summon the debtor through a bailiff with the
carrying express mail no later than 7 (seven) days before the trial.
(4) At the hearing referred to in paragraph (3), the debtor filed a list containing the nature,
amount receivable, and debts of the debtor along with a letter sufficient evidence and, if any,
plans for peace.
(5) At the written request referred to in paragraph (2) can be attached to the peace plan as
referred to in Article 222.
(6) The provisions referred to in Article 6 paragraph (1), subsection (2), paragraph (3),
subsection (4), and subsection (5) shall apply mutatis mutandis as the procedure of filing a
request for postponement of debt payment obligations referred to in paragraph (1).

Article 225
(1) Letter of application referred to in Article 224 paragraph (1), the following attachments,
if any, should be provided in the District Court, to be viewed by everyone with no charge.
(2) In the event that the petition filed by the Debtor, the Court no later than 3 (three) days
from the date of registration of the letter of application referred to in Article 224 paragraph
(1) shall grant the temporary postponement of debt payment obligations and shall appoint a
Supervisory Judge of the court judges and appoint 1 (one) or more managers who, together
with the debtor take care of the Debtor's assets.
(3) In case the application is submitted by the Creditor, the Court no later than 20 (twenty)
days from the date of registration of a written request, shall grant the request for
postponement of debt payment obligations and must appoint a Supervisory Judge of the trial
judge and appoint 1 (one) or more managers who, together with the Debtor care of the
Debtor's assets.
(4) Immediately after the decision of suspension of obligation for payment of debt is
pronounced, the Court through the board must summon the Debtor and Creditor, known as
registered mail or by courier, to face the trial which was held at the latest on the day of the
45th (forty five) since decision postponement of debt payment obligations pronounced.
(5) In the event the debtor does not attend the hearing referred to in paragraph (4) delays in
payment of debt obligations over and the court shall declare the Debtor Bankrupt in the
same session.

Article 226
(1) The Board shall immediately announce the decision of postponement of debt payment
obligations in the State Gazette of the Republic of Indonesia and in at least 2 (two) daily
newspapers which are appointed by the Supervisory Judge and announcement must also
contain an invitation to attend the trial judge that a consultative meeting following the date,
place, and time trial, Judge name and the name and address of the Supervisory board.
(2) If at the time of suspension of obligation for payment of debt already spoken peace plan
proposed by the Debtor, this should be mentioned in the announcement, and announcement
must be made within a maximum of 21 (twenty one) days before the scheduled hearing date.

Article 227
Postponement of debt payment obligations apply from the date of the decision of
postponement of debt payment obligations are pronounced and lasted until the date of the
hearing referred to in Article 226 paragraph (1) are maintained.

Article 228
(1) On the day of the hearing referred to in Article 226 paragraph (1), the Court shall hear
the debtor, the Supervisory Judge, trustees and creditors in attendance, his deputy, or
attorney appointed under a power of attorney.
(2) In the trial referred to in paragraph (1), each creditor is entitled to be present even if the
concerned does not receive calls for it.
(3) If the peace plan is attached to the request for postponement of debt payment obligations
as stipulated in Article 224 paragraph (2) or have been submitted by the debtor prior to the
hearing then a vote on the peace plan can be done, if the provisions referred to in Article 267
have been met.
(4) In the event that the provisions referred to in paragraph (3) is not fulfilled, or if creditors
can not give their votes for the plan of peace, at the request of the Debtor, the Creditor must
determine the granting or denial of postponement of debt payment obligations remain with
the intent to allow the debtor, the administrator , and Creditors to consider and approve
peace plan at a meeting or hearing is held next.
(5) In case of suspension of debt payment obligations may not be determined by the Court
as referred to in paragraph (4), within the period referred to in Article 225 paragraph (4), the
Debtor declared bankruptcy.
(6) If the postponement of debt payment obligations remain as referred to in paragraph (4)
approved the renewal of the delay should not exceed 270 (two hundred and seventy) days
after the decision of suspension of obligation for payment of debt is spoken.

Article 229
(1) The delay in debt payment obligations following its extension fixed by the Court
determined on the basis of:
a. approval of more than half (one half) of total unsecured creditors whose rights are
recognized or acknowledged that while the present and represent at least 2 / 3 (two thirds) of
all claims that are recognized or acknowledged that while the unsecured creditors or their
proxies present at the trial; and
b. approval of more than half (one half) of the Creditors whose claims are secured by lien,
fiduciary, mortgage, mortgages, or other collateral rights on property that was present and
represented at least 2 / 3 (two thirds) of all claims creditors or their proxies present at the
hearing.
(2) Disputes arising between the management and the unsecured creditors of the Creditors
voting rights referred to in paragraph (1) letter a termination by the Supervisory Judge.
(3) If a bankruptcy petition and request for delay in debt payment obligations checked at the
same time, requests for postponement of debt payment obligations should be decided first.
(4) Application for postponement of debt payment obligations submitted after the
bankruptcy petition filed against the debtor, so that could be cut in advance referred to in
paragraph (3), must be proposed at the first examination session of a bankruptcy petition.

Article 230
(1) If the period of postponement of debt payment obligations expire, because creditors do
not approve granting permanent suspension of obligation for payment of debt or extension is
granted, but until the deadline referred to in Article 228 paragraph (6) have not reached
agreement on the peace plan, the board on the day of expiration of time shall tell this by the
Supervisory Judge to the Court should declare the Bankrupt Debtor no later than the next
day.
(2) The Board shall announce the matter referred to in paragraph (1) in a daily newspaper in
which the request for postponement of payment of debt obligations was published under
Article 226.

Article 231
(1) The court shall appoint the committee of creditors if:
a. request for postponement of debt payment obligations include debt that is complicated or
a lot of Creditors; or
b. appointment is desired by the creditors who represent at least half (one half) of all claims
are recognized.
(2) The administrator in performing his duties shall request and consider suggestions
creditors committee.

Article 232
(1) Clerk of Court must convene a general list of cases of suspension of obligation for
payment of debt, with credit for any delay in payment of debt obligations:
a. the date of decision postponement of debt payment obligations and the date of decision
postponement of debt payment obligations remain following its extension;
b. Court decision which establishes quote delays payment of debt obligations as well as a
fixed and extensions thereof;
c. Judge names and Supervisory Board appointed;
d. summary of the contents of peace and peace is ratification by the Court;
and
e. termination of the peace.
(2) Further provisions concerning the form and content of the general list of cases of
suspension of obligation for payment of debt is determined by the Supreme Court.
(3) Clerk of Court shall provide a general list of cases postponement of debt payment
obligations referred to in paragraph (1) to be viewed by everyone with no charge.

Article 233
(1) If requested by the administrator, the Supervisory Judge to hear witnesses or order the
examination by experts to explain the circumstances concerning the delay in debt payment
obligations, and the witnesses are summoned in accordance with the provisions of the Civil
Procedure Code.
(2) If the witness does not attend or refuses to take the oath or to testify, the provisions of
the Civil Procedure Code.
(3) The wife or husband, the former wife or husband, and blood relatives by descent straight
up and down from the debtor to use their right to be exempted from the obligation to testify.
Article 234
(1) The administrator is appointed as mentioned in Article 225 paragraph (2) must be
independent and have no conflict of interest with the debtor or creditor.
(2) The Board referred to in paragraph (1) which proved to be independent of criminal
sanctions and / or civil liability in accordance with the laws and regulations.
(3) The board may be referred to in paragraph (1), are:
a. An individual who is domiciled in the territory of the Republic of Indonesia, who has
special skills are required in order to take care of the Debtor's assets; and
b. registered at the ministry that the scope of duties and responsibilities in the field of law
and legislation.
(4) Management is responsible for the mistakes or negligence in carrying out the
maintenance tasks that cause harm to the Debtor's assets.
(5) The amount of compensation determined by the Court of management services based on
guidelines set by the Minister whose scope of duties and responsibilities in the field of law
and regulations ¬ invitation after the postponement of debt payment obligations expire and
must be paid in advance of the Debtor's assets.

Article 235
(1) Against the decision of postponement of debt payment obligations can not be filed any
legal action.
(2) The decision referred to in paragraph (1) must be published in a way referred to in
Article 226.

Article 236
(1) If more than one administrator was appointed, to conduct a valid and binding action, the
board requires approval of more than half (one half) of the board.
(2) If the votes agree and disagree just as much, the action referred to in paragraph (1) must
obtain approval from the Supervisory Judge.
(3) The court may grant proposals each time replacing the board, after calling and hearing
board, and appoint another committee or appoint additional board based on:
a. proposal of the Supervisory Judge;
b. Creditor's petition and the petition may be filed only if based on the approval of more
than half (one half) the number of creditors present at the meeting of creditors;
c. petition the board itself; or
d. management application, if any.

Article 237
(1) In a decision that granted the postponement of debt payment obligations while the Court
may include provisions that are considered necessary for the benefit of creditors.
(2) Supervisory Judge can also do the things referred to in paragraph (1) any time during the
delay fixed debt payment obligations, based on:
a. initiative of the Supervisory Judge;
b. demand management; or
c. request one or more creditors.

Article 238
(1) If the postponement of debt payment obligations have been granted, the Supervisory
Judge may appoint one or more experts to conduct inspections and prepare reports on the
state of the Debtor's assets within a certain period following its extension is determined by
the Supervisory Judge.
(2) expert report referred to in paragraph (1) shall contain an opinion that is accompanied by
full reasons about the state of the Debtor's assets and documents that have been submitted
by the Debtor and Debtor's level of readiness or ability to fulfill its obligations to creditors,
and the report should wherever possible show actions to be taken in order to meet the
demands of creditors.
(3) expert reports referred to in paragraph (2), shall be provided by experts in the Clerk of
Court to be seen by everyone with no charge and the provision of the report free of charge.
(4) The provisions referred to in Article 236 paragraph (3) shall apply mutatis mutandis to
the experts.

Article 239
(1) Every 3 (three) months from the decision of postponement of debt payment obligations
of the board shall report the state pronounced the Debtor's assets, and the report should be
provided also in the District Court referred to in Article 238 paragraph (3).
(2) the reporting period referred to in paragraph (1) can be extended by the Supervisory
Judge.

Article 240
(1) During the postponement of debt payment obligations, the debtor without the consent of
the board not to take action management or ownership of all or part of his property.
(2) If a debtor violates the provisions referred to in paragraph (1), the management reserves
the right to do everything necessary to ensure that the Debtor's assets are not harmed
because of actions such Debtor.
(3) Debtor's obligations undertaken without obtaining approval from the board that arise
after the commencement of suspension of obligation for payment of debt, only to be charged
to the Debtor's assets as long as it benefits the Debtor's assets.
(4) On the basis of consent given by the administrator, the debtor may apply for loans from
third parties only in order to increase the value of the Debtor's assets.
(5) If in performing loans as referred to in paragraph (4) should be given collateral, the
debtor can burden the property with a lien, fiduciary security, security right, mortgage, or
other collateral right, as far as the loan was approved by the Supervisory Judge.
(6) The imposition of the Debtor's assets by lien, fiduciary security, security right, mortgage,
or other collateral rights on property referred to in subsection (5), can only be done on the
Debtor's assets are not pledged as collateral for debt.

Article 241
If the debtor has been married in union property, the Debtor's assets include all assets and
liabilities of unity.

Article 242
(1) During the postponement of debt payment obligations, the debtor can not be forced to
pay the debt as referred to in Article 245 and all acts of execution which has been started to
obtain repayment of the debt, should be suspended.
(2) Except as specified earlier date by the Court on request of management, all of which
have been placed confiscation autumn and in the case of the Debtor held hostage, the debtor
should be released immediately after the verdict pronounced delay in payment of debt
obligation fixed or endorsement of peace after the verdict obtained permanent legal force,
and at the request of management or the Supervisory Judge, if still necessary, the Court shall
appoint foreclosure that has been placed on objects belonging to the Debtor's assets.
(3) The provisions referred to in paragraph (1) and paragraph (2) shall also apply to the
execution and confiscation which had been initiated at the things which are not encumbered,
though the execution and the confiscation bill relating to the secured creditor with a lien,
fiduciary, mortgage , mortgage, collateral rights, or with rights that must be privileged
relation to certain property by law.
Article 243
(1) postponement of debt payment obligations do not stop the passage of the case have been
initiated by the court or preclude filing a new case.
(2) In the event that the case referred to in paragraph (1) on payment of a claim that has been
recognized receivable debtor, while the plaintiff does not have the interest to obtain a
decision to exercise the rights of third parties, after recording the confession, the judge may
suspend the decision until the end postponement of debt payment obligations.
(3) the debtor can not be a plaintiff or defendant in the case concerning the rights or
obligations related to their wealth without board approval.

Article 244
With due regard to the provisions of Article 246, postponement of debt payment obligations
shall not apply to:
a. claims secured by lien, fiduciary security, security right, mortgage, or other collateral
rights on property;
b. maintenance bills, supervision, or education that has to be paid and the Supervisory Judge
shall determine the amount of existing bills and unpaid prior to postponement of debt
payment obligations which are not the bill with the right to privileged; and
c. privileged claims against certain objects belong to the debtor or against the Debtor's assets
that are not covered in paragraph (1) letter b.

Article 245
Payment of all debts, other than those referred to in Article 244 that existed before the
granting postponement of debt payment obligations during the suspension of obligation for
payment of debts, should not be done, except the debt payments made to all creditors,
according to their respective accounts receivable balance, without prejudice also the
provisions referred to in Article 185 paragraph (3).

Article 246
The provisions referred to in Article 56, Article 57 and Article 58 shall apply mutatis
mutandis to the exercise of Creditors as referred to in Article 55 paragraph (1) and
privileged creditors, provided that the suspension applies during the postponement of debt
payment obligations.

Article 247
(1) People who have a debt to the debtor or the receivable against the debtor, the debts
referred to arrange a meeting, provided that such debts or legal actions that lead to debts
referred to have occurred before the postponement of debt payment obligations.
(2) Claims against the Debtor as referred to in paragraph (1) calculated according to the
provisions referred to in Article 274 and Article 275.

Article 248
(1) The person who took over from the third party's debt to the debtor or the receivable
against the debtor from a third party before the postponement of debt payment obligations,
can not do encounter debt if the takeover debt accounts he was not acting in good faith.
(2) accounts receivable or debt acquired after the commencement of suspension of
obligation for payment of debt, can not be diperjumpakan.
(3) The provisions referred to in Article 53 and Article 54 applies to encounter debt set forth
in this Article.
Article 249
(1) In the case at the time of the verdict pronounced postponement of debt payment
obligations have reciprocal agreements that have not or only partially met, the parties
entered into an agreement with the debtor may ask the board to provide assurance about the
continuation of the implementation of the agreement within the time agreed upon by the
management and such party.
(2) In the event no agreement is reached regarding the time period referred to in paragraph
(1), the Supervisory Judge set a time period.
(3) If within the period referred to in paragraph (1) and paragraph (2) the board does not
provide an answer or not willing to continue the implementation of the agreement, the
agreement ends and the party referred to in paragraph (1) may demand compensation as the
unsecured creditors.
(4) If the board declared its ability, the board provides assurance of its ability to implement
the agreement.
(5) The provisions referred to in paragraph (1), subsection (2), paragraph (3), and paragraph
(4) shall not apply to agreements that oblige the debtor to do his own act of agreement.

Article 250
(1) In terms of the agreement referred to in Article 249 has been agreed that regular delivery
of items are traded with a period of time and before the handover is already pronounced the
verdict postponement of debt payment obligations, the agreement shall be deleted, and in
case the other party aggrieved because of deletion, he may volunteered as an unsecured
creditor to obtain redress.
(2) In the case of property damaged due to removal as referred to in paragraph (1) the other
party is obligated to pay the damages.

Article 251
(1) In the event that the Debtor has hired an object, the debtor with the consent of the board,
may terminate the rental agreement, provided that notice of termination is done before the
expiration of the agreement in accordance with local custom.
(2) In respect of termination as referred to in paragraph (1), should also be ignored period of
time by agreement or by custom, provided that the period of 90 (ninety) days is sufficient.
(3) In the event that has paid the rent in advance, the lease agreement can not be stopped
early before the expiration of the lease term that has been paid advances.
(4) Since the day the decision of suspension of obligation for payment of debt is pronounced
then the rent is debt the Debtor's assets.

Article 252
(1) Immediately after the verdict saying delays in payment of debt obligations, the debtor is
entitled to terminate the employment with its employees, with due regard to the provisions
referred to in Article 240 and subject to a period of time according to the agreement or the
provisions of legislation. accepted with the understanding that the working relationship can
be resolved with a minimum notice of 45 (forty five) days in advance.
(2) Since the entry into force postponement of debt payment obligations while the salaries
and other expenses incurred in the employment relationship into debt the Debtor's assets.
Article 253
(1) Payments made to the debtor, after saying the decision of postponement of debt payment
obligations that have not been announced, to fulfill the engagement which was published
before the decision of postponement of debt payment obligations, freeing those who have
made payments on the Debtor's assets, unless it can be proved that such party have been
aware of any decision of suspension of obligation for payment of debt.
(2) Payments referred to in paragraph (1) is made after the announcement, only to release
individuals who make a payment referred to when he can prove that despite the
announcement by the law but it is not possible to know the announcement referred to in
their own place, with not prejudice the right of management to prove otherwise.

Article 254
Postponement of debt payment obligations do not apply to gains among the debtor and the
insurer.

Article 255
(1) postponement of debt payment obligations may be terminated, at the request of the
Supervisory Judge, one or more creditors, or on the initiative of the Court in this case:
a. Debtor, for the time delay in debt payment obligations, acting in bad faith in conducting
the management of the property;
b. Debtor has been trying to harm or harming creditors;
c. Debtor in violation of Article 240 paragraph (1);
d. Debtor fails to perform the actions required to him by the Court on or after the
postponement of debt payment obligations given, or neglects to carry out the actions
required by the board in the interest of the Debtor's assets;
e. during the time delay debt payment obligations, the state of the Debtor's assets were no
longer allows the continuation of suspension of obligation for payment of debts; or
f. Debtor's circumstances can not be expected to fulfill its obligations to creditors on time.
(2) In the event that circumstances referred to in paragraph (1) letter a and e of the board
shall apply for termination of the delay in debt payment obligations.
(3) Applicant, the Debtor, and the board must be heard on the date specified by the Court
after duly summoned.
(4) Application for termination of the delay in payment of debt obligations referred to in
paragraph (1) have been checked within 10 (ten) days after filing the application and the
decision of the Court shall be rendered within 10 (ten) days after completion of the
examination.
(5) The decision of the Court must include the reasons underlying the decision.
(6) If the postponement of debt payment obligations terminated under the provisions of this
Article, the debtor shall be declared bankrupt in the same decision.

Article 256
The provisions referred to in Article 11, Article 12, Article 13 and Article 14 shall apply
mutatis mutandis to the decisions of the declaration of bankruptcy as a result of the
termination decision postponement of debt payment obligations.

Article 257
Decision on the declaration of bankruptcy as a result of the termination decision
postponement of debt payment obligations should be announced in accordance with the
provisions referred to in Article 15 paragraph (4).

Article 258
(1) If the Court considers that the session termination request postponement of debt payment
obligations can not be completed prior to the date of Creditors hearing in accordance with
the provisions referred to in Article 225 paragraph (3), the Court ordered that the creditor
must be notified in writing that they not be heard on that date .
(2) If necessary, the Court immediately set another date for the hearing and in such cases
creditors summoned by the board.

Article 259
(1) the debtor at any time to ask the court for postponement of debt payment obligations
revoked, arguing that the Debtor's assets allows the commencement of repayment, provided
that the board and creditors should be summoned and heard before the decision.
(2) The summons referred to in paragraph (1) shall be carried out by the bailiff with a
registered office letter no later than 7 (seven) days before the trial court.

Article 260
During the postponement of debt payment obligations in progress, against the Debtor's
bankruptcy petition can not be submitted.

Article 261
If under any of the provisions of this Chapter, the bankruptcy declaration will apply the
provisions referred to in Article 15.
Article 262
(1) In the event that the Debtor declared bankrupt under the provisions of this chapter will
apply the following provisions:
a. period referred to in Article 42 and Article 44 shall be calculated from the decision of
postponement of debt payment obligations spoken;
b. legal actions undertaken by the debtor after being given approval by the board to do so
should be considered a legal act performed by the Curator, the Debtor's assets and debts
incurred during the ongoing delay in payment of debt is a debt obligation of the bankruptcy
estate;
c. Debtor's obligations incurred during the period of suspension of obligation for payment of
debt without approval by the board can not be charged against the Debtor's assets, unless it
brings a beneficial effect for the Debtor's assets.
(2) If the request for postponement of debt payment obligations filed within 2 (two) months
after the end of the previous postponement of debt payment obligations, the provisions of
paragraph (1) shall also apply to the period subsequent postponement of debt payment
obligations.

Article 263
Service fee for the expert appointed pursuant to the provisions referred to in Article 238,
determined by the Supervisory Judge and must be paid in advance of the Debtor's assets.

Article 264
The provisions of international law as referred to in Article 212, Article 213 and Article 214
shall apply mutatis mutandis in the case of suspension of debt payment obligations.
Part Two
Peace
Article 265
Debtor is entitled at the time of applying for suspension of obligation for payment of debt or
after a peace offer to the creditors.

Article 266
(1) If the peace plan was not provided in the Clerk of the Court referred to in Article 225,
the plan was filed before the day of the hearing referred to in Article 226 or at a later date
with due regard to the provisions referred to in Article 228 paragraph (4).
(2) A copy of the peace plan must be submitted to the Judge of Trustees, administrators, and
experts, if any.

Article 267
In the case before the decision of ratification of peace to obtain permanent legal force, no
court decision stating that the postponement of debt payment obligations expire, gugurlah
the peace plan.

Article 268
(1) If the peace plan has been filed with the clerk, the Supervisory Judge shall determine:
a. last day of bill must be submitted to the board;
b. date and time of the proposed peace plan would be discussed and decided in the meeting
of creditors led by the Supervisory Judge.
(2) grace period between the day referred to in paragraph (1) letters a and b for a minimum
of 14 (fourteen) days.

Article 269
(1) The Board shall announce the determination of time referred to in Article 268 paragraph
(1) together with the inclusion of the peace plan, except if it has been announced in
accordance with the provisions referred to in Article 226.
(2) The Board shall also notify the things referred to in paragraph (1) by registered mail or
by courier to all known creditors, and this notice must specify the provisions referred to in
Article 270 paragraph (2).
(3) Creditors can face himself or be represented by a power by proxy.
(4) The Board may require the debtor to give them advance in the amount set by the board
to cover the costs for the announcement and the notice.

Article 270
(1) Claims must be submitted to the board by submitting the invoice or other written
evidence which states the nature and amount of claims with evidence that supports or a copy
of the evidence.
(2) Any bill submitted to the executive board as referred to in paragraph (1), creditors may
request a receipt from the board.

Article 271
All the calculations have been entered by the board must be matched with records and
reports from the debtor.

Article 272
Management should make a list of accounts that contains the names, residence Creditor, the
amount of receivables each respective ¬, explanation of receivables, and whether these
receivables is recognized or denied by the board.
Article 273
(1) Claims that flowering should be included in the list referred to in Article 272 with the
calculation of interest until the day saying the decision postponement of debt payment
obligations.
(2) The provisions referred to in Article 135, Article 139, Article 140, Article 141 and
Article 142 paragraph (1) and paragraph (2) shall apply mutatis mutandis in the case of
delay in debt payment obligations.

Article 274
(1) A bill with tough requirements to be included in the list referred to in Article 272 to the
value prevailing at the commencement of the postponement of debt payment obligations.
(2) If the administrator and creditors do not reach agreement on the determination of the
value of these bills, the value of creditor claims must be accepted conditionally.

Article 275
(1) Claims that billing is not yet clear when or who gives the right to obtain periodic
payments, shall be included in the list to the value prevailing at the date of the decision say
postponement of debt payment obligations.
(2) All accounts that can be collected within a period of 1 (one) year from the decision of
postponement of debt payment obligations pronounced, shall be treated as a receivable that
can be billed on that date.
(3) All accounts that can be billed after the lapse of 1 (one) year from the decision of
postponement of debt payment obligations spoken, must be included in the list to the
prevailing value of 1 (one) year after the decision of postponement of debt payment
obligation is spoken.
(4) In calculating the value of a claim referred to in paragraph (2) and paragraph (3), must
be considered:
a. time and the installment payment;
b. benefits that may be obtained; and
c. the amount of interest if the agreement.

Article 276
(1) The Board shall provide a copy of the list referred to in Article 272 in the Clerk of the
Court, for within 7 (seven) days before the holding of the meeting referred to in Article 268
can be viewed by anyone with cumacuma.
(2) Provision of copies referred to in paragraph (1) done for free.

Article 277
(1) With due regard to the provisions regarding the period of delay in debt payment
obligations as stipulated in Article 228 paragraph (4), at the request of management or
because of his position, the Supervisory Judge may postpone discussion and voting on the
peace plan.
(2) In the event of delays in speech and voting referred to in paragraph (1) apply the
provisions referred to in Article 269.

Article 278
(1) In meeting the peace plan, both administrators and experts, if appointed, must be in
writing to give a report on the peace plan that offered it.
(2) The provisions referred to in Article 150 shall apply mutatis mutandis in the case of
delay in debt payment obligations.
(3) Claims submitted to the board that after passing the period as referred to in Article 268
paragraph (1) letter a, provided that included more than 2 (two) days before the meeting,
must be loaded in the list receivable upon request made at the meeting , if the administrators
and creditors in attendance, did not object.
(4) Claims that entered after the grace period referred to in paragraph (3), not included in the
list.
(5) Terms of the period referred to in paragraph (2) and paragraph (3) does not apply if the
creditor is domiciled outside the territory of the Republic of Indonesia which is an obstacle
to self-report first.
(6) In the case filed an objection as referred to in paragraph (2) and paragraph (3), or in the
event of any dispute about the presence or absence of obstruction referred to in subsection
(5), the Supervisory Judge will provide decision after seeking the opinion of the meeting.

Article 279
(1) The Board reserves the right in the meeting withdraw any admission or denial has ever
done.
(2) Creditors who were present to argue the receivables trustee wholly or partly admitted.
(3) Recognition or denial is made in the meeting, shall be recorded in the list receivable.

Article 280
Supervisory Judge determines that the bill contradicted Creditors, to be able to participate in
the ballot and determine the limits of the number of votes that can be incurred by such
Creditor.

Article 281
(1) peace plan accepted by:
a. approval of more than half (one half) of total unsecured creditors whose rights are
recognized or while present at the meeting recognized that the Creditors as referred to in
Article 268, including the Creditors as referred to in Article 280, which together represent at
least 2 / 3 (two thirds ) of all claims that are recognized or while it is acknowledged of
unsecured creditors or their proxies present at such meeting; and
b. approval of more than half (one half) of the Creditors whose claims are secured by lien,
fiduciary security, security right, mortgage, or other collateral rights on property that was
present and represented at least 2 / 3 (two thirds) of all claims from creditors or their proxies
present at the meeting.
(2) Creditors as referred to in paragraph (1) letter b which does not accept the peace plan
will be compensated at the lower of the actual value of the collateral or direct loans secured
by collateral right.
(3) The provisions referred to in Article 152 and Article 153 shall also apply in a vote to
accept the peace plan referred to in paragraph (1).

Article 282
(1) Minutes of the meeting chaired by the Supervisory Judge must list the contents of the
peace plan, the name of Creditors present and entitled to vote, a record of sound issued
Creditors, voting results, and notes about all the other events in the meeting.
(2) List of Creditors made by administrators who have been added or changed in the
meeting, shall be signed by the Judge of Trustees and the clerk's successor and shall be
attached to the minutes of the meeting concerned.
(3) Copies of the minutes of the meeting referred to in paragraph (1) shall be provided at the
Court Clerk no later than 3 (three) days after the decision of the meeting.
(4) Copies of the minutes of the meeting can be viewed by everyone with no charge for 8
(eight) days after the date provided.

Article 283
(1) Debtor and Creditor who gives voice to support the peace plan within 8 (eight) days after
the date of the vote in the meeting, can ask the court for the minutes of meetings be
improved if based on an existing document turns out that the peace by the Supervisory
Judge mistakenly been regarded as rejected.
(2) If the Court makes improvements in the minutes of the meeting then the same decision
the Court must determine the date of ratification of the peace that must be implemented for a
minimum of 8 (eight) days and no later than 14 (fourteen) days after the court decision that
improves the minutes of the meeting is pronounced .
(3) The Board shall notify in writing the creditor Court decision referred to in paragraph (2),
and this decision resulted in the decision of the bankruptcy declaration under article 289 to
be null and void.

Article 284
(1) If the peace plan is accepted, the Supervisory Judge shall submit a written report to the
court on the date specified for the purposes of ratification of peace, and on a specified date
the administrators and creditors to submit reasons why he wanted the endorsement or
rejection of peace.
(2) The provisions referred to in Article 158 paragraph (2) shall apply mutatis mutandis to
the implementation of the provisions of paragraph (1).
(3) The Court may resign and set a trial date for the ratification of peace should be held no
later than 14 (fourteen) days after the date of the hearing referred to in paragraph (1).

Article 285
(1) The court shall make a decision regarding the ratification of peace with his reasons at a
hearing referred to in Article 284 paragraph (3).
(2) The court shall refuse to ratify the peace, if:
a. Debtor's assets, including items for which held the rights to hold the object, far greater
than the amount approved in peace;
b. implementation of the peace can not reasonably assured;
c. peace was achieved because of fraud, or conspiracy with one or more creditors, or
because the use of other efforts that are not honest and regardless of whether the debtor or
other parties to work together to achieve this; and / or
d. services rendered and expenses incurred by experts and administrators have not been paid
or are not given guarantees for payment.
(3) If the Court refused to ratify the peace then in the same decision the Court shall declare
the Debtor Bankrupt and the decision shall be published in State Gazette of the Republic of
Indonesia and at least 2 (two) daily newspapers as referred to in Article 226 by no later than
5 ( five) days after the decision is received by the Judge of Trustees and the Curator.
(4) The provisions referred to in Article 11, Article 12 and Article 13 shall apply mutatis
mutandis to the ratification of peace, but does not apply to the rejection of peace.

Article 286
Peace which was approved binding on all creditors, except creditors who do not agree to
peace plan referred to in Article 281 paragraph (2).

Article 287
Decision endorsement of peace which has obtained permanent legal force in relation to news
events referred to in Article 282, to all creditors that are not disputed by the debtor, is a title
that can be run against the debtor and all those who have act as guarantor for the peace deal.
Article 288
Postponement of debt payment obligation ends when the decision of ratification of peace to
obtain permanent legal force and the board shall announce the termination is in the State
Gazette of the Republic of Indonesia and at least 2 (two) daily newspapers as referred to in
Article 227.

Article 289
If the peace plan is rejected, the Supervisory Judge shall immediately notify the Court
refusal to submit to the Court by the peace plan and a copy of the minutes of the meeting
referred to in Article 282, and in such cases the court shall declare the Debtor Bankrupt after
the court receives notification of the refusal of the Supervisory Judge , taking into account
the provisions referred to in Article 283 paragraph (1).

Article 290
If the Court has declared Bankrupt Debtor's bankruptcy declaration decision is against the
applicable provisions of the bankruptcy as set forth in Chapter II, except Article 11, Article
12, Article 13 and Article 14.

Article 291
(1) The provisions referred to in Article 170 and Article 171 shall apply mutatis mutandis to
the cancellation of peace.
(2) In the Court's decision to cancel the peace, the debtor must also be declared bankrupt.

Article 292
In a bankruptcy declaration decision which was decided under the provisions referred to in
Article 285, Article 286, or Article 291, can not be offered a peace.

Article 293
(1) Against the decision of the Court under the provisions of Chapter III of this remedy does
not open, unless otherwise provided in this Act.
(2) Efforts to appeal may be filed by the Attorney General for the benefit of the law.
Article 294
Petition filed under the provisions referred to in Article 237, Article 255, Article 256,
Article 259, Article 283, Article 285, Article 290 and Article 291 must be signed by lawyers
who act on the special power of attorney, except when filed by the board.
CHAPTER IV
APPLICATION FOR REVIEW
Article 295
(1) Against the decision of the judge who has obtained permanent legal force, can be filed
request for reconsideration to the Supreme Court, unless otherwise provided in this Act.
(2) The request for reconsideration may be filed, if:
a. after the case is disconnected found new evidence which is to determine who at the time
the case heard in court already exists, but has not been found; or
b. in the decision of the judge concerned there is a real mistake.

Article 296
(1) Submission of request for reconsideration on the grounds referred to in Article 295
paragraph (2) letter a, performed at the latest within 180 (one hundred and eighty) days after
the decision was being applied for judicial review to obtain permanent legal force.
(2) Submission of request for reconsideration on the grounds referred to in Article 295
paragraph (2) letter b, carried out at the latest within 30 (thirty) days after the decision was
being applied for judicial review to obtain permanent legal force.
(3) Application for reconsideration submitted to the Clerk of the Court.
(4) Clerk of Court to register an application for review on the application being filed, and
the applicant is given a written receipt signed by the Clerk of the Court with the same date
to the date the petition is registered.
(5) Clerk of Court to submit an application for review to the Registrar of the Supreme Court
within a period of 2 (two) days after the date the petition is registered.

Article 297
(1) petition for reconsideration must submit to the Clerk of Court of supporting evidence on
which the filing request for reconsideration and to the defendant a copy of the request for
reconsideration the following copy of the relevant supporting evidence, on the date the
petition is filed as referred to in Article 296 paragraph (4).
(2) Without waive the provisions referred to in paragraph (1), Clerk of Court to submit a
copy of the request for reconsideration the following copies of supporting evidence to the
defendant within a period not later than 2 (two) days after the date the petition is registered.
(3) The defendant may file a response to the request for reconsideration is filed, within 10
(ten) days after the date of request for reconsideration was filed.
(4) Clerk of Court shall submit an answer as referred to in paragraph (3) to the Registrar of
the Supreme Court, at the latest within 12 (twelve) days after the date the petition is
registered.

Article 298
(1) The Supreme Court promptly examine and pass a decision on the request for
reconsideration within a period of at least 30 (thirty) days after the date of receipt of the
Clerk of the Supreme Court.
(2) A decision on the request for reconsideration should be pronounced in open court to the
public. (3) Within no later than 32 (thirty two) days after the date of receipt of the
application
Registrar of the Supreme Court, the Supreme Court shall submit to the parties a copy of the
decision
review that includes a complete legal reasoning underlying the decision.
CHAPTER V
OTHER PROVISIONS
Article 299
Except as otherwise provided in this Act, the applicable procedural law is the Civil
Procedure Code.

Article 300
(1) The Court referred to in this Act, in addition to examine and decide upon the declaration
of bankruptcy and postponement of debt, is also authorized to examine and decide other
cases in the field of commerce that the stipulation made by the law.
(2) The Court referred to in paragraph (1) has done with the Presidential Decree, taking into
account the needs and readiness of the necessary resources.

Article 301
(1) Court to examine and decide the case on the first level with the panel of judges.
(2) In the case involves other matters in the field of commerce as defined in Article 300ayat
(1), Chairman of the Supreme Court to determine the type and value are at the first case
examined and decided upon by a single judge.
(3) In performing its duties, the Court is assisted by a clerk or a substitute clerk and bailiff.

Article 302
(1) Court Judge appointed by the Chairman of the Supreme Court decision.
(2) The terms to be appointed as a judge as referred to in paragraph (1), are:
a. has experience as a General Court judge in the environment;
b. have the dedication and master the knowledge in the field of the problems which became
the scope of authority of court;
c. authoritative, honest, fair, and good character; and
d. has successfully completed a special training program as a judge on the Court.
(3) With due regard to the conditions referred to in paragraph (2) b, c, and d, by Presidential
Decree at the proposal of the Chairman of the Supreme Court to be appointed a person who
is an expert, as a judge ad hoc, both at the court of first instance , appeal, or on the review.
Article 303
The court fixed the authority to examine and resolve the bankruptcy petition from the parties
who are bound agreement containing the arbitration clause, as long as the debt on which the
bankruptcy petition in compliance with the provisions referred to in Article 2 paragraph (1)
of this Act.
CHAPTER VI
TRANSITIONAL PROVISIONS
Article 304
A case which at the time this Act applies:
a. already examined and decided upon but not yet implemented or have been checked but
have not decided then settled based on legislation in the field of bankruptcy before the
enactment of this Act;
b. been submitted but have not checked, completed under the provisions of this Act.

Article 305
All legislation which is the implementation of the Law on Bankruptcy (Faillissements-
Staatsblad 1905:217 conjunction Staatsblad 1906:348) as amended by Government
Regulation in Lieu of Law No. 1 of 1998 on the Amendment to the Law on Bankruptcy that
determined to be a Law on the basis of Law No. 4 of 1998 when the Act was enacted, still
remain in force so far do not contradict and / or has not been replaced by new regulations
under this Act.
CHAPTER VII
FINAL PROVISIONS
Article 306
Commercial Court of Central Jakarta District Court which was established under the
provisions of Article 281 paragraph
(1) of Government Regulation in Lieu of Law No. 1 of 1998 on the Amendment
Law on Bankruptcy, as already determined to be a Law No. 4 of 1998,
shall remain authorized to investigate and adjudicate cases that becomes the scope of duties
of the Commercial Court.
Article 307
At the time the Act comes into force, the Law on Bankruptcy (Staatsblad 1905:217
Faillissements conjunction Staatsblad 1906:348) and Law No. 4 of 1998 on Stipulation of
Government Regulation in Lieu of Law No. 1 of 1998 concerning Amendment Law on
Bankruptcy to be a Law (Gazette of the Republic of Indonesia Year 1998 Number 135,
Republic of Indonesia State Gazette Number 3778), revoked and declared invalid.

Article 308
This Law shall come into force on the date of promulgation.
For every person to know, ordered enactment of this Act with the State Gazette of the
Republic of Indonesia.
Ratified in Jakarta,
On October 18, 2004
PRESIDENT OF THE REPUBLIC OF INDONESIA

Promulgated in Jakarta,
On October 18, 2004
SECRETARY OF STATE OF THE REPUBLIC OF INDONESIA
REPUBLIC OF INDONESIA YEAR 2004 NUMBER 131
=============================
Illustration By Timur Abimanyu, SH.MH.
Law Number. 37 of 2004 on Kepailitian, in order to make Sharia the Bankruptcy Act and
the Criminal Procedural Law Economics Sharia Law, the Law No. 37 of 2004 as reference
standards to avoid the mutual attraction between the General Court with the authority of the
Religious Islamic economics in handling disputes . Fore prepared to settle economic
disputes sharia, already have the Religious Book of the Law on Civil Procedure Economics
Sharia (KHAES) and the Book of Economic Law of Sharia (KHES).

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