Second company declared bankrupt by Jakarta court<\/p>\n
JAKARTA (JP): The Jakarta Commercial Court declared PT Sarana
\nKemas Utama bankrupt on Wednesday following a petition from Bank
\nPDFCI.<\/p>\n
Sarana Kemas, a cardboard producer, is the second company to
\nbe declared bankrupt by the court after a controversial
\nbankruptcy decision made by the same court early this month.<\/p>\n
Presiding judge Haryono said that Sarana Kemas had
\nacknowledged its obligations and its failure to service its debt
\nwith the plaintiff. The loan matured in November 1996.<\/p>\n
\"So we accept the bankruptcy petition and declare PT Sarana
\nKemas Utama bankrupt,\" he said in the hearing.<\/p>\n
PDFCI filed a claim with the commercial court on Sept. 30,
\ndemanding that Sarana Kemas be declared bankrupt after it failed
\nto repay a Rp 21.78 billion (about US$29 million) loan.<\/p>\n
The judge also appointed William Eduard Daniel of Warens and
\nAchyar law firm to take care of the debtor's assets.<\/p>\n
\"The receiver is also entitled to a fee totaling 0.5 percent
\nof the debtor's total assets,\" Haryono said.<\/p>\n
The receiver is likely to obtain approximately Rp 500 million
\nfor taking care of Sarana Kemas' assets, which are worth about Rp
\n50 billion.<\/p>\n
The plaintiff's lawyer, Teguh Samudera of Teguh Samudera law
\nfirm, said the company had not serviced its debt with Bank PDFCI
\nsince November 1996.<\/p>\n
In a surprising verdict early this month, the commercial court
\ndeclared Modernland bankrupt following a petition by two
\nindividuals, Hussein and Johan Subekti, claiming a relatively
\nmodest amount of Rp 94.13 million.<\/p>\n
The ruling, the first bankruptcy declaration under the new
\nlaw, has come under fire from various lawyers, including bank
\ncreditors and Modernland, which has total assets of nearly Rp 1
\ntrillion.<\/p>\n
Sarana Kemas' attorney, Heryanto of Herwah and Associates,
\nsaid his client would appeal to the Supreme Court this week.<\/p>\n
Meanwhile, bankruptcy lawyers grouped in the Bankruptcy
\nLitigation Lawyers Club (BLLC) have called on the minister of
\njustice to review a ministerial decree on the amount of fees for
\nreceivers and administrators assigned to take care of debtors'
\nassets.<\/p>\n
Hotman Paris Hutapea of Makarim and Taira S law firm, who is
\nalso a member of BLLC, said the group had sent a letter to the
\nMinistry of Justice asking for a review of fee amounts.<\/p>\n
According to a Ministry of Justice decree, the fee for a
\nreceiver should not exceed 2 percent of a debtor's total assets
\nand an administrator's fee should not exceed 3 percent of a
\ndebtor's total assets.<\/p>\n
\"I think the fee is just too much,\" Hotman said. (aly)<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/second-company-declared-bankrupt-by-jakarta-court-1447893297", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }