New State Receivables Regulation: Purbaya Can Seize Assets Without Approval
Jakarta, CNBC Indonesia - Finance Minister Purbaya Yudhi Sadewa has issued a new regulation on the management of state receivables through the issuance of Minister of Finance Regulation (PMK) No. 23 of 2026. This PMK, which revises PMK 240/2016, has been in effect since 24 April 2026.
One of the new provisions in this PMK concerns the scheme for utilising assets that have been pledged as collateral by debtors to the state or other assets. The latest provision, established by Purbaya in an inserted article, namely Article 186A of PMK 23/2026.
In that article, it is stated that collateral goods or other assets belonging to the debtor that have been seized by the state can be directly controlled or utilised by the government through the State Receivables Affairs Committee (PUPN) without needing approval from the debtor/guarantor.
“Utilisation by the branch PUPN without the consent of the Debtor/Guarantor and the proceeds used to reduce the Debtor’s debt,” quoted from the latest provision of PMK 23/2026, Monday (27/4/2026).
In Article 186B of the PMK, Purbaya sets out the rules or conditions for physical control and use by the state of collateral goods or other assets belonging to the debtor that have been seized by the state.
First, the Seizure Order Letter or SPP and the seizure minutes must have been issued; Second, the Ministry/Institution (K/L) as the applicant submits a written request to the Debt Assignee; and Third, the execution of physical control and use by the state is carried out after the issuance of the decision by the branch PUPN chairman.
The K/L is also required to provide an analysis study explaining that the physical control and use of the asset will be used for government administration and/or for development implementation for the public interest in the written request; and willingness to accept the asset in its physical condition and/or documents as is and to bear all outstanding costs.
Once all conditions are met, the branch PUPN chairman issues a decision on physical control and use by the state within a maximum of 10 working days after the date of notification of the control and utilisation efforts to the Debtor/Guarantor/Party Acquiring Rights.
In the PMK, Purbaya also only allows the applicant K/L to carry out physical control and use by the state for a period of 2 years, and the physical control or use by the state does not reduce the Debtor/Guarantor’s debt.
Meanwhile, in Article 186C, not only K/L can apply for the utilisation of physical assets or debtors’ state assets, but also state-owned enterprises (BUMN)/regional (BUMD)/village (BUMDes); individuals; supporting units for government/state administration activities such as ASN associations, TNI/Polri; other business entities; and other bodies such as limited liability companies, cooperatives, to various types of partnerships.
The forms of collateral goods and/or other assets that can be subject to forced rights transfer include movable assets including financial assets such as: cash; digital/crypto assets; assets stored in financial service institutions such as deposits, savings, overdraft balances, current accounts, or other similar forms; bonds, shares, or other securities; receivables/claims; and/or capital participation in other companies.
For assets in the form of land and/or buildings, they must meet the following criteria: the asset is certified in the name of the Debtor/Guarantor/Party Acquiring Rights; the asset is not involved in legal issues; the asset is not under unlawful control by third parties; and the asset is not collateral for debt to other creditors.
“Debt payment through asset takeover only reduces the debt amount of the Debtor/Guarantor, without reducing the administrative costs of managing State Receivables,” as stated in Article 297D of PMK 23/2026.