Ometraco in process of liquidation, lawyer says
Ometraco in process of liquidation, lawyer says
JAKARTA (JP): PT Ometraco Corporation told the Jakarta
Commercial Court on Thursday to turn down a bankruptcy petition
filed by the Indonesian Bank Restructuring Agency (IBRA) as the
company was already in the process of liquidation.
"Ometraco cannot be declared bankrupt again here," said
company lawyer Leonard Simorangkir during a court hearing.
He said the company had declared itself bankrupt and
registered the self-liquidation notice at the South Jakarta
District Court on April 5.
The lawyer representing IBRA, Benny K. Harman, said the self-
liquidation notice at the other court did not automatically
abolish the rights of the creditors to file at the Commercial
Court.
"Ometraco's legal status as a company has not been written
off, so it can still be taken to the bankruptcy court," he said.
The 1998 Bankruptcy Law stipulates that parties that can file
for bankruptcy are individuals and companies which have legal
names.
Benny said the move by Ometraco to liquidate itself was done
to anticipate IBRA's efforts in suing the company at the Jakarta
Commercial Court.
"The company's move to liquidate itself under the South
Jakarta Court was based on bad faith," said Benny.
He said the liquidation process under the South Jakarta Court
was supervised by the concerned company's shareholders, while
under the Commercial Court it would be under the creditors of the
suing company.
"For the creditors' sake, the liquidation process under the
Commercial Court would indeed be more preferable than at the
South Jakarta Court," he said.
Ometraco owes IBRA $53.18 million. It operated its business on
banks, property and telecommunications. The next hearing for
Ometraco will continue on Monday.
Meanwhile at a separate hearing at the Jakarta Commercial
Court on Thursday, crude palm oil producer PT Sumi Asih denied
its debts to IBRA stood at $6.73 million, saying that the true
amount should be $1.4 million.
Sumi Asih and Ometraco are two of three companies that IBRA
took to Jakarta Commercial Court in late March after they failed
to settle their matured debts.
The other is A Latief Corp., which owes IBRA $16.93 million.
(udi)