Restructuring and insolvency in Indonesia: overview

A Q&A guide to restructuring and insolvency law in Indonesia.

The Q&A gives a high level overview of the most common forms of security granted over immovable and movable property; creditors' and shareholders' ranking on a company's insolvency; mechanisms to secure unpaid debts; mandatory set-off of mutual debts on insolvency; state support for distressed businesses; rescue and insolvency procedures; stakeholders' roles; liability for an insolvent company's debts; setting aside an insolvent company's pre-insolvency transactions; carrying on business during insolvency; additional finance; multinational cases; and proposals for reform.

To compare answers across multiple jurisdictions, visit the Restructuring and insolvency Country Q&A tool.

This Q&A is part of the global guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructure-guide.

Contents

Forms of security

1. What are the most common forms of security granted over immovable and movable property? What formalities must the security documents, the secured creditor or the debtor comply with? What is the effect of non-compliance with these formalities?

Immovable property

Common forms of security and formalities. Under Indonesian law, the most common types of security that can be granted over immovable property are as follows:

  • Mortgage (hak tanggungan). This is the most common form of security granted over immovable property. A mortgage is subject to Law No. 4 of 1996 concerning Mortgage. A land mortgage is a charge over the land itself and over all buildings and other fixtures attached to it (including machinery affixed to the land). A mortgage cannot be created over land that is to be acquired in the future. The security right follows the mortgaged property until the debt has been paid, regardless of whether the property is transferred. A mortgage only secures the payment of a debt up to the amount specified in the mortgage deed. In the event of additional loans by the same or another creditor, a lower ranking mortgage can be granted. Delivery of possession from the debtor to the creditor is not required.

  • Hypothec (hipotek) . Registered vessels with a gross weight of seven tons or more and registered aircrafts are classified as immovable assets and can be secured by way of hypothec. Delivery of possession from the debtor to the creditor is not required.

  • Fiduciary transfer of ownership (fidusia) . Other immovable assets can be secured by way of a fiduciary transfer (also referred to as a fiduciary assignment), including:

    • land titles that cannot be mortgaged; and

    • unregistered land.

    A fiduciary transfer of ownership does not require physical delivery to the creditor.

The following formalities apply:

  • Mortgage. A mortgage must be documented in a deed drawn before a land registry official (pejabat pembuat akta tanah) (PPAT). The mortgagor and the mortgagee are parties to the deed. In addition, the deed must be registered by the PPAT with the National Land Office (Badan Pertanahan Nasional) (BPN) within seven days of signing the deed.

  • Hypothec. An hypothec must be documented in a deed of hypothec.

  • Fiduciary transfer of ownership. A fiduciary transfer of ownership must be signed in Indonesian before a notary public in Indonesia, and registered with the Fiducia Registration Office. The fiduciary transfer takes effect from the moment it is registered with the Fiducia Registration Office and the certificate of registration is issued.

Effects of non-compliance. Non-compliance with the formalities above renders the security void.

Movable property

Common forms of security and formalities. Under Indonesian law, the most common types of security that can be granted over movable property for the payment of a debt are as follows:

  • Pledge (gadai). A pledge can be vested over movable (tangible or intangible) property. Intangible property that can be pledged includes shares, bank accounts, and intellectual property rights. A pledge requires the delivery of the pledged goods to the creditor.

  • Fiduciary transfer of ownership. A fiduciary transfer of ownership (also referred to as fiduciary assignment of rights) can be granted over movable (tangible or intangible) property. Unlike a pledge, a fiduciary transfer of ownership does not require the physical delivery of the goods.

  • Warehouse receipt (hak jaminan atas resi gudang). This type of security is regulated by Law No. 9 of 2006 concerning Warehouse Receipts System. A warehouse receipt issued by warehouse manager is evidence of the ownership of commodities that are stored in a warehouse. To be effective, the warehouse receipt must be delivered to, or in the possession of, the creditor.

The following formalities apply:

  • Pledge. The formalities that must be complied with to grant a pledge depend on the type of good pledged. The following general rules apply:

    • a pledge granted over bearer securities will be effective on delivery of the pledged bearer securities from the debtor to the creditor, or to any third party as agreed between the debtor and the creditor;

    • a pledge granted over order securities will be effective on endorsement of the pledged order securities and delivery of the securities to the creditor; and

    • a pledge granted over registered goods will be effective if the party against whom the pledge will be enforced has been notified, and such party has given its approval.

    If the pledge agreement involves an Indonesian party, the agreement must be written in Indonesian, or both in a foreign language and Indonesian, with the governing language to be agreed by the parties. The pledged property must be delivered to the creditor. For a pledge of shares, the pledge must be noted in the shareholders' register of the relevant company.

  • Fiduciary transfer of ownership. The grantor and the grantee must execute a fidusia agreement. Such agreement must be made in Indonesian and in the form of a notarial deed. The object secured by a fiduciary transfer of ownership must be registered with the Registration Office that has jurisdiction over the grantor's domicile. The fiduciary transfer of ownership is effective on the date of registration.

  • Warehouse receipt. The creditor/grantee must notify the Warehouse Receipt Registration Centre (Pusat Registrasi Resi Gudang), whose responsibilities are temporarily carried out by the Futures Clearance Institution (Lembaga Kliring Berjangka or LKB), and the warehouse manager of the existence of the warehouse receipt. In addition, the warehouse receipt security must be documented in a deed of security. If the debtor/grantor commits a breach of contract, the creditor/grantee is entitled to sell the secured goods by way of public auction or private sale. The creditor/grantee is entitled to use the proceeds of sale to pay the debtor/grantor's payment obligation.

Effects of non-compliance. Non-compliance with the formalities above render the security void.

 

Creditor and contributory ranking

2. Where do creditors and contributories rank on a debtor's insolvency?

On a debtor's insolvency, creditors rank as follows:

  • Preferred creditors (kreditur preferen). Preferred creditors are entitled to receive payment in full from the bankruptcy estate. Preferred claims are tax claims and post-bankruptcy/suspension of payments claims, such as:

    • fees of the receiver/administrator;

    • fees of experts appointed by the supervisory judge;

    • costs of liquidation of the bankruptcy estate or costs incurred during the suspension of payments process;

    • post-bankruptcy/suspension of payments financing;

    • lease of the bankrupt's house or offices; and

    • employees' wages.

  • Secured creditors (kreditur separatis). These are the creditors holding security rights over some or all of the assets of the debtor.

  • Unsecured creditors (kreditur konkuren). Unsecured creditors rank as follows:

    • specific statutory preferred creditors whose preference relates only to specific assets;

    • general statutory priority creditors; and

    • non-preferred unsecured creditors.

  • Shareholders. Generally, the shareholders of the debtor rank behind all other creditors in the distribution of the proceeds of the bankruptcy estate. Any distribution they receive is proportional to the shares that they hold in the debtor, if there are remaining assets after distribution to other creditors.

 

Unpaid debts and recovery

3. Can trade creditors use any mechanisms to secure unpaid debts? Are there any legal or practical limits on the operation of these mechanisms?

Trade creditors can create a contractual retention of ownership over the assets supplied to a buyer, which is enforceable if the purchase price remains unpaid (Indonesian Civil Code). Sellers of goods also have the statutory right to claim back their goods within 30 days of delivery, if both the:

  • Purchase price has not been fully paid.

  • Goods remain in the possession of the buyer.

In addition, the following creditors have a statutory right to satisfy specific debts owed to them from specific goods:

  • Sellers (in respect of goods delivered).

  • Lessors (in respect of leased goods).

  • Contractors (in respect of goods worked on).

  • Carriers (in respect of goods transported).

 
4. Can creditors invoke any procedures (other than the formal rescue or insolvency procedures described in Questions 6 and 7) to recover their debt? Is there a mandatory set-off of mutual debts on insolvency?

Creditors cannot invoke any procedures other than the procedures for bankruptcy and suspension of payments (see Questions 6 and 7), which require the filing of a civil claim before a district court.

There is no mandatory set-off of mutual debts under the bankruptcy or suspension of payments procedures. In both procedures, creditors can set off sums owed by them to the debtor company against amounts that the debtor company owes to them. However, sums can only be set off in the bankruptcy procedure if one of the following requirements is met:

  • The claim and the debt existed before the declaration of bankruptcy.

  • The claim and the debt arise from transactions carried out with the bankrupt company before the declaration of bankruptcy.

There is no requirement for the debts to be due and payable. However, there is uncertainty as to whether the receiver (in a bankruptcy) or administrator (in a suspension of payments procedure) must approve an intended set off.

 

State support

5. Is state support for distressed businesses available?

There is no state support available for distressed businesses.

 

Rescue and insolvency procedures

6. What are the main rescue/reorganisation procedures in your jurisdiction?

Law No. 37 of 2004 concerning Bankruptcy and Suspension of Payments (Bankruptcy Law) sets out two main procedures for companies having financial difficulties, bankruptcy (see Question 7) and the suspension of payments procedures.

Suspension of payments

Objective. The suspension of payments procedure is intended for companies that face temporary liquidity problems and are unable to pay their debts, but may be able to do so at some point in the future. This procedure provides a company with temporary relief to reorganise and continue its business, and to ultimately satisfy its creditors' claims. A company under suspension of payments continues its business activities under the management of its directors together with a court-appointed administrator, under the supervision of a supervisory judge. By continuing its business, the company is able to pay its debts to creditors in accordance with the provisions of the composition plan.

In a suspension of payments procedure, the company must submit a composition plan for approval by the creditors and for ratification by the court. The rejection of the composition plan by the creditors or the court will result in the company's bankruptcy.

Initiation. The debtor or the creditors can apply for a suspension of payments if the debtor either cannot pay its debts or if the debtor or the creditors foresee that the debtor will not be able to pay its debts. However, specific initiation requirements apply for certain entities:

  • A suspension of payments petition against a bank can only be submitted by the Indonesian Central Bank.

  • A suspension of payments petition against a security company, stock exchange, clearing and guarantee institution, or securities depository and settlement institution can only be submitted by the Financial Services Authority.

  • A suspension of payments petition against an insurance, reinsurance, and a pension fund company, or a state-owned company carrying out public interest business can only be submitted by the Minister of Finance.

The suspension of payments petition must be submitted to the Commercial Court.

Substantive tests. The debtor or the creditors can apply for a suspension of payments if either:

  • The debtor cannot pay its debts.

  • The debtor or the creditors foresee that the debtor will not be able to pay its debts.

Supervision and controls. If the suspension of payments procedure is initiated by the debtor, the debtor must submit a suspension of payments petition accompanied by a list containing the nature and amount of the debtor's receivables and debts, supporting documents, and the composition plan (if any). No later than three days after the submission date, the court must:

  • Grant a temporary suspension of payments.

  • Appoint a supervisory judge to supervise the suspension of payments process.

  • Appoint an administrator to manage the debtor's estate, together with the directors of the debtor company.

If the suspension of payments procedure is initiated by the creditor, the court will summon the debtor to attend a court hearing during which the debtor must submit a list containing the nature and amount of its receivables and debts, supporting documents, and the composition plan (if any). No later than 20 days after the submission date, the court must:

  • Grant a temporary suspension of payments.

  • Appoint a supervisory judge to supervise the suspension of payments process.

  • Appoint an administrator to manage the debtor's estate, together with the directors of the debtor company.

Following the declaration of temporary suspension of payments, the court will summon the debtor and the creditors to attend a hearing that will be held no longer than 45 days after the declaration of temporary suspension of payments. During this hearing, the creditors will decide on whether to approve the permanent suspension of payments of the debtor.

If the creditors approve the permanent suspension of payments, the court will give an opportunity to the creditors to decide on whether to approve the composition plan proposed by the debtor.

Protection from creditors. During the suspension of payments period, the debtor cannot be compelled to pay debts and legal actions are suspended. After the declaration of suspension of payments, the debtor is entitled to carry on its business activities. The directors of the debtor and the court-appointed administrator, supervised by the supervisory judge, jointly manage the debtor's business.

Length of procedure. The suspension of payments period must last no longer than 270 days from the date of the declaration of temporary suspension of payments.

Conclusion. Suspension of payments must be concluded if either:

  • The composition plan submitted by the debtor is approved by the creditors and ratified by the court, and the court decision ratifying the composition plan is final and binding.

  • The composition plan submitted by the debtor is rejected by the creditors or not ratified by the court. In these cases, the debtor must be declared bankrupt.

However, the suspension of payments can also be concluded at the request of the supervisory judge, one or more creditors, or on the court's initiative in the following circumstances:

  • The debtor manages its assets in bad faith during the suspension of payments period.

  • The debtor causes damages or attempts to cause damages to the creditors.

  • The debtor, without the approval of the administrator, performs managerial or ownership action over the whole or part of its assets.

  • The debtor fails to perform its obligation determined by the court under the declaration of suspension of payments, or fails to perform any actions required by the administrator for the benefit of the debtor's assets.

  • The suspension of payments cannot be continued due to the condition of the debtor's assets.

In any of the first five cases above, the administrator must submit a petition to the Commercial Court for the conclusion of the suspension of payments. The court must hold a hearing and examine the petition within ten days, and must render its decision no later than ten days from the conclusion of the examination process. If the court grants the administrator's petition, the suspension of payments is concluded and the debtor will be declared bankrupt.

 
7. What are the main insolvency procedures in your jurisdiction?

Bankruptcy

The insolvency procedure in Indonesia is the bankruptcy procedure.

Objective. The objective of the bankruptcy procedure is to impose a general attachment over the assets of the bankrupt debtor for the purpose of satisfying the claims of its creditors.

Initiation. The bankruptcy procedure can be initiated by either the debtor or its creditors. A bankruptcy petition can also be submitted by the public prosecutor in the public interest. However, there are specific initiation requirements for certain entities:

  • A bankruptcy petition against a bank can only be submitted by the Indonesian Central Bank.

  • A bankruptcy petition against a security company, stock exchange, clearing and guarantee institution, or securities depository and settlement institution can only be submitted by the Financial Services Authority.

  • A bankruptcy petition against an insurance, reinsurance, and a pension fund company, or a state-owned company carrying out public interest business can only be submitted by the Minister of Finance.

The bankruptcy petition must be filed to the Commercial Court.

Following the submission of the bankruptcy petition, the court will summon the debtor and its creditor to attend a court hearing. A first hearing must be held no later than 20 days from the petition submission date, and the court must render its decision on the bankruptcy case no later than 60 days from the submission date. During the court examination process, the petitioner must prove that all bankruptcy requirements are satisfied (see below). If, based on the facts and evidence submitted, the court considers that all bankruptcy requirements are satisfied, the court will declare the bankruptcy of the debtor and appoint a receiver to manage the bankruptcy estate, as well as a supervisory judge to supervise the bankruptcy process.

Substantive tests. The bankruptcy procedure is approved by the court if it fulfils the following requirements:

  • The debtor has at least two creditors (plurality of creditors).

  • At least one of the two debts is due and payable.

Supervision and control. The directors of the debtor company lose the power to manage the company from the declaration of bankruptcy. This power is transferred to the court-appointed receiver who will manage the bankruptcy estate and the settlement of the debtor's debts. In addition, to conduct certain major actions related to the debtor's estate, the receiver must obtain prior approval from the supervisory judge.

The debtor's assets, which are under general statutory attachment, will be sold by way of public auction by the appointed receiver. If the debtor's assets cannot be sold by way of public auction, such assets can be sold privately with the approval of the supervisory judge.

The creditors rank as follows:

  • Preferred creditors (kreditur preferen). These are entitled to receive payment in full. See Question 2.

  • Secured creditors (kreditur separatis). Secured creditors are entitled to enforce their security rights by way of public auction to receive payment for their claim, subject to a stay period of 90 days. The stay period does not apply to cash collateral and does not affect the right of the creditors to set off mutual debts. If the proceeds obtained from the enforcement of the security are more than sufficient to pay its claim, a secured creditor must return the remaining proceeds to the receiver. If the proceeds are not sufficient to pay its claim, the secured creditor can register itself with the receiver as unsecured creditor for the remaining debts. Secured creditors must enforce their security rights within two months from the onset of insolvency. On the expiration of the two-month period, the receiver is entitled to liquidate the secured assets, but the secured creditor is still entitled to receive the sale proceeds.

  • Unsecured creditors (kreditur konkuren). Unsecured creditors are entitled to receive payment from the remaining bankruptcy estate. Each unsecured creditor receives payments in proportion to the amount of its claims.

Protection from creditors. Secured creditors are subject to a 90-day stay period (see above).

Conclusion. The bankruptcy must be concluded in the following cases:

  • There are no sufficient assets to pay the receiver fees and the bankruptcy costs.

  • The debtor, after the declaration of bankruptcy, submits a composition plan that is approved by the creditors and ratified by the court, and the court decision ratifying the composition plan is final and binding.

  • All creditors' claims have been fully satisfied by the bankruptcy estate.

On the conclusion of bankruptcy, the debtor can request the court to rehabilitate its legal status. If the debtor becomes insolvent, the bankruptcy procedure is concluded and the debtor's assets are liquidated.

 

Stakeholders' roles

8. Which stakeholders have the most significant role in the outcome of a restructuring or insolvency procedure? Can stakeholders or commercial/policy issues influence the outcome of the procedure?

Stakeholders

Suspension of payments. In a suspension of payments procedure, the creditors play the most significant role as they are entitled to approve the composition plan proposed by the debtor. The rejection of the composition plan by the creditors will result in the bankruptcy of the debtor.

Bankruptcy. In the bankruptcy procedure, the receiver plays the most significant role. The receiver has the capacity to manage and dispose of the bankruptcy estate. In addition, the receiver has authority to take various legal actions that can benefit and protect the bankruptcy estate (Bankruptcy Law).

Influence on the outcome of the procedure

The Bankruptcy Law enables a company to undertake a restructuring process rather than to initiate bankruptcy proceedings directly. For example, the debtor can file a suspension of payments petition after a bankruptcy petition has been filed against the debtor.

The Bankruptcy Law does not confer a special treatment or high level of protection on any particular party. However, for certain debtors, a bankruptcy or suspension of payments petition can only be filed by specific institutions (see Questions 6 and 7).

 

Liability

9. Can a director, partner, parent entity (domestic or foreign) or other party be held liable for an insolvent debtor's debts?

Director

Directors are personally liable for the losses suffered by the company if both:

  • The company is declared bankrupt and the bankruptcy is the result of the directors' fault or negligence.

  • The company's assets are not sufficient to cover the company's obligations.

Parent company and shareholders

In principle, the liability of a parent company and shareholders is limited to the amount of their shareholding.

However, a shareholder/parent company can be held personally liable for its actions or for the losses incurred by the company if any of the following applies:

  • The company has not yet acquired its status of legal entity.

  • The shareholder uses the company in bad faith solely for its own benefit.

  • The shareholder is involved in unlawful acts committed by the company.

  • The shareholder used the assets of the company in a way that caused the company's inability to pay its debts.

  • The company has had only one shareholder for more than six months.

 

Setting aside transactions

10. Can an insolvent debtor's pre-insolvency transactions be set aside? If so, who can challenge these transactions, when and in what circumstances? Are third parties' rights affected?

Certain transactions favouring one creditor over other creditors, entered into before the bankruptcy declaration, can be set aside under the fraudulent conveyance (actio pauliana) principles set out in Articles 30, 41 and 42 of the Bankruptcy Law. For a pre-bankruptcy transaction to be set aside, all of the following requirements must be met:

  • The transaction was voluntary. This means that the transaction did not arise from a contractual obligation. Examples of voluntary transactions include the:

    • granting of security to one particular creditor;

    • payment of a debt that is not yet due and payable; and

    • sale of an asset against non-cash payment or with set-off of the purchase price against a debt.

  • The transaction harmed creditors' interests. This includes most situations where the condition of the bankrupt estate would have been better if the transaction had not been entered into, for example:

    • a sale of goods below their fair market value; or

    • transactions resulting in the increase of the debtor's liabilities (for example, the granting of a guarantee or other form of security by a subsidiary for the debt of its parent company).

  • The debtor and the contracting party had knowledge of the harm caused to other creditors. Knowledge of harm to other creditors is presumed in a number of circumstances. Generally, there is a rebuttable presumption of knowledge where the following categories of transaction are performed less than one year before the bankruptcy:

    • transaction for which the value received by the debtor is substantially less than the value of the asset sold;

    • payment of a debt that is not yet due and payable, or granting security for such debt;

    • transaction between the debtor and related parties (that is, relatives or companies controlled by relatives, insiders and legal entities belonging to the same group); and

    • donations.

The payment of a debt that was due and payable can also be set aside if it is shown that either:

  • The recipient of the payment knew that, at the time of receipt, a bankruptcy petition had been submitted.

  • Payment was the result of a consultation between the debtor and the creditor with the intention of preferring that creditor over other creditors. It is generally believed that this requirement is only fulfilled if some measure of collusion between the parties is established.

 

Carrying on business during insolvency

11. In what circumstances can a debtor continue to carry on business during rescue or insolvency proceedings? In particular, who has the authority to supervise or carry on the debtor's business during the process and what restrictions apply?

Suspension of payments

Under the suspension of payments procedure, the company continues its business activities under the management of the administrator and the board of directors. The supervisory judge supervises the operation of the business.

Bankruptcy

The receiver can continue the business of the bankrupt debtor to the extent that this may increase the value of the bankruptcy estate. The counterparty to an agreement under which mutual obligations must be performed can ask for confirmation from the receiver, within a specific time frame, that the obligations will be fulfilled. If there is no agreement on the time frame, the supervisory judge will decide on such time frame. If confirmation is given, the receiver must provide security for performance of the obligation. However, this does not apply to agreements under which the bankrupt debtor must personally perform an obligation (for example, a contract under which an artist is required to paint a portrait). The continuation of the company's business is supervised by the supervisory judge.

 

Additional finance

12. Can a debtor that is subject to insolvency proceedings obtain additional finance both as a legal and as a practical matter (for example, debtor-in-possession financing or equivalent)? Is special priority given to the repayment of this finance?

A company that has been declared bankrupt can apply for financing from a third party to increase the value of the bankruptcy estate. If the financing requires the third party to take security over the company's assets by way of a pledge, fiduciary transfer, mortgage, hypothec or other in rem security, the financing must be approved in advance by the supervisory judge.

 

Multinational cases

13. What are the rules that govern a local court's recognition of concurrent foreign restructuring or insolvency procedures for a local debtor? Are there any international treaties or EU legislation governing this situation? What are the procedures for foreign creditors to submit claims in a local restructuring or insolvency process?

Recognition

The Commercial Court does not recognise bankruptcy/insolvency and suspension of payments/rescue procedures in other jurisdictions. A foreign court judgment made during foreign proceedings cannot affect the status of assets located in Indonesia.

Concurrent proceedings

The Commercial Court does not normally co-operate with foreign courts where there are concurrent proceedings in other jurisdictions.

International treaties

Indonesian bankruptcies. Indonesia is not a party to any treaties relating to international insolvency issues.

The Bankruptcy Law only partially addresses international aspects of bankruptcy. The Bankruptcy Law adopts the universality principle, under which an Indonesian bankruptcy includes all of the debtor's assets wherever they are located. Therefore, the applicable rules of private international law in the relevant jurisdiction determine the extent to which an Indonesian bankruptcy is recognised.

Creditors in an Indonesian bankruptcy who obtain payment from the realisation of unsecured assets located outside Indonesia must transfer such payment to the receiver. Similarly, if a creditor assigns its claim and the assignee receives payments from the realisation of foreign assets, such payment must be made to the receiver (Article 212, Bankruptcy Law).

In principle, a choice of foreign law is recognised. Therefore, an Indonesian receiver is bound by an underlying agreement governed by a foreign law under which a claim is entered in the Indonesian bankruptcy. However, for the recognition of in rem security rights over assets located in Indonesia, the lex rei sitae (that is, the law where the assets are situated) applies, and only security rights established under Indonesian law must be respected.

Bankruptcies declared abroad. The principle of territoriality will apply in relation to bankruptcies declared abroad (that is, Indonesia does not recognise bankruptcies declared abroad in relation to a debtor's assets located in Indonesia). This is because, as a general principle, foreign judgments are not enforceable in Indonesia. However, an Indonesian court can recognise a foreign-appointed receiver as legitimately representing the foreign bankrupt estate (for example, if the foreign-appointed receiver files a claim before a court in Indonesia or files a petition for bankruptcy abroad in relation to a company that has assets in Indonesia).

Procedures for foreign creditors

There are no special requirements that foreign creditors in a bankruptcy or suspension of payments procedure must comply with. All requirements that apply to domestic creditors equally apply to foreign creditors.

 

Reform

14. Are there any proposals for reform?

To the best of the authors' knowledge, there are currently no official proposals to reform Law No. 37 of 2004 concerning Bankruptcy and Suspension of Payments.

 

Contributor profiles

Theodoor Bakker, Foreign Counsel

Ali Budiardjo, Nugroho, Reksodiputro

T +62 21 250 5125
F +62 21 250 5001
E tbakker@abnrlaw.com
W www.abnrlaw.com

Professional qualifications. The Netherlands, 1979

Areas of practice. Restructuring and insolvency; project finance; M&A; structured finance; arbitration.

Herry N Kurniawan, Partner

Ali Budiardjo, Nugroho, Reksodiputro

T +62 21 250 5125
F +62 21 250 5001
E hkurniawan@abnrlaw.com
W www.abnrlaw.com

Professional qualifications. Indonesia

Areas of practice. Restructuring and insolvency; project finance; M&A; commercial litigation/arbitration.


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