Keep Community Trust, OJK ISSUEs New Bankruptness Rules For Stock Companies

Illustration (Photo: Doc. Antara)

JAKARTA - The Financial Services Authority (OJK) is said to have just issued a new regulation regarding the bankruptcy process and the postponement of debt payment obligations from securities companies.

OJK Director of Public Relations Darmansyah said this was stated in the Financial Services Authority Regulation Number 21 of 2022 concerning Procedures for Submission of Applications for Bankruptness Statements and Suspension of Debt Payment Obligations to Stock Companies (POJK 21/2022).

According to him, this regulation is expected to provide certainty in completing the company's securities obligations to the community who have deposited funds or invested their funds and avoided a long solution.

"This is our way to continue to encourage a regular, reasonable, transparent and efficient capital market industry," he said during a press statement on Wednesday, November 30.

According to Darmansyah, the definition of bankruptcy regulated in POJK 21/2022 is a public confiscation of all the wealth of bankruptcy debtors whose management and cleaning are carried out by curators under the supervision of supervisory judges.

"Meanwhile, the definition of delaying debt payment obligations is an application with the intention of submitting a peace plan which includes an offer of partial payment or all debts to creditors," he said.

Darmansyah explained, there are three basic applications for bankruptcy statements from companies, namely submitted at least two creditors who have at least one debt that has matured and can be billed against securities companies.

Then, there is a request submitted by the securities company itself, and finally the implementation of the function, task, authority of the OJK must be ensured to run.

Meanwhile, the basis for requesting a postponement of the company's debt payment obligations includes being submitted at least two creditors who estimate that securities companies cannot continue to pay debts that have fallen in time and can be billed.

Then, there is a request submitted by the securities company itself, as well as the implementation of functions, duties, authority of the OJK to ensure that it can run.

"Through the technical mechanism for bankruptcy applications and the postponement of debt repayment obligations, it is hoped that regularity can be created in the capital market industry and the protection of securities company customers can be maintained," Darmansyah concluded.