Yasonna Laoly: There Are 1,100 Applications For Bankruptcy-Delay In Paying Debt

Minister of Law and Human Rights Yasonna Laoly/ANTARA

JAKARTA - Minister of Law and Human Rights Yasonna H Laoly, said data from five Commercial Courts in Indonesia showed that from April 2020 to July 2021 there were 1,100 new applications regarding bankruptcy and suspension of debt repayment obligations.

"This is not only happening in Indonesia, but also in several countries in the world. Even these countries have taken policies to delay debt payments and delay bankruptcy," said Laoly, quoted by Antara, Friday, October 29.

Indonesia, he continued, is likely to take the same steps as a number of countries regarding the delay in paying debts and the issue of bankruptcy.

The economic downturn is a real impact of the Covid-19 pandemic that has occurred since early 2020.

Nevertheless, the government did not remain silent and made a number of efforts and policies to encourage the acceleration of national economic growth.

"The policy includes providing relaxation which results in credit restructuring of more than Rp. 1,400 trillion," said Laoly.

On the one hand, this condition requires banks to be extra careful in managing their finances to help entrepreneurs restructure their debts.

Therefore, the Minister of Law and Human Rights continued, the government does not want a company to go bankrupt at all. Because, it will have a direct impact on the workforce because the company where they work is closed.

Specifically for the issue of bankruptcy, the government is currently discussing the possibility of a bankruptcy moratorium and the Suspension of Debt Payment Obligations (PKPU). The goal, to prevent the emergence of new applications.

At the same time, the government is also in the process of revising Law Number 37/2024 concerning Bankruptcy and PKPU which is targeted to be completed by the end of 2021.