JAKARTA - PT Industri Sandang Nusantara (Persero) was officially buried by President Joko Widodo (Jokowi). The dissolution of this state-owned company is contained in Government Regulation (PP) Number 14 of 2023.
Meanwhile, Government Regulation Number 14 of 2023 concerning the Dissolution of the Company (Persero) PT Industri Sandang Nusantara was signed by Jokowi on March 17. The regulation took effect on the same day.
The reason for the disbandment of PT Industri Sandang Nusantara or ISN is because it has not been able to keep up with the changing times.
"Based on the results of the study, taking into account aspects of company performance, markets, agility in the face of market disruption, and the ability to continue business activities, the continuity of the Company (Persero) PT Industri Sandang Nusantara cannot be maintained anymore, so it is necessary to dissolve the company (Persero) PT IndustriSandang Nusantara," the regulation reads, quoted on Friday, March 17.
Thus, in Article 1 written as of the enactment of this Government Regulation, the Company (Persero) PT Industri Sandang Nusantara whose status as a Company (Persero) was determined based on Government Regulation Number 2 of 1977 concerning the Transfer of the Form of State Company Industri Sandang to Company Company (Persero) was dissolved.
Article 2 of the regulation explains that the implementation of liquidation is in the context of disbanding the Company (Persero) PT Industri Sandang Nusantara with the provisions of laws and regulations in the field of State-Owned Enterprises.
Then, laws and regulations in the field of Bankruptcy and Postponement of Debt Payment Obligations, laws and regulations in the field of Limited Companies and other laws and regulations.
Then, Article 3 also explains that the completion of the disbandment of the Company (Persero) PT Industri Sandang Nusantara, including the liquidation, will be carried out no later than six years from the PP Law Number 14 of 2023.
"All the remaining assets from the liquidation of the Company (Persero) PT Industri Sandang Nusantara as referred to in Article 2 are deposited into the State Treasury," reads Article 4.
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