Ada Pertanyaan? Hubungi Kami 
Ada Pertanyaan? Hubungi Kami Happy Rayna Stephany, Robert Sidauruk
Indonesia, along with nine other Southeast Asian countries, has proposed a uniform regulation on cross-border insolvency at the ASEAN level. Such a regulation would assist administrators in resolving bankruptcy issues when debtor’s assets are located in one or more ASEAN countries.
Ricardo Simanjuntak, Chairman of the Indonesian Administrators Association, explained that Indonesian administrators often face difficulties in dealing with debtor’s assets located in foreign countries.
“The same problem is also faced by foreign administrators when they try to foreclose on debtor’s assets located in Indonesia”, Ricardo said during a seminar in Jakarta last Thursday.
Such issues, as Ricardo warned, will become a more serious problem for creditors with the 2015 ASEAN Economic Community when the free transfer of goods, services, investment, and capital commences...
Similar problems were the reasons for the issuance of the European Cross-Border Insolvency Law in 2012. The European Community needed 35 years to come up with and develop the idea of a uniform foreclose regulation amongst its members.
Likewise, Andrey Sitanggang, an administrator, expressed the view that the regulation will be important for administrators when performing the duty to foreclose debtor’s asset and the interplay with the concept of sovereign state jurisdiction.
As a start to the realization of this recommendation, Andrey informed that there have been discussions at the ASEAN Senior Law Official Meeting (ASLOM). The meeting reviewed common perceptions in implementing bankruptcy law and other related regulations amongst ASEAN countries.
However, there are several issues in creating uniform regulations among Asean countries. For example, , the concept of secured creditor’s rights during bankruptcy processes. Under Indonesian law, secured creditor’s right are obtained upon registration of the security, however,, in some ASEAN countries such rights crystallize on the creation of a notarial deed.
(hot/kc)
Happy Rayna Stephany, Robert Sidauruk
Indonesia, along with nine other Southeast Asian countries, has proposed a uniform regulation on cross-border insolvency at the ASEAN level. Such a regulation would assist administrators in resolving bankruptcy issues when debtor’s assets are located in one or more ASEAN countries.
Ricardo Simanjuntak, Chairman of the Indonesian Administrators Association, explained that Indonesian administrators often face difficulties in dealing with debtor’s assets located in foreign countries.
“The same problem is also faced by foreign administrators when they try to foreclose on debtor’s assets located in Indonesia”, Ricardo said during a seminar in Jakarta last Thursday.
Such issues, as Ricardo warned, will become a more serious problem for creditors with the 2015 ASEAN Economic Community when the free transfer of goods, services, investment, and capital commences...
Similar problems were the reasons for the issuance of the European Cross-Border Insolvency Law in 2012. The European Community needed 35 years to come up with and develop the idea of a uniform foreclose regulation amongst its members.
Likewise, Andrey Sitanggang, an administrator, expressed the view that the regulation will be important for administrators when performing the duty to foreclose debtor’s asset and the interplay with the concept of sovereign state jurisdiction.
As a start to the realization of this recommendation, Andrey informed that there have been discussions at the ASEAN Senior Law Official Meeting (ASLOM). The meeting reviewed common perceptions in implementing bankruptcy law and other related regulations amongst ASEAN countries.
However, there are several issues in creating uniform regulations among Asean countries. For example, , the concept of secured creditor’s rights during bankruptcy processes. Under Indonesian law, secured creditor’s right are obtained upon registration of the security, however,, in some ASEAN countries such rights crystallize on the creation of a notarial deed.
(hot/kc)