OJK Regulates Procedures for Petitions for Bankruptcy Declaration and PKPU for Securities Companies

In a bid to establish legal certainty within the Financial Services Authority (Otoritas Jasa Keuangan – “OJK”) in terms of the body exercising its power in relation to the filing of petitions for bankruptcy and suspension of debt payment obligations (Penundaan Kewajiban Pembayaran Utang – “PKPU”) for securities companies, the OJK has issued Regulation No. 21 of 2022 on Procedures for the Submission of Petitions for Bankruptcy Declarations and PKPU for Securities Companies (“Regulation 21/2022”).[1]