Watch Out! There is a Individual Developer Mode to Become Bankrupt Mafia

Jakarta, CNBC Indonesia– Legal practitioner from the Indonesian Property Consumer Advocacy Institute Erwin Kallo said that many mafia and bankruptcy syndicates are involved in property projects.

This was conveyed by Erwin in CNBC Indonesia’s Exclusive Interview with the theme “Bankruptcy in the Property Industry, Friday (18/9/2020),

According to him, one of the modes that occurs is property developers bankrupt their own companies. The developer has succeeded in selling almost all the apartment units to be built. However, after being sold, the project stalled, and then a bankruptcy lawsuit emerged.

“Actually, we can see if there is a property project in South Jakarta that has sold up to 90% but has gone bankrupt. In fact, if only 60% were sold, the project should be able to run well, it might not fail,” he said.

“There are no developers who bankrupt themselves. Because developers need the trust to sell their projects. If a developer goes bankrupt, then it is actually a thief disguised as a developer,” he said.

On the same occasion Cornel B. Juniarto from Hermawan Juniarto & Partners Lawyers and Deloitte Legal Network discussed a change in the Bankruptcy and Suspension of Debt Payment Obligations to prevent mafia bankruptcy practices.

One of the points proposed is the minimum value of creditors who are entitled to file bankruptcy.

“Currently there is no limit on the minimum debt limit that can be filed for bankruptcy. It is hoped that there will be a limit, if not even small debt can file for bankruptcy,” said Cornel.

In addition, Cornel also discussed regulations regarding internal insolvency tests before PKPU and bankruptcy suits were received and tried. The insolvency test is a test to measure the inability to default on companies.

If the company that is sued for bankruptcy has good financial and payment capacity, the judge can reject the bankruptcy and PKPU lawsuit.

“If the company is going concern, the financial report is fine, and again it becomes solvent, just pay it. No need for PKPU or bankruptcy lawsuit,” he said.

[Gambas:Video CNBC]

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