Month: July 2020

Peace in Postponement of Obligation to Pay Debt and Bankruptcy

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Principle of Peace

“Peace Institution” in the Bankruptcy and Postponement of Debt Payment Obligations Law regime is the embodiment of various principles adhered to in the UUK and at the same time becomes the most important institution in the UUK;

The principle referred to is the Balance Principle, which is the balance between the interests of debtors, creditors and other stakeholders in the Postponement of Debt Payment Obligations and Bankruptcy proceedings;

The principle of business continuity (going concern) becomes very important to protect the business of debtors and creditors, employees, suppliers and other parties directly and indirectly;

The Principles of Transparency and Justice are keywords in the peace process.

The Party That Proposed Peace Plan

1. debtor, When submitting a petition request for himself (voluntary petition). Debtors who estimate in the future will not be able to carry out their obligations to creditors;

2. debtor, When he is declared to have postponed his debt payment obligations;

3. debtor, When he was declared bankrupt;

4. curator, When the debtor is declared bankrupt.

Bad Credit

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Bad Credit

Bad credit or problem loans are loans that have difficulty paying off due to factors or intentional elements or due to conditions beyond the ability of the Debtor.

In Indonesia, there are 2 (two) types of credit:

  • Current Credit, and
  • Non-performing Loans:
  • Substandard Credit
  • Doubtful Credit
  • Bad Credit

Cause

The appearance of problem loans does not happen suddenly, it will appear after going through a process, which can be caused by negligence or mistakes of the Creditors (financial service providers) or from the Debtors.

Creditor

Careless apply credit rules, it is too easy to give credit, the concentration of credit funds in a group of debtors, high-risk business sectors, lending that exceeds the ability limit, etc.

Debtor

Declining business conditions due to deteriorating general economic conditions, mismanagement, family problems, business failures, liquidity problems, force majeure, bad temper, etc.

Bad Credit Indication

  • Deferral of abnormal obligations
  • The unexpected investigation from another financial institution
  • Internal problem
  • Changes in the map of market participants / new competitors
  • Increased use of overdraft facilities
  • The company is in chaos
  • Illegal activities were found for the business
  • Request additional credit
  • Request for an extension or reschedule of credit
  • A business that is too expansive
  • Other creditors protect the credit provided by requesting additional collateral or binding a notary for collateral

How to Settle Bad Credit

  • Rescheduling
  • Reconditioning
  • Restructuring
  • Liquidation
  • BANKRUPTCY
  • DELAYING DEBT PAYMENT OBLIGATIONS

About Tax Disputes

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The Emergence of Tax Disputes

General Explanation of Law No. 14 of 2002 concerning Tax Courts (PP Law) in the first paragraph explains that:

“The implementation of tax collection that is not by the Taxation Law will cause injustice to the taxpayer community so that it can lead to a Tax Dispute between the taxpayer and the authorized official”.

Tax Dispute

Article 1 point 5 of the PP Law provides an official understanding of the Tax Dispute as follows:

“Tax Disputes are disputes arising in the field of taxation between taxpayers or Tax Insurers and the Authorized Officials as a result of the issuance of decisions that can be appealed or prosecuted to the Tax Court based on tax legislation, including lawsuits over the conduct of billing under the Forced Tax Collection Law “.

Appeal or Lawsuit?

  • Appeal
    An appeal is a legal remedy made by a taxpayer or a tax guarantor against a decision that can be appealed based on applicable tax legislation.
  • Lawsuit
    A lawsuit is a legal remedy that can be carried out by a taxpayer or tax guarantor for the implementation of tax collection or for decisions that can be filed for a lawsuit based on the applicable tax legislation.

Settlement Process

  • The objection resolution process is carried out by the tax authorities:
    The central tax is handled by the Directorate General of Taxes
    Customs by the Directorate General of Customs and Excise
    Regional Tax by the relevant Regional Government
  • The process of settling appeals and lawsuits by TAX COURT.