KSP Legal Articles
July 15, 2025
Shareholders' Measures to Face Deadlock Situations in Company (Upaya Pemegang Saham Menghadapi Situasi Deadlock Dalam Perusahaan)
Kiki Setiawan & Partners Law Office provides legal consultancy related to Corporate, Commercial, Investment and Financing legal matters, please call us at +62 21 2963 8070 or drop us an email at mail@ksplaw.co.id
In a company (or limited liability company) or Joint Venture Company, shareholders have different roles, interests, and share ownership amounts. Each share owned grants the shareholder rights and responsibilities, such as voting rights, dividend rights, rights to remaining assets resulting from liquidation and so forth. Shareholders in a General Meeting of Shareholders (GMS), which is the highest organ in a company, can also determine the occurrence of corporate actions. The Board of Directors is required to hold at least one GMS annually, commonly known as the Annual GMS. Often, shareholders to experience disagreements and differences of opinion, which can lead to deadlock in decision-making.
As a result, shareholders have several measures that can be taken against the shares they own or against company, including:
1. Selling their shares to a third party
The first way is to offer shares to a third party to replace the shareholder's position in company. But of course, there are things that must be considered in selling shares. This is regulated in Articles 56-59 of Law Number 40 of 2007 on Limited Liability Company (Indonesian Company Law), i.e.:
a. Must first be offered to the other existing shareholders. If the other shareholders do not purchase the shares within 30 days after the offer is made, then the shares can be offered and sold to third parties.
b. Must obtain approval from Company organs (General Meeting of Shareholders (GMS), Board of Directors and/or Board of Commissioners). Shareholders who wish to sell their shares must request approval for the transfer of rights. Within 90 days of the request, Company Organ must provide a written response regarding its approval or rejection.
c. Must obtain approval from the authorized agency in accordance with the provisions of laws and regulations.
d. A deed of transfer of rights over shares must be made to document the transfer of rights to the shares to the purchaser, whether a third party or another shareholder. This deed can be either a notarial deed or a privately made deed.
It should be noted that if company has only two shareholders, and shareholder A sells his shares to shareholder B, then shareholder B in company will become the sole shareholder. This will have consequences for shareholder B, as stipulated in Article 7 of Indonesian Company Law. Within a maximum period of six months, shareholder B must transfer some of its shares to another person or company issues new shares to other persons.
If that period is exceeded and shareholder B is still the sole shareholder, then the shareholder shall be personally liable for all obligations and losses of company arising after the exceeding of such six-month period and at the request of any interested party (the public prosecutor, shareholders, Board of Directors, Board of Commissioners, employees of company, creditors and/or stakeholders), the district court may dissolve company.
2. Request Company to repurchase its shares (shares buyback)
Shareholders have the right to request company to buy back their shares at a fair price. The procedure for conducting a buyback in a closed company is mandatory with the approval of the GMS. The requirements that need to be considered in the buyback are:
a. the buyback of shares does not cause company's net assets to become smaller than the amount of issued capital plus mandatory reserves that have been set aside;
b. the total nominal value of all shares repurchased by company and pledge of shares or fiduciary guarantee of shares held by company itself and/or other companies whose shares are directly or indirectly owned by company, does not exceed 10% of the total issued capital of company; and
c. Shares bought back by company may only be held by company for a maximum of 3 years. Within this period, company can determine whether the shares will be sold or withdrawn by means of a capital reduction.
3. Dissolving company
This can be done if all shareholders have felt that company's objectives can no longer be achieved with differences of opinion and views between all shareholders. This is in line with Indonesian Company Law which states that the dissolution of company can occur based on a GMS Resolution. Those who can propose the dissolution of company are Board of Directors, Board of Commissioners or a shareholder representing at least 10% of the total number of shares.
Approval of the dissolution of company will mark the beginning of the liquidation process. Company will only lose its legal entity status when the liquidation is completed, and the liquidator's accountability is accepted by GMS or the court. The process of liquidation that must be carried out by the liquidator are:
a. recording and collection of company's assets and debts;
b. the announcement in a Newspaper and the State Gazette of the Republic of Indonesia of the plan for the distribution of the liquidation proceeds;
c. payment to the creditors;
d. payment of the remaining assets of the liquidation proceeds to the shareholders; and
e. other actions necessary to be taken in the assets distributions.
Selling shares to a third party requires careful consideration and calculation, including an assessment of the company's track record, achievements, the presence of business conflicts, and the continued existence of partnerships with other companies. A shareholder's decision to dissolve a company often results from a deadlock among the shareholders, which not only results in losses for the established business but also for other stakeholders, such as creditors and employees.
Click DOWNLOAD PDF to read the Indonesian version of this Article
Read MoreIn a company (or limited liability company) or Joint Venture Company, shareholders have different roles, interests, and share ownership amounts. Each share owned grants the shareholder rights and responsibilities, such as voting rights, dividend rights, rights to remaining assets resulting from liquidation and so forth. Shareholders in a General Meeting of Shareholders (GMS), which is the highest organ in a company, can also determine the occurrence of corporate actions. The Board of Directors is required to hold at least one GMS annually, commonly known as the Annual GMS. Often, shareholders to experience disagreements and differences of opinion, which can lead to deadlock in decision-making.
As a result, shareholders have several measures that can be taken against the shares they own or against company, including:
1. Selling their shares to a third party
The first way is to offer shares to a third party to replace the shareholder's position in company. But of course, there are things that must be considered in selling shares. This is regulated in Articles 56-59 of Law Number 40 of 2007 on Limited Liability Company (Indonesian Company Law), i.e.:
a. Must first be offered to the other existing shareholders. If the other shareholders do not purchase the shares within 30 days after the offer is made, then the shares can be offered and sold to third parties.
b. Must obtain approval from Company organs (General Meeting of Shareholders (GMS), Board of Directors and/or Board of Commissioners). Shareholders who wish to sell their shares must request approval for the transfer of rights. Within 90 days of the request, Company Organ must provide a written response regarding its approval or rejection.
c. Must obtain approval from the authorized agency in accordance with the provisions of laws and regulations.
d. A deed of transfer of rights over shares must be made to document the transfer of rights to the shares to the purchaser, whether a third party or another shareholder. This deed can be either a notarial deed or a privately made deed.
It should be noted that if company has only two shareholders, and shareholder A sells his shares to shareholder B, then shareholder B in company will become the sole shareholder. This will have consequences for shareholder B, as stipulated in Article 7 of Indonesian Company Law. Within a maximum period of six months, shareholder B must transfer some of its shares to another person or company issues new shares to other persons.
If that period is exceeded and shareholder B is still the sole shareholder, then the shareholder shall be personally liable for all obligations and losses of company arising after the exceeding of such six-month period and at the request of any interested party (the public prosecutor, shareholders, Board of Directors, Board of Commissioners, employees of company, creditors and/or stakeholders), the district court may dissolve company.
2. Request Company to repurchase its shares (shares buyback)
Shareholders have the right to request company to buy back their shares at a fair price. The procedure for conducting a buyback in a closed company is mandatory with the approval of the GMS. The requirements that need to be considered in the buyback are:
a. the buyback of shares does not cause company's net assets to become smaller than the amount of issued capital plus mandatory reserves that have been set aside;
b. the total nominal value of all shares repurchased by company and pledge of shares or fiduciary guarantee of shares held by company itself and/or other companies whose shares are directly or indirectly owned by company, does not exceed 10% of the total issued capital of company; and
c. Shares bought back by company may only be held by company for a maximum of 3 years. Within this period, company can determine whether the shares will be sold or withdrawn by means of a capital reduction.
3. Dissolving company
This can be done if all shareholders have felt that company's objectives can no longer be achieved with differences of opinion and views between all shareholders. This is in line with Indonesian Company Law which states that the dissolution of company can occur based on a GMS Resolution. Those who can propose the dissolution of company are Board of Directors, Board of Commissioners or a shareholder representing at least 10% of the total number of shares.
Approval of the dissolution of company will mark the beginning of the liquidation process. Company will only lose its legal entity status when the liquidation is completed, and the liquidator's accountability is accepted by GMS or the court. The process of liquidation that must be carried out by the liquidator are:
a. recording and collection of company's assets and debts;
b. the announcement in a Newspaper and the State Gazette of the Republic of Indonesia of the plan for the distribution of the liquidation proceeds;
c. payment to the creditors;
d. payment of the remaining assets of the liquidation proceeds to the shareholders; and
e. other actions necessary to be taken in the assets distributions.
Selling shares to a third party requires careful consideration and calculation, including an assessment of the company's track record, achievements, the presence of business conflicts, and the continued existence of partnerships with other companies. A shareholder's decision to dissolve a company often results from a deadlock among the shareholders, which not only results in losses for the established business but also for other stakeholders, such as creditors and employees.
Click DOWNLOAD PDF to read the Indonesian version of this Article
November 19, 2024
Mengenal Pengaturan Pendanaan Kembali Dalam Sektor Perbankan (Understanding Refinancing Arrangements in Banking Sector)
Kiki Setiawan & Partners Law Office provides legal consultancy related to Banking, Corporate and Commercial legal matters, please call us at +62 21 2963 8070 or drop us an email at mail@ksplaw.co.id
Refinancing atau Pendanaan kembali merupakan suatu kegiatan pendanaan ulang yang dilakukan dengan mengajukan pinjaman baru untuk menggantikan pinjaman lama. Hal ini bertujuan agar penerima dana mendapatkan keuntungan yang lebih besar dengan mendapatkan kondisi pinjaman yang lebih baik. Beberapa produk refinancing dalam sektor perbankan yang dikenal masyarakat luas adalah refinancing rumah, mobil atau kartu kredit. Refinancing memiliki manfaat dalam hal pengurangan biaya bunga, mengubah waktu pinjaman, dan pengurangan beban cicilan.
Dalam konteks perusahaan, refinancing dapat dilakukan karena beberapa hal, seperti hendak menerbitkan surat utang baru, membiayai proyek investasi baru, mendapatkan dana untuk beroperasi ketika sedang berada pada periode pendapatan rendah, maupun untuk membiayai kembali utang yang ada. Terdapat pula praktik refinancing dengan penerbitan obligasi untuk mengatasi tanggungan utang yang segera jatuh tempo. Salah satu contoh refinancing perusahaan adalah fasilitas kredit sindikasi yang diterima oleh PT Lippo Karawaci Tbk. (LPKR) dari PT Bank Negara Indonesia (Persero) Tbk. (BBNI) dan PT Bank CIMB Niaga Tbk. (BNGA) senilai Rp. 6 triliun yang digunakan untuk refinancing utang senior senilai USD 845 juta pada tahun 2023.
Jenis-jenis refinancing dalam dunia perbankan pada umumnya terdiri atas:
1. Rate & term refinancing
Merupakan kegiatan untuk mengganti pinjaman yang lama dengan pinjaman baru dengan kondisi pinjaman yang lebih menguntungkan.
2. Cash-out refinancing
Merupakan kegiatan menjual aset yang masih dalam keadaan kredit dengan harga yang lebih tinggi, di mana kemudian hasil penjualan akan digunakan untuk melunasi kredit dan sisanya menjadi keuntungan.
3. Cash-in refinancing
Merupakan kegiatan melakukan kredit untuk membayar sebagian utang agar utang tersebut mendapatkan bunga angsuran yang lebih kecil.
4. Consolidation refinancing
Merupakan kegiatan yang mirip dengan rate & term refinancing, namun dalam hal ini beberapa pinjaman yang lama (pada beberapa lembaga) secara sekaligus digantikan dengan satu pinjaman baru.
Di Indonesia, dasar hukum untuk kegiatan refinancing dapat ditarik mundur hingga hukum tentang perjanjian. KUHPerdata sendiri tidak mengatur secara spesifik mengenai perjanjian kredit, sehingga perjanjian kredit seringkali digolongkan pada perjanjian pinjam-meminjam yang diatur dalam Pasal 1754 KUHPerdata, dimana “pihak pertama menyerahkan sejumlah barang yang dapat habis terpakai kepada pihak kedua dengan syarat bahwa pihak kedua itu akan mengembalikan barang sejenis kepada pihak pertama dalam jumlah dan keadaan yang sama.”
Berangkat dari suatu hubungan perjanjian, maka tentu saja perjanjian kredit tidak lepas dari syarat sah perjanjian yang terkandung dalam Pasal 1320 KUHPerdata, yaitu kesepakatan, kecakapan, suatu hal tertentu yang diperjanjikan, serta suatu sebab yang halal. Selanjutnya, refinancing yang berakar dari restrukturisasi kredit dapat ditemukan dalam beleid yang mengatur mengenai restrukturisasi kredit. Peraturan OJK No. 40/POJK.03/2019 tentang Penilaian Kualitas Aset Bank Umum (“POJK 40/2019”) menyatakan dalam Pasal 1 angka 25 bahwa: “Restrukturisasi Kredit adalah upaya perbaikan yang dilakukan Bank dalam kegiatan perkreditan terhadap debitur yang mengalami kesulitan untuk memenuhi kewajibannya.”
Selanjutnya, beberapa cara untuk melakukan restrukturisasi kredit diuraikan dalam Penjelasan Pasal 53 POJK 40/2019 sebagai berikut:
“Restrukturisasi Kredit dilakukan antara lain dengan cara:
a. penurunan suku bunga Kredit;
b. perpanjangan jangka waktu Kredit;
c. pengurangan tunggakan bunga Kredit;
d. pengurangan tunggakan pokok Kredit;
e. penambahan fasilitas Kredit; dan/atau
f. konversi Kredit menjadi Penyertaan Modal Sementara.”
Diperoleh dari penjelasan SK Direksi BI No. 31/150/KEP/DIR tanggal 12 November 1998, refinancing tampak dalam huruf e, yaitu penambahan fasilitas kredit. Meskipun SK ini telah dinyatakan tidak berlaku paska adanya beberapa peraturan baru termasuk PBI 14/15/PBI/2012 yang selanjutnya digantikan oleh POJK 40/2019, namun hanya SK inilah yang memberikan penjelasan mengenai masing-masing bentuk restrukturisasi kredit. Penambahan fasilitas kredit dapat dilakukan dengan beberapa cara, salah satunya adalah tambahan dana pinjaman atau refinancing, baik oleh kreditor yang sama maupun oleh kreditor yang berbeda. Refinancing oleh kreditor yang sama dilakukan dengan membuat perjanjian kredit baru yang jumlah pinjamannya adalah utang lama ditambah dengan utang baru. Adapun refinancing oleh kreditor yang baru dilakukan dengan membuat perjanjian kredit baru di mana selanjutnya debitor menggunakan kredit yang diperoleh tersebut untuk melunasi utangnya kepada kreditor lama.
Pemberian refinancing sebagai restrukturisasi kredit harus pula memperhatikan persyaratan dari restrukturisasi kredit itu sendiri, yaitu bahwa debitur harus memenuhi kriteria:
1. mengalami kesulitan pembayaran pokok dan/atau bunga kredit; dan
2. masih memiliki prospek usaha yang baik dan dinilai mampu memenuhi kewajiban setelah kredit direstrukturisasi.
Tanpa dipenuhinya persyaratan tersebut, bank tidak diperkenankan semata-mata memberikan restrukturisasi kredit dengan tujuan untuk memperbaiki kualitas kredit atau menghindari peningkatan pembentukan Penyisihan Penilaian Kualitas Aset (PPKA).
Selain dalam sektor perbankan, ketentuan mengenai pembiayaan ulang atau refinancing dalam perusahaan pembiayaan juga sebelumnya sempat diatur dalam Perpres No. 9 Tahun 2009 tentang Lembaga Pembiayaan. Dalam peraturan presiden ini, dinyatakan bahwa refinancing hanya dapat dilakukan oleh Perusahaan Pembiayaan Infrastruktur. Namun, pada tahun 2020 peraturan tersebut dinyatakan tidak berlaku. Pengaturan mengenai perusahaan pembiayaan saat ini dapat mengacu kepada POJK No. 35/POJK.05/2018 tentang Penyelenggaraan Usaha Perusahaan Pembiayaan sebagaimana diubah dengan Peraturan Otoritas Jasa Keuangan Nomor 7/POJK.05/2022. POJK ini sendiri tidak sama sekali menyinggung tentang refinancing sebagai kegiatan usaha perusahaan pembiayaan.
Sebagai suatu upaya restrukturisasi kredit dari debitur yang mengalami kredit bermasalah, tentu saja dalam menyusun perjanjian refinancing harus disertai dengan prinsip kehati-hatian. Kualitas kredit sendiri tergolong dalam beberapa kategori, yaitu kredit lancar, kredit dalam perhatian khusus, kredit kurang lancar, kredit diragukan, dan kredit macet. Untuk menjamin keamanan dari perjanjian refinancing, harus dimuat klausula-klausula yang dapat memitigasi risiko kredit bermasalah. Refinancing sebagai bentuk dari perjanjian kredit tidak terlepas dari klausula penting perjanjian kredit itu sendiri. Adapun klausula perjanjian yang penting dalam perjanjian kredit yaitu sebagai berikut.
1. Jenis penggunaan kredit, tujuan kredit;
2. Limit kredit, jangka waktu, cara pembayaran kembali, angsuran, dan persyaratan kredit lainnya;
3. Suku bunga dan biaya pengajuan kredit;
4. Representation dan warranties;
5. Agunan kredit dan asuransi barang agunan;
6. Tindakan-tindakan bank dalam rangka pengawasan dan penyelamatan kredit;
7. Risiko keterlambatan, denda pelunasan lebih awal, dan klausula wanpretasi;
8. Penyelesaian sengketa dan pilihan domisili hukum.
Pendanaan Kembali berfungsi untuk mengurangi beban kredit dan menjaga stabilitas keuangan bagi Pengguna Kredit dengan melakukan konsolidasi utang, mengurangi bunga atau mengubah tipe pendanaan. Perjanjian pendanaan kembali merupakan instrumen yang perlu dipersiapkan dan dikaji secara teliti dan karenanya Kiki Setiawan & Partners Law Office dapat membantu baik pengguna kredit atau bank untuk menyusun atau melakukan kajian atas refinancing agreement
Click DOWNLOAD PDF to read the English version of this Article
Read MoreRefinancing atau Pendanaan kembali merupakan suatu kegiatan pendanaan ulang yang dilakukan dengan mengajukan pinjaman baru untuk menggantikan pinjaman lama. Hal ini bertujuan agar penerima dana mendapatkan keuntungan yang lebih besar dengan mendapatkan kondisi pinjaman yang lebih baik. Beberapa produk refinancing dalam sektor perbankan yang dikenal masyarakat luas adalah refinancing rumah, mobil atau kartu kredit. Refinancing memiliki manfaat dalam hal pengurangan biaya bunga, mengubah waktu pinjaman, dan pengurangan beban cicilan.
Dalam konteks perusahaan, refinancing dapat dilakukan karena beberapa hal, seperti hendak menerbitkan surat utang baru, membiayai proyek investasi baru, mendapatkan dana untuk beroperasi ketika sedang berada pada periode pendapatan rendah, maupun untuk membiayai kembali utang yang ada. Terdapat pula praktik refinancing dengan penerbitan obligasi untuk mengatasi tanggungan utang yang segera jatuh tempo. Salah satu contoh refinancing perusahaan adalah fasilitas kredit sindikasi yang diterima oleh PT Lippo Karawaci Tbk. (LPKR) dari PT Bank Negara Indonesia (Persero) Tbk. (BBNI) dan PT Bank CIMB Niaga Tbk. (BNGA) senilai Rp. 6 triliun yang digunakan untuk refinancing utang senior senilai USD 845 juta pada tahun 2023.
Jenis-jenis refinancing dalam dunia perbankan pada umumnya terdiri atas:
1. Rate & term refinancing
Merupakan kegiatan untuk mengganti pinjaman yang lama dengan pinjaman baru dengan kondisi pinjaman yang lebih menguntungkan.
2. Cash-out refinancing
Merupakan kegiatan menjual aset yang masih dalam keadaan kredit dengan harga yang lebih tinggi, di mana kemudian hasil penjualan akan digunakan untuk melunasi kredit dan sisanya menjadi keuntungan.
3. Cash-in refinancing
Merupakan kegiatan melakukan kredit untuk membayar sebagian utang agar utang tersebut mendapatkan bunga angsuran yang lebih kecil.
4. Consolidation refinancing
Merupakan kegiatan yang mirip dengan rate & term refinancing, namun dalam hal ini beberapa pinjaman yang lama (pada beberapa lembaga) secara sekaligus digantikan dengan satu pinjaman baru.
Di Indonesia, dasar hukum untuk kegiatan refinancing dapat ditarik mundur hingga hukum tentang perjanjian. KUHPerdata sendiri tidak mengatur secara spesifik mengenai perjanjian kredit, sehingga perjanjian kredit seringkali digolongkan pada perjanjian pinjam-meminjam yang diatur dalam Pasal 1754 KUHPerdata, dimana “pihak pertama menyerahkan sejumlah barang yang dapat habis terpakai kepada pihak kedua dengan syarat bahwa pihak kedua itu akan mengembalikan barang sejenis kepada pihak pertama dalam jumlah dan keadaan yang sama.”
Berangkat dari suatu hubungan perjanjian, maka tentu saja perjanjian kredit tidak lepas dari syarat sah perjanjian yang terkandung dalam Pasal 1320 KUHPerdata, yaitu kesepakatan, kecakapan, suatu hal tertentu yang diperjanjikan, serta suatu sebab yang halal. Selanjutnya, refinancing yang berakar dari restrukturisasi kredit dapat ditemukan dalam beleid yang mengatur mengenai restrukturisasi kredit. Peraturan OJK No. 40/POJK.03/2019 tentang Penilaian Kualitas Aset Bank Umum (“POJK 40/2019”) menyatakan dalam Pasal 1 angka 25 bahwa: “Restrukturisasi Kredit adalah upaya perbaikan yang dilakukan Bank dalam kegiatan perkreditan terhadap debitur yang mengalami kesulitan untuk memenuhi kewajibannya.”
Selanjutnya, beberapa cara untuk melakukan restrukturisasi kredit diuraikan dalam Penjelasan Pasal 53 POJK 40/2019 sebagai berikut:
“Restrukturisasi Kredit dilakukan antara lain dengan cara:
a. penurunan suku bunga Kredit;
b. perpanjangan jangka waktu Kredit;
c. pengurangan tunggakan bunga Kredit;
d. pengurangan tunggakan pokok Kredit;
e. penambahan fasilitas Kredit; dan/atau
f. konversi Kredit menjadi Penyertaan Modal Sementara.”
Diperoleh dari penjelasan SK Direksi BI No. 31/150/KEP/DIR tanggal 12 November 1998, refinancing tampak dalam huruf e, yaitu penambahan fasilitas kredit. Meskipun SK ini telah dinyatakan tidak berlaku paska adanya beberapa peraturan baru termasuk PBI 14/15/PBI/2012 yang selanjutnya digantikan oleh POJK 40/2019, namun hanya SK inilah yang memberikan penjelasan mengenai masing-masing bentuk restrukturisasi kredit. Penambahan fasilitas kredit dapat dilakukan dengan beberapa cara, salah satunya adalah tambahan dana pinjaman atau refinancing, baik oleh kreditor yang sama maupun oleh kreditor yang berbeda. Refinancing oleh kreditor yang sama dilakukan dengan membuat perjanjian kredit baru yang jumlah pinjamannya adalah utang lama ditambah dengan utang baru. Adapun refinancing oleh kreditor yang baru dilakukan dengan membuat perjanjian kredit baru di mana selanjutnya debitor menggunakan kredit yang diperoleh tersebut untuk melunasi utangnya kepada kreditor lama.
Pemberian refinancing sebagai restrukturisasi kredit harus pula memperhatikan persyaratan dari restrukturisasi kredit itu sendiri, yaitu bahwa debitur harus memenuhi kriteria:
1. mengalami kesulitan pembayaran pokok dan/atau bunga kredit; dan
2. masih memiliki prospek usaha yang baik dan dinilai mampu memenuhi kewajiban setelah kredit direstrukturisasi.
Tanpa dipenuhinya persyaratan tersebut, bank tidak diperkenankan semata-mata memberikan restrukturisasi kredit dengan tujuan untuk memperbaiki kualitas kredit atau menghindari peningkatan pembentukan Penyisihan Penilaian Kualitas Aset (PPKA).
Selain dalam sektor perbankan, ketentuan mengenai pembiayaan ulang atau refinancing dalam perusahaan pembiayaan juga sebelumnya sempat diatur dalam Perpres No. 9 Tahun 2009 tentang Lembaga Pembiayaan. Dalam peraturan presiden ini, dinyatakan bahwa refinancing hanya dapat dilakukan oleh Perusahaan Pembiayaan Infrastruktur. Namun, pada tahun 2020 peraturan tersebut dinyatakan tidak berlaku. Pengaturan mengenai perusahaan pembiayaan saat ini dapat mengacu kepada POJK No. 35/POJK.05/2018 tentang Penyelenggaraan Usaha Perusahaan Pembiayaan sebagaimana diubah dengan Peraturan Otoritas Jasa Keuangan Nomor 7/POJK.05/2022. POJK ini sendiri tidak sama sekali menyinggung tentang refinancing sebagai kegiatan usaha perusahaan pembiayaan.
Sebagai suatu upaya restrukturisasi kredit dari debitur yang mengalami kredit bermasalah, tentu saja dalam menyusun perjanjian refinancing harus disertai dengan prinsip kehati-hatian. Kualitas kredit sendiri tergolong dalam beberapa kategori, yaitu kredit lancar, kredit dalam perhatian khusus, kredit kurang lancar, kredit diragukan, dan kredit macet. Untuk menjamin keamanan dari perjanjian refinancing, harus dimuat klausula-klausula yang dapat memitigasi risiko kredit bermasalah. Refinancing sebagai bentuk dari perjanjian kredit tidak terlepas dari klausula penting perjanjian kredit itu sendiri. Adapun klausula perjanjian yang penting dalam perjanjian kredit yaitu sebagai berikut.
1. Jenis penggunaan kredit, tujuan kredit;
2. Limit kredit, jangka waktu, cara pembayaran kembali, angsuran, dan persyaratan kredit lainnya;
3. Suku bunga dan biaya pengajuan kredit;
4. Representation dan warranties;
5. Agunan kredit dan asuransi barang agunan;
6. Tindakan-tindakan bank dalam rangka pengawasan dan penyelamatan kredit;
7. Risiko keterlambatan, denda pelunasan lebih awal, dan klausula wanpretasi;
8. Penyelesaian sengketa dan pilihan domisili hukum.
Pendanaan Kembali berfungsi untuk mengurangi beban kredit dan menjaga stabilitas keuangan bagi Pengguna Kredit dengan melakukan konsolidasi utang, mengurangi bunga atau mengubah tipe pendanaan. Perjanjian pendanaan kembali merupakan instrumen yang perlu dipersiapkan dan dikaji secara teliti dan karenanya Kiki Setiawan & Partners Law Office dapat membantu baik pengguna kredit atau bank untuk menyusun atau melakukan kajian atas refinancing agreement
Click DOWNLOAD PDF to read the English version of this Article
August 30, 2024
Getting To Know Types of Creditors in Civil and Bankruptcy Laws (Mengenal Jenis-Jenis Kreditor dalam Hukum Perdata dan Kepailitan)
Kiki Setiawan & Partners Law Office provides legal consultancy related to Civil, Criminal and Bankruptcy legal matters, please call us at
+62 21 2963 8070 or drop us an email at mail@ksplaw.co.id.
The Indonesian Civil Code (“ICC”) does not specifically use the terms creditor and debtor to explain the position of the parties in a debt receivable relationship. Article 1754 of the Civil Code defines the relationship as an act of borrowing and lending consumable goods, in this case money. On the other hand, Law No. 37 of 2004 concerning Bankruptcy and Suspension of Debt Payment Obligations (“Bankruptcy Law”) which was enacted later regulates the definition of Creditors and Debtors as regulated in Article 1 number 2 and Article 1 number 3 of the Bankruptcy Law.
Article 1 point 2
A creditor is a person who has a debt due to an agreement or law that can be collected in court.
Article 1 point 3
A debtor is a person who has debts due to agreements or laws whose repayments can be collected in court.
In general, creditors in civil law are divided into several types, namely concurrent, separatist, and preferred creditors. However, the names of such creditor types are not explicitly mentioned in the Indonesian Civil Code. In the context of bankruptcy, the Explanation of Article 2 paragraph (1) of the Bankruptcy Law also states that creditors in bankruptcy cases include concurrent, separatist, and preferred creditors. Each creditor has a different position in terms of obtaining debt repayment. The differences between the three creditors are as follows:
1. Concurrent Creditors
In the Indonesian Civil Code, concurrent creditors are implicitly mentioned in Article 1132 jo. 1131 which states that all goods belonging to the debtor become collateral for repayment against creditors, unless among the creditors there are valid reasons for priority among creditors. Basically, concurrent creditors are creditors who are not privileged over other creditors because they do not have collateral or are not also given a privilege right by law. In simple terms, these creditors are ordinary creditors whose repayment rights are not privileged from others.
Bankruptcy law stipulates that all of the debtor's assets will be used for repayment. Concurrent creditors in bankruptcy also have the same definition, namely ordinary creditors who do not have collateral or are not privileged by law. Examples of concurrent creditors are creditors of debt agreements that are not accompanied by security or collateral rights (such as fintech lending, personal loans), or counterparties to business transactions that have not been repaid.
2. Separatist Creditor
Based on Article 1133 jo. 1134 of the Indonesian Civil Code, a separatist creditor is a creditor who are privileged in which the right is arising from certain collateral, namely pledge, mortgage, fiduciary, or other collateral rights. These creditors have the right to debt repayment from the debtor's collateral, where the creditor has the right to sell the collateral to obtain repayment.
In the context of bankruptcy, separatist creditors are regulated in Article 55 paragraph (1) of the Bankruptcy Law. This article gives creditors holding pledge, fiduciary, mortgage, or other collateral rights the right to execute these collateral rights to obtain repayment. Examples of separatist creditors include banks that hold collateral rights.
3. Preferred Creditors
In Article 1134 of the Indonesian Civil Code, it is stated that preferred creditors are creditors who are privileged because the law gives special rights to their credits. The types are regulated in Article 1139 jo. 1149 of the Indonesian Civil Code. Seemingly, the position of preferred creditors in Article 1134 of the Indonesian Civil Code is lower than that of separatist creditors, unless otherwise expressly provided by law.
In the Bankruptcy Law, preferred creditors are regulated in Article 21 paragraph (1) and paragraph (3) which consists of state tax debts and court costs. In addition, based on Constitutional Court Decision No. 67/PUU-XI/2013, there are other expressly preferred creditors that must be privileged over other creditors, namely the unpaid wages of workers/laborers. Of course, these creditors are given a higher right to repayment than all other creditors.
Position of Creditors in Bankruptcy
Based on the previous explanation, it can be concluded that the position of creditors in bankruptcy can be sorted as follows:
1. Preferred creditors who are prioritized such as basic wages of workers/laborers, state taxes and court costs;
2. Separatist creditors such as holders of collateral, excluding corporate guarantee holders; and
3. Concurrent creditors include companies or individuals who have debts due to business activities with the debtor.
As a creditor in the very last position, the settlement portion of concurrent creditors in the event of bankruptcy can only be fulfilled when the portion of the creditors above them has been given. In addition, there are also several differences in the rights between these creditors in terms of voting in the Bankruptcy Law, namely:
1. Voting for the replacement of the Curator and the Creditors' committee, can only be conducted by concurrent creditors (Article 71 and Article 80 of the Bankruptcy Law).
2. Voting for peace plan in bankruptcy, may not be conducted by separatist or preferred creditors, unless they waive their right of precedence (Article 149 of the Bankruptcy Law).
3. Voting for permanent PKPU and its extension approval, only by concurrent creditors and separatist creditors (Article 229 paragraph [1] of the Bankruptcy Law).
4. Voting for peace plan in Suspension of Debt Payment Obligations, only by concurrent creditors and separatist creditors (Article 281 paragraph [1] of the Bankruptcy Law).
Click DOWNLOAD PDF to read the Indonesian version of this Article
Read More+62 21 2963 8070 or drop us an email at mail@ksplaw.co.id.
The Indonesian Civil Code (“ICC”) does not specifically use the terms creditor and debtor to explain the position of the parties in a debt receivable relationship. Article 1754 of the Civil Code defines the relationship as an act of borrowing and lending consumable goods, in this case money. On the other hand, Law No. 37 of 2004 concerning Bankruptcy and Suspension of Debt Payment Obligations (“Bankruptcy Law”) which was enacted later regulates the definition of Creditors and Debtors as regulated in Article 1 number 2 and Article 1 number 3 of the Bankruptcy Law.
Article 1 point 2
A creditor is a person who has a debt due to an agreement or law that can be collected in court.
Article 1 point 3
A debtor is a person who has debts due to agreements or laws whose repayments can be collected in court.
In general, creditors in civil law are divided into several types, namely concurrent, separatist, and preferred creditors. However, the names of such creditor types are not explicitly mentioned in the Indonesian Civil Code. In the context of bankruptcy, the Explanation of Article 2 paragraph (1) of the Bankruptcy Law also states that creditors in bankruptcy cases include concurrent, separatist, and preferred creditors. Each creditor has a different position in terms of obtaining debt repayment. The differences between the three creditors are as follows:
1. Concurrent Creditors
In the Indonesian Civil Code, concurrent creditors are implicitly mentioned in Article 1132 jo. 1131 which states that all goods belonging to the debtor become collateral for repayment against creditors, unless among the creditors there are valid reasons for priority among creditors. Basically, concurrent creditors are creditors who are not privileged over other creditors because they do not have collateral or are not also given a privilege right by law. In simple terms, these creditors are ordinary creditors whose repayment rights are not privileged from others.
Bankruptcy law stipulates that all of the debtor's assets will be used for repayment. Concurrent creditors in bankruptcy also have the same definition, namely ordinary creditors who do not have collateral or are not privileged by law. Examples of concurrent creditors are creditors of debt agreements that are not accompanied by security or collateral rights (such as fintech lending, personal loans), or counterparties to business transactions that have not been repaid.
2. Separatist Creditor
Based on Article 1133 jo. 1134 of the Indonesian Civil Code, a separatist creditor is a creditor who are privileged in which the right is arising from certain collateral, namely pledge, mortgage, fiduciary, or other collateral rights. These creditors have the right to debt repayment from the debtor's collateral, where the creditor has the right to sell the collateral to obtain repayment.
In the context of bankruptcy, separatist creditors are regulated in Article 55 paragraph (1) of the Bankruptcy Law. This article gives creditors holding pledge, fiduciary, mortgage, or other collateral rights the right to execute these collateral rights to obtain repayment. Examples of separatist creditors include banks that hold collateral rights.
3. Preferred Creditors
In Article 1134 of the Indonesian Civil Code, it is stated that preferred creditors are creditors who are privileged because the law gives special rights to their credits. The types are regulated in Article 1139 jo. 1149 of the Indonesian Civil Code. Seemingly, the position of preferred creditors in Article 1134 of the Indonesian Civil Code is lower than that of separatist creditors, unless otherwise expressly provided by law.
In the Bankruptcy Law, preferred creditors are regulated in Article 21 paragraph (1) and paragraph (3) which consists of state tax debts and court costs. In addition, based on Constitutional Court Decision No. 67/PUU-XI/2013, there are other expressly preferred creditors that must be privileged over other creditors, namely the unpaid wages of workers/laborers. Of course, these creditors are given a higher right to repayment than all other creditors.
Position of Creditors in Bankruptcy
Based on the previous explanation, it can be concluded that the position of creditors in bankruptcy can be sorted as follows:
1. Preferred creditors who are prioritized such as basic wages of workers/laborers, state taxes and court costs;
2. Separatist creditors such as holders of collateral, excluding corporate guarantee holders; and
3. Concurrent creditors include companies or individuals who have debts due to business activities with the debtor.
As a creditor in the very last position, the settlement portion of concurrent creditors in the event of bankruptcy can only be fulfilled when the portion of the creditors above them has been given. In addition, there are also several differences in the rights between these creditors in terms of voting in the Bankruptcy Law, namely:
1. Voting for the replacement of the Curator and the Creditors' committee, can only be conducted by concurrent creditors (Article 71 and Article 80 of the Bankruptcy Law).
2. Voting for peace plan in bankruptcy, may not be conducted by separatist or preferred creditors, unless they waive their right of precedence (Article 149 of the Bankruptcy Law).
3. Voting for permanent PKPU and its extension approval, only by concurrent creditors and separatist creditors (Article 229 paragraph [1] of the Bankruptcy Law).
4. Voting for peace plan in Suspension of Debt Payment Obligations, only by concurrent creditors and separatist creditors (Article 281 paragraph [1] of the Bankruptcy Law).
Click DOWNLOAD PDF to read the Indonesian version of this Article
May 08, 2024
Penerbitan Medium Term Notes Yang Dilakukan Tanpa Melalui Penawaran Umum (Issuance of Medium Term Notes That Are Privately Offered)
Kiki Setiawan & Partners Law Office provides legal consultancy related to Corporate & Commercial legal matters, please call us at
+62 21 2963 8070 or drop us an email at mail@ksplaw.co.id.
Surat Utang jangka Menengah atau Medium Term Notes (“MTN”) adalah salah satu sumber pembiayaan yang diminati oleh perusahaan yang sedang membutuhkan pendanaan. Pendanaan yang lebih cepat karena proses penerbitan yang lebih sederhana dibandingkan proses penerbitan surat utang lainnya, menyebabkan MTN menjadi salah satu pilihan dalam pencarian pendanaan. Peraturannya sendiri dapat dilihat dalam Peraturan Otoritas Jasa Keuangan Republik Indonesia Nomor 30/POJK.04/2019 tentang Penerbitan Efek Bersifat Utang dan/atau Sukuk Yang Dilakukan Tanpa Melalui Penawaran Umum.
Kriteria Medium Term Notes
Dalam Penjelasan Pasal 4 POJK 30 Tahun 2019 telah menegaskan bahwa MTN dikategorikan sebagai salah satu bentuk EBUS Tanpa Penawaran Umum. Pasal 4 memberikan definisi atas Efek bersifat utang dan/atau Sukuk Tanpa Penawaran Umum (“EBUS Tanpa Penawaran Umum”), adalah efek bersifat utang dan/atau sukuk yang diterbitkan tanpa melalui penawaran umum dan memenuhi kriteria yang telah ditetapkan. Kriteria EBUS Tanpa Penawaran Umum sebagaimana diatur dalam Pasal 3, terdiri atas:
a. memiliki jatuh tempo lebih dari 1 (satu) tahun, yang nilai penerbitannya paling sedikit Rp1.000.000.000,00 (satu miliar rupiah) atau kurang dari Rp1.000.000.000,00 (satu miliar rupiah) yang penerbitannya dilakukan beberapa kali sehingga dalam jangka waktu 1 (satu) tahun mencapai nilai paling sedikit Rp1.000.000.000,00 (satu miliar rupiah); atau
b. memiliki jatuh tempo tidak lebih dari 1 (satu) tahun yang tidak diawasi oleh otoritas lain, yang nilai penerbitannya paling sedikit Rp1.000.000.000,00 (satu miliar rupiah) atau kurang dari Rp1.000.000.000,00 (satu miliar rupiah) yang penerbitannya dilakukan beberapa kali sehingga dalam jangka waktu 1 (satu) tahun mencapai nilai paling sedikit Rp1.000.000.000,00 (satu miliar rupiah).
Penerbit Medium Term Notes
Sebelum melaksanakan penerbitan, POJK 30 Tahun 2019 telah mengatur pihak-pihak yang dapat melaksanakan penerbitan atas EBUS Tanpa Penawaran Umum, antara lain (1) emiten atau perusahaan publik; (2) badan usaha atau badan hukum di Indonesia selain pihak emiten atau perusahaan publik; (3) Lembaga supranasional; atau (4) kontrak investasi kolektif yang dapat menerbitkan efek bersifat utang dan/atau sukuk sebagaimana diatur dalam sektor pasar modal.
Proses dan Tata Cara Penerbitan Medium Term Notes
Proses dan tata cara penerbitan EBUS Tanpa Pengawaran Umum tercantum pada Pasal 15 yang dijelaskan bahwa pertama, pihak yang akan menerbitkan EBUS Tanpa Pengawaran Umum memiliki kewajiban menyampaikan dokumen penerbitan EBUS Tanpa Penawaran Umum kepada OJK. Kedua, Penerbitan EBUS Tanpa Penawaran Umum wajib dilakukan dalam waktu sampai dengan 30 (tiga puluh) hari sejak dokumen penerbitan EBUS Tanpa Penawaran Umum disampaikan kepada OJK.
Diatur dalam Pasal 18 bahwa dokumen Penerbitan EBUS Tanpa Penawaran Umum yang wajib disampaikan kepada OJK wajib paling sedikit memuat antara lain:
a. surat pengantar atas penerbitan EBUS Tanpa Penawaran Umum sesuai dengan format Surat Pengantar Penyampaian Dokumen Dalam Rangka Penerbitan EBUS Tanpa Penawaran Umum tercantum dalam Lampiran POJK ini; dan
b. Memorandum Informasi. Pasal 20 menentukan muatan minimal pada memorandum informasi, yaitu:
1. tanggal penerbitan atau tanggal distribusi EBUS Tanpa Penawaran Umum;
2. pernyataan dalam rangka penerbitan EBUS Tanpa Penawaran Umum;
3. informasi mengenai Penerbit;
4. informasi mengenai perusahaan sponsor dalam hal Penerbit merupakan badan hukum baru yang dibentuk perusahaan sponsor untuk menerbitkan EBUS Tanpa Penawaran Umum;
5. informasi mengenai penerbitan EBUS Tanpa Penawaran Umum;
6. penggunaan dana yang diperoleh dari hasil penerbitan EBUS Tanpa Penawaran Umum;
7. ikhtisar data keuangan penting;
8. analisis dan pembahasan oleh manajemen;
9. faktor risiko;
10. pihak yang terlibat dalam penerbitan EBUS Tanpa Penawaran Umum; dan
11. tata cara pemesanan EBUS Tanpa Penawaran Umum.
Selain dari perlu diperhatikannya proses penerbitan EBUS Tanpa Penawaran Umum pada POJK ini, Penerbit juga perlu memperhatikan bahwa EBUS Tanpa Penawaran Umum hanya dapat dijual kepada Pemodal Profesional yang didefinisikan sebagai pihak yang memiliki kemampuan untuk membeli Efek dan melakukan analisis risiko terhadap investasi atas Efek tersebut. Selanjutnya, Pasal 8 POJK 30 Tahun 2019 mengatur bahwa pihak yang akan membeli wajib untuk menyatakan terlebih dahulu kepada Penerbit atau Penata Laksana Penerbitan bahwa pihak tersebut telah memenuhi kriteria sebagai Pemodal Profesional.
Penerbitan MTN dapat dilakukan secara langsung dalam satu kali transaksi ataupun secara bertahap dalam periode 2 tahun. Informasi tambahan atas memorandum informasi Penerbitan Bertahap tahap kedua dan tahap selanjutnya wajib disampaikan kepada Otoritas Jasa Keuangan paling lambat 1 (satu) hari kerja sebelum penerbitan EBUS Tanpa Penawaran Umum tahap kedua dan tahap selanjutnya dimaksud.
Tahap akhir adalah Penerbit wajib untuk menyampaikan laporan hasil penerbitan dalam bentuk cetak dan elektronik kepada OJK paling lambat 5 hari setelah penerbitan EBUS Tanpa Penawaran Umum. Dalam hal terjadi transaksi di pasar sekunder, setiap pihak wajib melaporkan transaksi tersebut kepada OJK.
Peraturan OJK terhadap MTN telah membantu dalam memberikan payung hukum dalam transaksi MTN. Keterbukaan informasi yang diwajibkan melalui pelaporan-pelaporan tertentu dari Penerbit kepada OJK akan membantu dalam memberikan jminan dan keamanan atas penerbitan MTN. Terlebih lagi, adanya sanksi yang diberikan terhadap pelanggaran ketentuan POJK No. 30 Tahun 2019 akan dapat memberikan nafas lega bagi pembeli MTN.
Kesimpulan:
Penerbitan Medium Term Notes (MTN) wajib dilaporkan kepada Otoritas Jasa Keuangan (OJK) dengan menyampaikan dokumen penerbitan EBUS Tanpa Penawaran Umum dan juga Memorandum Informasi yang memuat rincian informasi teknis penting mengenai MTN tersebut.
Tahap akhir penerbitan MTN adalah untuk menyampaikan laporan hasil penerbitan kepada OJK guna memastikan pelaksanaan penerbitan MTN sesuai dengan dokumen penerbitan dan Memorandum Informasi.
Click DOWNLOAD PDF to read the English version of this Article
Read More+62 21 2963 8070 or drop us an email at mail@ksplaw.co.id.
Surat Utang jangka Menengah atau Medium Term Notes (“MTN”) adalah salah satu sumber pembiayaan yang diminati oleh perusahaan yang sedang membutuhkan pendanaan. Pendanaan yang lebih cepat karena proses penerbitan yang lebih sederhana dibandingkan proses penerbitan surat utang lainnya, menyebabkan MTN menjadi salah satu pilihan dalam pencarian pendanaan. Peraturannya sendiri dapat dilihat dalam Peraturan Otoritas Jasa Keuangan Republik Indonesia Nomor 30/POJK.04/2019 tentang Penerbitan Efek Bersifat Utang dan/atau Sukuk Yang Dilakukan Tanpa Melalui Penawaran Umum.
Kriteria Medium Term Notes
Dalam Penjelasan Pasal 4 POJK 30 Tahun 2019 telah menegaskan bahwa MTN dikategorikan sebagai salah satu bentuk EBUS Tanpa Penawaran Umum. Pasal 4 memberikan definisi atas Efek bersifat utang dan/atau Sukuk Tanpa Penawaran Umum (“EBUS Tanpa Penawaran Umum”), adalah efek bersifat utang dan/atau sukuk yang diterbitkan tanpa melalui penawaran umum dan memenuhi kriteria yang telah ditetapkan. Kriteria EBUS Tanpa Penawaran Umum sebagaimana diatur dalam Pasal 3, terdiri atas:
a. memiliki jatuh tempo lebih dari 1 (satu) tahun, yang nilai penerbitannya paling sedikit Rp1.000.000.000,00 (satu miliar rupiah) atau kurang dari Rp1.000.000.000,00 (satu miliar rupiah) yang penerbitannya dilakukan beberapa kali sehingga dalam jangka waktu 1 (satu) tahun mencapai nilai paling sedikit Rp1.000.000.000,00 (satu miliar rupiah); atau
b. memiliki jatuh tempo tidak lebih dari 1 (satu) tahun yang tidak diawasi oleh otoritas lain, yang nilai penerbitannya paling sedikit Rp1.000.000.000,00 (satu miliar rupiah) atau kurang dari Rp1.000.000.000,00 (satu miliar rupiah) yang penerbitannya dilakukan beberapa kali sehingga dalam jangka waktu 1 (satu) tahun mencapai nilai paling sedikit Rp1.000.000.000,00 (satu miliar rupiah).
Penerbit Medium Term Notes
Sebelum melaksanakan penerbitan, POJK 30 Tahun 2019 telah mengatur pihak-pihak yang dapat melaksanakan penerbitan atas EBUS Tanpa Penawaran Umum, antara lain (1) emiten atau perusahaan publik; (2) badan usaha atau badan hukum di Indonesia selain pihak emiten atau perusahaan publik; (3) Lembaga supranasional; atau (4) kontrak investasi kolektif yang dapat menerbitkan efek bersifat utang dan/atau sukuk sebagaimana diatur dalam sektor pasar modal.
Proses dan Tata Cara Penerbitan Medium Term Notes
Proses dan tata cara penerbitan EBUS Tanpa Pengawaran Umum tercantum pada Pasal 15 yang dijelaskan bahwa pertama, pihak yang akan menerbitkan EBUS Tanpa Pengawaran Umum memiliki kewajiban menyampaikan dokumen penerbitan EBUS Tanpa Penawaran Umum kepada OJK. Kedua, Penerbitan EBUS Tanpa Penawaran Umum wajib dilakukan dalam waktu sampai dengan 30 (tiga puluh) hari sejak dokumen penerbitan EBUS Tanpa Penawaran Umum disampaikan kepada OJK.
Diatur dalam Pasal 18 bahwa dokumen Penerbitan EBUS Tanpa Penawaran Umum yang wajib disampaikan kepada OJK wajib paling sedikit memuat antara lain:
a. surat pengantar atas penerbitan EBUS Tanpa Penawaran Umum sesuai dengan format Surat Pengantar Penyampaian Dokumen Dalam Rangka Penerbitan EBUS Tanpa Penawaran Umum tercantum dalam Lampiran POJK ini; dan
b. Memorandum Informasi. Pasal 20 menentukan muatan minimal pada memorandum informasi, yaitu:
1. tanggal penerbitan atau tanggal distribusi EBUS Tanpa Penawaran Umum;
2. pernyataan dalam rangka penerbitan EBUS Tanpa Penawaran Umum;
3. informasi mengenai Penerbit;
4. informasi mengenai perusahaan sponsor dalam hal Penerbit merupakan badan hukum baru yang dibentuk perusahaan sponsor untuk menerbitkan EBUS Tanpa Penawaran Umum;
5. informasi mengenai penerbitan EBUS Tanpa Penawaran Umum;
6. penggunaan dana yang diperoleh dari hasil penerbitan EBUS Tanpa Penawaran Umum;
7. ikhtisar data keuangan penting;
8. analisis dan pembahasan oleh manajemen;
9. faktor risiko;
10. pihak yang terlibat dalam penerbitan EBUS Tanpa Penawaran Umum; dan
11. tata cara pemesanan EBUS Tanpa Penawaran Umum.
Selain dari perlu diperhatikannya proses penerbitan EBUS Tanpa Penawaran Umum pada POJK ini, Penerbit juga perlu memperhatikan bahwa EBUS Tanpa Penawaran Umum hanya dapat dijual kepada Pemodal Profesional yang didefinisikan sebagai pihak yang memiliki kemampuan untuk membeli Efek dan melakukan analisis risiko terhadap investasi atas Efek tersebut. Selanjutnya, Pasal 8 POJK 30 Tahun 2019 mengatur bahwa pihak yang akan membeli wajib untuk menyatakan terlebih dahulu kepada Penerbit atau Penata Laksana Penerbitan bahwa pihak tersebut telah memenuhi kriteria sebagai Pemodal Profesional.
Penerbitan MTN dapat dilakukan secara langsung dalam satu kali transaksi ataupun secara bertahap dalam periode 2 tahun. Informasi tambahan atas memorandum informasi Penerbitan Bertahap tahap kedua dan tahap selanjutnya wajib disampaikan kepada Otoritas Jasa Keuangan paling lambat 1 (satu) hari kerja sebelum penerbitan EBUS Tanpa Penawaran Umum tahap kedua dan tahap selanjutnya dimaksud.
Tahap akhir adalah Penerbit wajib untuk menyampaikan laporan hasil penerbitan dalam bentuk cetak dan elektronik kepada OJK paling lambat 5 hari setelah penerbitan EBUS Tanpa Penawaran Umum. Dalam hal terjadi transaksi di pasar sekunder, setiap pihak wajib melaporkan transaksi tersebut kepada OJK.
Peraturan OJK terhadap MTN telah membantu dalam memberikan payung hukum dalam transaksi MTN. Keterbukaan informasi yang diwajibkan melalui pelaporan-pelaporan tertentu dari Penerbit kepada OJK akan membantu dalam memberikan jminan dan keamanan atas penerbitan MTN. Terlebih lagi, adanya sanksi yang diberikan terhadap pelanggaran ketentuan POJK No. 30 Tahun 2019 akan dapat memberikan nafas lega bagi pembeli MTN.
Kesimpulan:
Penerbitan Medium Term Notes (MTN) wajib dilaporkan kepada Otoritas Jasa Keuangan (OJK) dengan menyampaikan dokumen penerbitan EBUS Tanpa Penawaran Umum dan juga Memorandum Informasi yang memuat rincian informasi teknis penting mengenai MTN tersebut.
Tahap akhir penerbitan MTN adalah untuk menyampaikan laporan hasil penerbitan kepada OJK guna memastikan pelaksanaan penerbitan MTN sesuai dengan dokumen penerbitan dan Memorandum Informasi.
Click DOWNLOAD PDF to read the English version of this Article
January 22, 2024
Syndicated Loan Transactions as an Alternative to Large Scale Funding by Commercial Banks (Transaksi Kredit Sindikasi Sebagai Alternatif Penyediaan Dana Skala Besar Oleh Bank Umum)
Kiki Setiawan & Partners Law Office provides legal consultancy related to Corporate & Commercial legal matters, please call us at
+62 21 2963 8070 or drop us an email at mail@ksplaw.co.id.
In response to the BMPK (Maximum Lending Limit) that regulates banks regarding the maximum value of lending, syndicated loan (joint financing) provides as a solution. Syndicated loan is usually made when the loan proposed by the debtor exceeds the BMPK. This is also regulated in POJK No. 32/POJK.03/2018 which states that syndicated loan is one of the controlling effort to overcome the concentration of funds provision in credit. With syndicated loan, the debtor can obtain a loan in accordance with the amount proposed and the participating banks can remain compliant to the BMPK provisions.
In Indonesia, syndicated loan were initially regulated in Surat Edaran Bank Indonesia No. 6/33/UPK dated 3 October 1973, Surat Edaran Bank Indonesia No. 11/26/UPK Year 1979. Furthermore, syndicated loan is mentioned in Bank Indonesia Regulation No. 7/14/PBI/2005 and Surat Edaran Bank Indonesia No. 7/23/DPD Year 2005. However, there are no specific regulations governing syndicated loan agreements.
Definition of the Syndicated Loan Agreement
A Syndicated Loan Agreement is a credit agreement containing loans or credits granted by several bank creditors known as participants, to a debtor which is usually a legal entity with the aim of financing one or several debtor projects. The distinctive feature of this agreement is that, although there are several creditors (collectively referred to as syndicated creditors), the provision of credit is set out in a single Syndicated Loan Agreement. This Syndicated Loan Agreement is arranged and structured by an Arranger, and its implementation is managed by several Agents whom are generally the participating banks of the syndicated creditors. The percentage of loan provided by each participating bank will determine the amount of voting rights owned by each participating bank in the Syndicated Loan Agreement.
Parties in the Syndicated Loan
Based on the definition of a Syndicated Loan Agreement, the parties to a Syndicated Loan Agreement are creditors (banks, financial institutions) and debtors. Parties to a Syndicated Loan Agreement consist of:
1. Debtor is the party who applies for credit to a commercial bank.
2. Arranger or Lead Manager is a bank in charge of gathering and offering participating banks in syndicated transactions as well as bringing together debtors with registered syndication participants.
3. Bank Participant are banks participating in the syndication.
4. Agent consisting of Facility Agent in charge of administration, Security Agent in charge of guarantees, and Escrow Agent in charge of managing escrow accounts.
The Required Documents
The documents that need to be prepared in arranging a Syndicated Loan Agreement include:
1. Credit application document from the debtor.
2. Documents related to the debtor's company or project to be financed.
3. An offer letter (with terms and conditions memo and documents from the debtor attached) from the arranger to other banks or financial institutions to join the syndicated loan.
4. Approval letter and credit portion and terms and conditions from each bank participants.
Subsequently, the debtor and syndicated creditors will sign the Syndicated Loan Agreement, security binding deed, and other necessary deeds. Some issues that need to be considered by the parties in drafting a Syndicated Loan Agreement include:
1. If the Syndicated Loan Agreement involves foreign currency loans, there must be a lead bank, the project must be a productive business, and the foreign bank's contribution must be greater (Article 9 of PBI No. 7/14/PBI/2005);
2. Arrangement of rights, obligations, and responsibilities of the participants;
3. Regulation of the rights, obligations, and responsibilities of the debtor to the creditors;
4. The necessity to conduct publicity/tombstone after the formation of the Syndicated Loan Agreement as a form of public announcement;
5. Putting the agreement in a notarial deed.
Debtors must also pay attention to the following matters when applying for syndicated loan:
1. Debtors are required to provide collateral/guarantee given the large amount of credit proposed. Personal Guarantees such as borgtocht, bank guarantees and corporate guarantees, or Property Guarantees of both movable and immovable objects can be provided by the debtor such as land or buildings, vehicles, machinery, accounts, securities and others. Guarantees will generally be registered in the name of the Guarantee Agent while also mentioning the names of each participating bank as a creditor.
2. The management of syndicated loans will be mandated or authorized from the debtor to the Arranger, therefore the debtor needs to ensure that the Arranger understands the debtor’s credit needs so that negotiations with prospective participating banks can produce results as needed.
3. Debtors must voluntarily allow the Arranger to conduct audits or reviews of the debtor's projects or offices.
4. In addition to the obligation to pay debts, Debtors need to pay a number of costs required for the implementation of syndicated loans such as:
a. Arrangement fee for the Arranger who has formed the syndication;
b. Underwriting fee for the Arranger who has underwritten the facility;
c. Management fee paid to the banks participating in the management group;
d. Participation fee to participating banks;
e. Pool fee based on commitment level;
f. Agency fee to agent banks; and
g. Commitment fee.
Both creditors and debtors in a Syndicated Loan Agreement can also be required to report the existence of a Syndicated Loan Agreement. This is regulated in SEOJK No. 03/SEOJK.03/2021, which states reporting in the form of participating banks reporting debtors provided with syndicated loan facilities or debtors reporting the existence of syndicated loans.
Conclusion:
Syndicated Loan Agreement is a credit agreement involving many parties such as debtors, Arrangers and participating banks to finance one or more projects, both private and government projects, with a large credit value compared to banking loans in general.
The main obligation of the debtor in a syndicated transaction is to provide collateral in accordance with the syndicated loan value agreed by the participating banks and pay a fee agreed by the debtor with the Arranger or appointed Agents.
Click DOWNLOAD PDF to read this Article in Indonesian version
Read More+62 21 2963 8070 or drop us an email at mail@ksplaw.co.id.
In response to the BMPK (Maximum Lending Limit) that regulates banks regarding the maximum value of lending, syndicated loan (joint financing) provides as a solution. Syndicated loan is usually made when the loan proposed by the debtor exceeds the BMPK. This is also regulated in POJK No. 32/POJK.03/2018 which states that syndicated loan is one of the controlling effort to overcome the concentration of funds provision in credit. With syndicated loan, the debtor can obtain a loan in accordance with the amount proposed and the participating banks can remain compliant to the BMPK provisions.
In Indonesia, syndicated loan were initially regulated in Surat Edaran Bank Indonesia No. 6/33/UPK dated 3 October 1973, Surat Edaran Bank Indonesia No. 11/26/UPK Year 1979. Furthermore, syndicated loan is mentioned in Bank Indonesia Regulation No. 7/14/PBI/2005 and Surat Edaran Bank Indonesia No. 7/23/DPD Year 2005. However, there are no specific regulations governing syndicated loan agreements.
Definition of the Syndicated Loan Agreement
A Syndicated Loan Agreement is a credit agreement containing loans or credits granted by several bank creditors known as participants, to a debtor which is usually a legal entity with the aim of financing one or several debtor projects. The distinctive feature of this agreement is that, although there are several creditors (collectively referred to as syndicated creditors), the provision of credit is set out in a single Syndicated Loan Agreement. This Syndicated Loan Agreement is arranged and structured by an Arranger, and its implementation is managed by several Agents whom are generally the participating banks of the syndicated creditors. The percentage of loan provided by each participating bank will determine the amount of voting rights owned by each participating bank in the Syndicated Loan Agreement.
Parties in the Syndicated Loan
Based on the definition of a Syndicated Loan Agreement, the parties to a Syndicated Loan Agreement are creditors (banks, financial institutions) and debtors. Parties to a Syndicated Loan Agreement consist of:
1. Debtor is the party who applies for credit to a commercial bank.
2. Arranger or Lead Manager is a bank in charge of gathering and offering participating banks in syndicated transactions as well as bringing together debtors with registered syndication participants.
3. Bank Participant are banks participating in the syndication.
4. Agent consisting of Facility Agent in charge of administration, Security Agent in charge of guarantees, and Escrow Agent in charge of managing escrow accounts.
The Required Documents
The documents that need to be prepared in arranging a Syndicated Loan Agreement include:
1. Credit application document from the debtor.
2. Documents related to the debtor's company or project to be financed.
3. An offer letter (with terms and conditions memo and documents from the debtor attached) from the arranger to other banks or financial institutions to join the syndicated loan.
4. Approval letter and credit portion and terms and conditions from each bank participants.
Subsequently, the debtor and syndicated creditors will sign the Syndicated Loan Agreement, security binding deed, and other necessary deeds. Some issues that need to be considered by the parties in drafting a Syndicated Loan Agreement include:
1. If the Syndicated Loan Agreement involves foreign currency loans, there must be a lead bank, the project must be a productive business, and the foreign bank's contribution must be greater (Article 9 of PBI No. 7/14/PBI/2005);
2. Arrangement of rights, obligations, and responsibilities of the participants;
3. Regulation of the rights, obligations, and responsibilities of the debtor to the creditors;
4. The necessity to conduct publicity/tombstone after the formation of the Syndicated Loan Agreement as a form of public announcement;
5. Putting the agreement in a notarial deed.
Debtors must also pay attention to the following matters when applying for syndicated loan:
1. Debtors are required to provide collateral/guarantee given the large amount of credit proposed. Personal Guarantees such as borgtocht, bank guarantees and corporate guarantees, or Property Guarantees of both movable and immovable objects can be provided by the debtor such as land or buildings, vehicles, machinery, accounts, securities and others. Guarantees will generally be registered in the name of the Guarantee Agent while also mentioning the names of each participating bank as a creditor.
2. The management of syndicated loans will be mandated or authorized from the debtor to the Arranger, therefore the debtor needs to ensure that the Arranger understands the debtor’s credit needs so that negotiations with prospective participating banks can produce results as needed.
3. Debtors must voluntarily allow the Arranger to conduct audits or reviews of the debtor's projects or offices.
4. In addition to the obligation to pay debts, Debtors need to pay a number of costs required for the implementation of syndicated loans such as:
a. Arrangement fee for the Arranger who has formed the syndication;
b. Underwriting fee for the Arranger who has underwritten the facility;
c. Management fee paid to the banks participating in the management group;
d. Participation fee to participating banks;
e. Pool fee based on commitment level;
f. Agency fee to agent banks; and
g. Commitment fee.
Both creditors and debtors in a Syndicated Loan Agreement can also be required to report the existence of a Syndicated Loan Agreement. This is regulated in SEOJK No. 03/SEOJK.03/2021, which states reporting in the form of participating banks reporting debtors provided with syndicated loan facilities or debtors reporting the existence of syndicated loans.
Conclusion:
Syndicated Loan Agreement is a credit agreement involving many parties such as debtors, Arrangers and participating banks to finance one or more projects, both private and government projects, with a large credit value compared to banking loans in general.
The main obligation of the debtor in a syndicated transaction is to provide collateral in accordance with the syndicated loan value agreed by the participating banks and pay a fee agreed by the debtor with the Arranger or appointed Agents.
Click DOWNLOAD PDF to read this Article in Indonesian version
November 08, 2023
Types and Procedures of Doing Merger in Indonesia
Kiki Setiawan & Partners Law Office provides legal consultancy related to Corporate & Commercial legal matters, please call us at
+62 21 2963 8070 or drop us an email at mail@ksplaw.co.id.
Definition of Merger
According to Article 109 Point 1 of Law Number 6 of 2023 which amended Article 1 Paragraph (9) of Law Number 40 of 2007 concerning Limited Liability Companies (“Company Law”), a merger is a legal act carried out by one company or more to merge with another existing company which results in the assets and liabilities of the merged company is transferred by law to the surviving company and then the legal entity status of the merged company ends by law.
As an illustration, PT A as the Merged Company, merges with PT B as the Surviving Company, then the result of the merger will only be PT B and PT A will be removed from the list of companies at the Ministry of Law and Human Rights because its legal entity status has ended by law. The consequences of the merger process will also cause the change of PT B’s shareholders composition, where there are two scenarios, namely i) all PT A shareholders hold shares in PT B; or ii) some PT A shareholders hold shares in PT B and some sell their shares to other PT A shareholders or PT B shareholders at a share selling price based on the share valuation value and share price negotiations between the parties.
Types of Merger
In carrying out the merger, the company has several reasons and objectives to be achieved. First, revenue and cost synergies, whereby a merger can bring more profits to shareholders by increasing the value of new businesses. Second, diversification of business operations, to enter new markets and offer new products and/or services. Third, increase the financial capacity of companies that are not doing so well so that they can support the business operations.
There are several types of mergers, as follows:
1. Sidestream (Horizontal) Merger
Sidestream merger means merger between business competitors. This means that the merging companies are companies that operate in the same market and offer similar products and/or services. For example, the merger of Daimler-Bens and Chrysler in 1998. Another example is the merger of PT Bank BRISyariah Tbk. PT Bank BNI Syariah, and PT Bank Syariah Mandiri to become PT Bank Syariah Indonesia Tbk in 2021.
2. Downstream (Vertical) Merger
Downstream merger means a merger between companies operating in the same supply chain line, such as the main business with a supplier or distributor company that works with the main company. For example, the merger of America Online and Time Warner in 2000 or PT Gudang Garam Tbk as a producer of kretek cigarettes and with its subsidiary, namely PT Surya Pamenang as a producer of paper which is one of the materials for making cigarettes.
3. Conglomerate Merger
Conglomerate merger is a merger between companies that are involved in unrelated business activities, that is operating in different industries or different geographical areas. For example, the merger of The Walt Disney Company and American Broadcasting Company in 1995 or the merger between Gojek and Tokopedia which later formed PT GoTo Gojek Tokopedia Tbk.
4. Congeneric Merger
Congeneric merger is a merger between companies operating in the same market or sector with overlapping factors, such as technology and marketing by adding a new product line from one company to another. For example, the merger of Citigroup and Travelers Insurance in 1998.
5. Market Expansion Merger
Market expansion merger means a merger between companies selling the same product but competing in different markets with the aim of gaining access to a larger market. For example, the merger of Eagle Bancshares and RBC Centura in 2002 or merger between PT Indosat Ooredo Tbk and Hutchison 3 Indonesia which then formed PT Indosat Ooredo Hutchison Tbk in 2022.
Procedure of Doing Merger
As regulated in Chapter VIII of the Company Law, there are several steps in carrying out a merger, including:
1. The merger preparation process, where the Company is obliged to pay attention to the interests and obligations of the company, minority shareholders, company employees, creditors and business partners of the company as well as business competition in conducting business. Regarding business competition, companies are required to provide notification to the Business Competition Supervisory Commission (KKPU) regarding this merger plan.
2. The Board of Directors prepares a merger plan.
3. Hold a General Meeting of Shareholders (GMS) to obtain approval from each shareholder of the Merged Company and the Surviving Company.
4. Announce a summary of the merger plan in national newspapers.
5. Creditors' right to submit objections regarding merger legal actions.
6. Prepare a merger deed based on the GMS deed approving the Merger of the Merged Company and Surviving Company.
7. A copy of the merger deed is notified to the Ministry of Law and Human Rights for approval.
8. The Board of Directors announced the results of the merger in national newspapers.
9. Obligation to notify KPPU of the merger results.
10. Carry out tax arrangements for merger transactions such as Income Tax on capital gains, Value Added Tax (VAT) and final Tax Income on asset transfers and Land and Building Rights Acquisition Fees (BPHTB).
The time period for implementing this merger process, particularly for companies that are not in the same company group, will require quite a long time because it involves many parties and government authorities. Another thing that also needs to be considered is the settlement or adjustment of working relationships with Merged Company employees.
Click DOWNLOAD PDF to read this Article in Indonesian version
Read More+62 21 2963 8070 or drop us an email at mail@ksplaw.co.id.
Definition of Merger
According to Article 109 Point 1 of Law Number 6 of 2023 which amended Article 1 Paragraph (9) of Law Number 40 of 2007 concerning Limited Liability Companies (“Company Law”), a merger is a legal act carried out by one company or more to merge with another existing company which results in the assets and liabilities of the merged company is transferred by law to the surviving company and then the legal entity status of the merged company ends by law.
As an illustration, PT A as the Merged Company, merges with PT B as the Surviving Company, then the result of the merger will only be PT B and PT A will be removed from the list of companies at the Ministry of Law and Human Rights because its legal entity status has ended by law. The consequences of the merger process will also cause the change of PT B’s shareholders composition, where there are two scenarios, namely i) all PT A shareholders hold shares in PT B; or ii) some PT A shareholders hold shares in PT B and some sell their shares to other PT A shareholders or PT B shareholders at a share selling price based on the share valuation value and share price negotiations between the parties.
Types of Merger
In carrying out the merger, the company has several reasons and objectives to be achieved. First, revenue and cost synergies, whereby a merger can bring more profits to shareholders by increasing the value of new businesses. Second, diversification of business operations, to enter new markets and offer new products and/or services. Third, increase the financial capacity of companies that are not doing so well so that they can support the business operations.
There are several types of mergers, as follows:
1. Sidestream (Horizontal) Merger
Sidestream merger means merger between business competitors. This means that the merging companies are companies that operate in the same market and offer similar products and/or services. For example, the merger of Daimler-Bens and Chrysler in 1998. Another example is the merger of PT Bank BRISyariah Tbk. PT Bank BNI Syariah, and PT Bank Syariah Mandiri to become PT Bank Syariah Indonesia Tbk in 2021.
2. Downstream (Vertical) Merger
Downstream merger means a merger between companies operating in the same supply chain line, such as the main business with a supplier or distributor company that works with the main company. For example, the merger of America Online and Time Warner in 2000 or PT Gudang Garam Tbk as a producer of kretek cigarettes and with its subsidiary, namely PT Surya Pamenang as a producer of paper which is one of the materials for making cigarettes.
3. Conglomerate Merger
Conglomerate merger is a merger between companies that are involved in unrelated business activities, that is operating in different industries or different geographical areas. For example, the merger of The Walt Disney Company and American Broadcasting Company in 1995 or the merger between Gojek and Tokopedia which later formed PT GoTo Gojek Tokopedia Tbk.
4. Congeneric Merger
Congeneric merger is a merger between companies operating in the same market or sector with overlapping factors, such as technology and marketing by adding a new product line from one company to another. For example, the merger of Citigroup and Travelers Insurance in 1998.
5. Market Expansion Merger
Market expansion merger means a merger between companies selling the same product but competing in different markets with the aim of gaining access to a larger market. For example, the merger of Eagle Bancshares and RBC Centura in 2002 or merger between PT Indosat Ooredo Tbk and Hutchison 3 Indonesia which then formed PT Indosat Ooredo Hutchison Tbk in 2022.
Procedure of Doing Merger
As regulated in Chapter VIII of the Company Law, there are several steps in carrying out a merger, including:
1. The merger preparation process, where the Company is obliged to pay attention to the interests and obligations of the company, minority shareholders, company employees, creditors and business partners of the company as well as business competition in conducting business. Regarding business competition, companies are required to provide notification to the Business Competition Supervisory Commission (KKPU) regarding this merger plan.
2. The Board of Directors prepares a merger plan.
3. Hold a General Meeting of Shareholders (GMS) to obtain approval from each shareholder of the Merged Company and the Surviving Company.
4. Announce a summary of the merger plan in national newspapers.
5. Creditors' right to submit objections regarding merger legal actions.
6. Prepare a merger deed based on the GMS deed approving the Merger of the Merged Company and Surviving Company.
7. A copy of the merger deed is notified to the Ministry of Law and Human Rights for approval.
8. The Board of Directors announced the results of the merger in national newspapers.
9. Obligation to notify KPPU of the merger results.
10. Carry out tax arrangements for merger transactions such as Income Tax on capital gains, Value Added Tax (VAT) and final Tax Income on asset transfers and Land and Building Rights Acquisition Fees (BPHTB).
The time period for implementing this merger process, particularly for companies that are not in the same company group, will require quite a long time because it involves many parties and government authorities. Another thing that also needs to be considered is the settlement or adjustment of working relationships with Merged Company employees.
Click DOWNLOAD PDF to read this Article in Indonesian version
August 09, 2023
Collateral Seizure (Sita Jaminan) and Execution Seizure (Sita Eksekusi) in Indonesian Civil Court
The civil legal system in Indonesia consists of 4 (four) different levels i.e. the first instance level at the District Court, the appeal level through the High Court, the cassation and the Judicial Review levels through the Supreme Court. In addition to the lengthy judicial process, executing court verdicts is also a long and complicated process.
A seizure is an act of taking over the rights of a person/certain party to certain goods by a court or based on a court order. In some cases, the party who has won the case does not receive payment or compensation stipulated in a court verdict. Some of the practical obstacles that often occur are the lack of good faith of the losing party to conduct the court order such as paying the material loss, the difficulty in proving ownership of the losing party's assets for execution, either movable or immovable assets or to reach the location of the debtor’s assets to be executed.
Collateral Seizure (Sita Jaminan)
The legal basis of Execution Seizure (Beslag Conversatoir) is stipulated under Article 227 of Herzien Inlandsch Reglement or Indonesian Civil Procedural Law (“HIR”) that basically provides the court can issue orders, based on requests from one of the disputing parties, to seize goods/assets because suspected of being embezzled or taken away before a court verdict is rendered and to ensure the verdict can be implemented.
The applicant for Collateral Seizure is a creditor (Plaintiff) who has receivables or rights to collect against the debtor (Defendant). The creditor has rights guaranteed by law under the provisions of Article 1131 Indonesian Civil Code, which basically states that the debtor's assets will serve as collateral for any engagements made by the debtor. Collateral Seizure can even be applied to objects that have been guaranteed under the Security Rights (Hak Tanggungan) and prioritized to other parties.
There are several criteria for objects that can be requested for Collateral Seizure, among others: i) Unpaid Debts Cases that are not guaranteed by certain collateral; ii) Compensation Cases arising from acts of default or breach of contract as referred to in Articles 1243 to 1247 of Indonesian Civil Code or a tort as referred to in Article 1365 of Indonesian Civil Code; iii) Disputes over property rights over immovable objects; and iv) Against goods that have been previously placed as collateral.
In general, a Collateral Seizure application shall be included in the final section of a lawsuit or before the Claim (Petitum) section, where the Collateral Seizure must clearly state the name of the object, location or ownership of such object. In addition, the applicant for the Seizure application must also be able to prove that the confiscated object belongs to the debtor by showing proof of ownership to be verified by the Panel of Judges.
Execution Seizure (Sita Eksekusi)
One type of execution in civil law mentioned in Article 225 paragraph (1) and paragraph (2) of HIR is execution for committing certain acts. If the intended execution is to carry out an act, for example paying a sum of money, then the winning party can ask the losing party for the money as regulated under Articles 196 and 197 HIR.
Before submitting an execution application, the winning party shall submit a request letter to the district court to send a warning (aanmaning) against the losing party to summon the losing party to appear before the head of the district court and to ask the losing party to obey the court verdict. Such warning letter will be delivered to the losing party 1 (one) time by the court bailiff. However, if after the aanmaning is issued and the losing party has not still fulfilled its obligation, then the winning party can submit an Execution Seizure of the property belonging to the losing party to be auctioned, so that the results of the auction can pay for the losses suffered by the winning party based on the court verdict.
There are 2 (two) types of Execution Seizure i.e. Direct and Indirect Execution Seizure. Direct Execution Seizure is requested by the execution applicant or the winning party once the losing party does not obey the court verdict. Follow-up or second execution may be done if the result of the first direct execution does not satisfy the court verdict. Meanwhile, an Indirect Execution Seizure is originating from a Collateral Seizure that has been declared valid and valuable and shall automatically turn into an execution seizure.
Execution Seizure can only be carried out if the decision has permanent legal force and has been carried out by warning (aanmaning) beforehand. On the determination of the Execution Seizure, a legal action can be done to resist by filing an opposition lawsuit because such Execution Seizure causes loss to the rights or interests of other parties. Execution Seizure is normally carried out on land, buildings, vehicles, jewelries, but can also be carried out on bank accounts, deposits, bonds or other securities that can be auctioned and valued in money.
Read MoreA seizure is an act of taking over the rights of a person/certain party to certain goods by a court or based on a court order. In some cases, the party who has won the case does not receive payment or compensation stipulated in a court verdict. Some of the practical obstacles that often occur are the lack of good faith of the losing party to conduct the court order such as paying the material loss, the difficulty in proving ownership of the losing party's assets for execution, either movable or immovable assets or to reach the location of the debtor’s assets to be executed.
Collateral Seizure (Sita Jaminan)
The legal basis of Execution Seizure (Beslag Conversatoir) is stipulated under Article 227 of Herzien Inlandsch Reglement or Indonesian Civil Procedural Law (“HIR”) that basically provides the court can issue orders, based on requests from one of the disputing parties, to seize goods/assets because suspected of being embezzled or taken away before a court verdict is rendered and to ensure the verdict can be implemented.
The applicant for Collateral Seizure is a creditor (Plaintiff) who has receivables or rights to collect against the debtor (Defendant). The creditor has rights guaranteed by law under the provisions of Article 1131 Indonesian Civil Code, which basically states that the debtor's assets will serve as collateral for any engagements made by the debtor. Collateral Seizure can even be applied to objects that have been guaranteed under the Security Rights (Hak Tanggungan) and prioritized to other parties.
There are several criteria for objects that can be requested for Collateral Seizure, among others: i) Unpaid Debts Cases that are not guaranteed by certain collateral; ii) Compensation Cases arising from acts of default or breach of contract as referred to in Articles 1243 to 1247 of Indonesian Civil Code or a tort as referred to in Article 1365 of Indonesian Civil Code; iii) Disputes over property rights over immovable objects; and iv) Against goods that have been previously placed as collateral.
In general, a Collateral Seizure application shall be included in the final section of a lawsuit or before the Claim (Petitum) section, where the Collateral Seizure must clearly state the name of the object, location or ownership of such object. In addition, the applicant for the Seizure application must also be able to prove that the confiscated object belongs to the debtor by showing proof of ownership to be verified by the Panel of Judges.
Execution Seizure (Sita Eksekusi)
One type of execution in civil law mentioned in Article 225 paragraph (1) and paragraph (2) of HIR is execution for committing certain acts. If the intended execution is to carry out an act, for example paying a sum of money, then the winning party can ask the losing party for the money as regulated under Articles 196 and 197 HIR.
Before submitting an execution application, the winning party shall submit a request letter to the district court to send a warning (aanmaning) against the losing party to summon the losing party to appear before the head of the district court and to ask the losing party to obey the court verdict. Such warning letter will be delivered to the losing party 1 (one) time by the court bailiff. However, if after the aanmaning is issued and the losing party has not still fulfilled its obligation, then the winning party can submit an Execution Seizure of the property belonging to the losing party to be auctioned, so that the results of the auction can pay for the losses suffered by the winning party based on the court verdict.
There are 2 (two) types of Execution Seizure i.e. Direct and Indirect Execution Seizure. Direct Execution Seizure is requested by the execution applicant or the winning party once the losing party does not obey the court verdict. Follow-up or second execution may be done if the result of the first direct execution does not satisfy the court verdict. Meanwhile, an Indirect Execution Seizure is originating from a Collateral Seizure that has been declared valid and valuable and shall automatically turn into an execution seizure.
Execution Seizure can only be carried out if the decision has permanent legal force and has been carried out by warning (aanmaning) beforehand. On the determination of the Execution Seizure, a legal action can be done to resist by filing an opposition lawsuit because such Execution Seizure causes loss to the rights or interests of other parties. Execution Seizure is normally carried out on land, buildings, vehicles, jewelries, but can also be carried out on bank accounts, deposits, bonds or other securities that can be auctioned and valued in money.
March 13, 2023
Bank Guarantee To Secure Payment Default In Commercial Transaction
The role of Bank Guarantee (Bank Garansi) is as a guarantor of a commercial transaction between the contracting parties. If one of the contracting parties, who provide the guarantee, does not carry out its obligations or defaults on the other party, the Bank will pay the guarantee to the beneficiary of the guarantee.
The main legal basis of Bank Guarantee is regulated under Article 1820 until Article 1850 of the Indonesian Civil Code (“ICC”), whereby the type of agreement between the contracting parties and the bank is basically a Guarantee Agreement or Perjanjian Penanggungan or “borgtocht”.
Article 1 paragraph (3) of the Decree of the Board of Directors of Bank Indonesia Number 23/88/KEP/DIR dated March 18, 1991 ("SKDBI 23/1991") provides the definition of Bank Guarantee i.e. "A guarantee in the form of a bond issued by a bank that results in an obligation to pay to the party receiving the guarantee if the guaranteed party defaults)". Meanwhile, Standby Letter of Credit, which has the similar characteristic of guarantee like Bank Guarantee, is commonly used for any international transaction or any transaction involving foreign bank or entity.
To ensure the Bank Guarantee is issued legally, Article 2 of SKDBI 23/1991 stipulates some terms and conditions to be fulfilled i.e.:
a. title "Bank Garansi” or "Garansi Bank".
b. Name and address of the guaranteeing bank.
c. Date of issuance of Bank Guarantee.
d. Transactions between the guaranteed party and the recipient of the guarantee.
e. The amount of money guaranteed by the bank.
f. The date of the validity and expiration date of the Bank Guarantee. It is commonly valid for 12 months.
g. Affirmation of the deadline for filing a claim. The guarantee recipient may claim the guarantee after the default occurs.
Banks can provide guarantees in rupiah or foreign currencies with the condition that credit receipts from abroad can only be made a maximum of 20% of the capital. Then in the granting of the guarantee, the Bank must hold an assessment of the track record and reputation of the guaranteed party. Other requirements to be considered is the provision of guarantees must comply to the provisions of the Maximum Credit Limit (Batas Maksimum Pemberian Kredit - BPMK) and the Minimum Capital Fulfillment Obligation (Kewajiban Pemenuhan Modal Minimum - KPPM) as further regulated under OJK Regulations.
In general, Bank Guarantees are issued without any collateral from the applicant, but the Bank may require goods or material collateral from the applicant if the value of the bank guarantee is considerably high. An assessment will thoroughly be carried out by the Bank on the applicant's financial statements and if in a loss situation, the Bank will certainly reject the application.
Further, Bank would also normally waive the provisions of Article 1831 and Article 1832 of the ICC, whereby Bank release its privilege rights to seize and sell the guaranteed party, provided that such party pay some collateral in cash and up front as well as provide collaterals such as house, land, cars or other movable or immovable assets. The amount of collateral would not be lower than the amount of bank guarantee.
Any bank has different type of Bank Guarantee that can be tailored to its needs, however in general, types of Bank Guarantee are as follow:
1. Bid Guarantee (Garansi Penawaran), guarantee for participating in bidding or tender scheme.
2. Performance Guarantee (Garansi Pelaksanaan), guarantee for securing construction materials and performance.
3. Advance Payment Guarantee (Garansi Uang Muka), guarantee for the performance of a contract, such as sale of goods or a construction contract.
4. Payment Guarantee (Garansi Pembayaran), guarantee for the payment of commercial transaction such as sale and purchase of goods.
5. Retention Guarantee (Garansi Pemeliharaan), to ensure certain party to keep fulfilling the payment commitment after giving advance payment.
In addition to provide a guarantee function for businesses on their transactions, the Bank will also get the benefit such as provisions, administrative fees and interest charged. Thus, the Bank Guarantee is a profitable and beneficial product for all related parties. From the guarantee recipient’s perspective, this instrument would reduce the risk of payment default by the contractor or the buyer and the potential dispute between the contracting parties.
Click Download PDF below to read in PDF version
KSP Law Office provides legal consultancy to clients related to Bank Guarantee or other payment instruments,
please call us at +6221 2963 8070 or drop us an email at mail@ksplaw.co.id.
Read MoreThe main legal basis of Bank Guarantee is regulated under Article 1820 until Article 1850 of the Indonesian Civil Code (“ICC”), whereby the type of agreement between the contracting parties and the bank is basically a Guarantee Agreement or Perjanjian Penanggungan or “borgtocht”.
Article 1 paragraph (3) of the Decree of the Board of Directors of Bank Indonesia Number 23/88/KEP/DIR dated March 18, 1991 ("SKDBI 23/1991") provides the definition of Bank Guarantee i.e. "A guarantee in the form of a bond issued by a bank that results in an obligation to pay to the party receiving the guarantee if the guaranteed party defaults)". Meanwhile, Standby Letter of Credit, which has the similar characteristic of guarantee like Bank Guarantee, is commonly used for any international transaction or any transaction involving foreign bank or entity.
To ensure the Bank Guarantee is issued legally, Article 2 of SKDBI 23/1991 stipulates some terms and conditions to be fulfilled i.e.:
a. title "Bank Garansi” or "Garansi Bank".
b. Name and address of the guaranteeing bank.
c. Date of issuance of Bank Guarantee.
d. Transactions between the guaranteed party and the recipient of the guarantee.
e. The amount of money guaranteed by the bank.
f. The date of the validity and expiration date of the Bank Guarantee. It is commonly valid for 12 months.
g. Affirmation of the deadline for filing a claim. The guarantee recipient may claim the guarantee after the default occurs.
Banks can provide guarantees in rupiah or foreign currencies with the condition that credit receipts from abroad can only be made a maximum of 20% of the capital. Then in the granting of the guarantee, the Bank must hold an assessment of the track record and reputation of the guaranteed party. Other requirements to be considered is the provision of guarantees must comply to the provisions of the Maximum Credit Limit (Batas Maksimum Pemberian Kredit - BPMK) and the Minimum Capital Fulfillment Obligation (Kewajiban Pemenuhan Modal Minimum - KPPM) as further regulated under OJK Regulations.
In general, Bank Guarantees are issued without any collateral from the applicant, but the Bank may require goods or material collateral from the applicant if the value of the bank guarantee is considerably high. An assessment will thoroughly be carried out by the Bank on the applicant's financial statements and if in a loss situation, the Bank will certainly reject the application.
Further, Bank would also normally waive the provisions of Article 1831 and Article 1832 of the ICC, whereby Bank release its privilege rights to seize and sell the guaranteed party, provided that such party pay some collateral in cash and up front as well as provide collaterals such as house, land, cars or other movable or immovable assets. The amount of collateral would not be lower than the amount of bank guarantee.
Any bank has different type of Bank Guarantee that can be tailored to its needs, however in general, types of Bank Guarantee are as follow:
1. Bid Guarantee (Garansi Penawaran), guarantee for participating in bidding or tender scheme.
2. Performance Guarantee (Garansi Pelaksanaan), guarantee for securing construction materials and performance.
3. Advance Payment Guarantee (Garansi Uang Muka), guarantee for the performance of a contract, such as sale of goods or a construction contract.
4. Payment Guarantee (Garansi Pembayaran), guarantee for the payment of commercial transaction such as sale and purchase of goods.
5. Retention Guarantee (Garansi Pemeliharaan), to ensure certain party to keep fulfilling the payment commitment after giving advance payment.
In addition to provide a guarantee function for businesses on their transactions, the Bank will also get the benefit such as provisions, administrative fees and interest charged. Thus, the Bank Guarantee is a profitable and beneficial product for all related parties. From the guarantee recipient’s perspective, this instrument would reduce the risk of payment default by the contractor or the buyer and the potential dispute between the contracting parties.
Click Download PDF below to read in PDF version
KSP Law Office provides legal consultancy to clients related to Bank Guarantee or other payment instruments,
please call us at +6221 2963 8070 or drop us an email at mail@ksplaw.co.id.
April 14, 2021
Legal Requirements For Doing Franchise Business In Indonesia
Starting a new business is a challenge for entrepreneur candidates who do not yet have a systematic and planned of working and business management, have little experience in doing business or do not have sufficient capital. The alternative solution is acquiring a franchise business with good reputation that is profitable and in line with the entrepreneurs’ passion and interest. Another factor to be considered is the budget to acquire a franchise as the top-ranked franchises shall charge high franchise fees paid up upfront, excluding the initial investment costs.
Pursuant to Ministry of Trade Regulation Number 71 of 2019 concerning Franchising, a franchise must meet some criteria as follow:
a. has typical business characteristics;
b. proven that the franchise is already profitable;
c. has a written standard for marketing goods and/or services;
d. easy to teach and apply;
e. there is continuous support; and
f. Registered Intellectual Property Rights (IPR).
Click Download PDF below to read the full article
Read MorePursuant to Ministry of Trade Regulation Number 71 of 2019 concerning Franchising, a franchise must meet some criteria as follow:
a. has typical business characteristics;
b. proven that the franchise is already profitable;
c. has a written standard for marketing goods and/or services;
d. easy to teach and apply;
e. there is continuous support; and
f. Registered Intellectual Property Rights (IPR).
Click Download PDF below to read the full article