Group
3
1. Nurhana
2. Audry Ashari
3. Hilarius
Mario Tonapa
4. Naomi
Parubak
Chapter 1
INTRODUCTION
1.1 BACKGROUND
Central Jakarta Commercial Court granted the
petition filed by a team of curators who perform
maintenance and settlement
of the bankruptcy estate Gunawan
Tjandra, to end the
bankruptcy businessman.
This was disclosed by the presiding judge in Hendry
Agusten siding verdict,
yesterday. With the granting of the petition's team of curators,
the status of the bankruptcy court imposed
against Gunawan Tjandra,
has been lifted.
In consideration of the law, judges base it on Article
18 of Law no. 37/2004 on Bankruptcy and Suspension
of Payment (PKPU), which
basically contains a provision that
if the bankruptcy estate is not sufficient to
pay the costs of bankruptcy,
the court may revoke the declaration of bankruptcy.
After
the trial, one of a team of curators,
Diana Bertua Hutapea,
said that with the decision that the
bankruptcy status Gunawan Tjandra has
been lifted, but the bankruptcy process can
be continued in accordance with the provisions of the Act, if later discovered
assets to meet
obligations to creditors.
The task of the curator, said Diana, is to record asset, selling, and paying it to creditors. If you find that the debtor provide false information about its assets, he added, the curators take no action on it.
The task of the curator, said Diana, is to record asset, selling, and paying it to creditors. If you find that the debtor provide false information about its assets, he added, the curators take no action on it.
Meanwhile, attorney Gunawan
Tjandra, Trifester Yadi, judging the
judges' decision was fair and
reasonable. "The curator was working professionally. No one engineering. We
sebagao creditors are cooperative, "he
said.
Asset execution
Rabobank attorney who is a creditor
Gunawan Tjandra, senen
Ibrahim, was reluctant to comment too much
on that decision,
under the pretext of not hearing the verdict directly.
However, Ibrahim said, as presented at the time of the trial it, Rabobank believes the team should make the execution of asset curator who discovered first, in order to meet obligations to creditors.
As has been previously notified, PT Bank Rabobank International Indonesia Gunawan cast a bankruptcy petition against a guarantor Tjandra which Pratama PT Nusantara Networks, which have loans worth Rp 439.099 billion.
The debt, according to the Rabobank, the payment is not met by PT Pratama, so directly billed to the guarantor PT Gunawan Tjandra Pratama, because Gunawan release privileges.
In pailitnya application, applicant includes six other creditors, namely, PT Bank Central Asia Tbk, PT Bank Danamon Indonesia Tbk, PT Bank Mega Tbk, The Hongkong Shanghai Bank Corporation (HSBC), and City Bank Singapore Litimited.
At the trial court, the presiding judge read out the verdict Herdi Agusten on 10 February 2010, the bankruptcy petition is registered under No.. 74/2009/PAILIT/PN. NIAGA.JKT.PST is, granted and now Gunawan Tjandra still made an appeal to the Supreme Court.
However, Ibrahim said, as presented at the time of the trial it, Rabobank believes the team should make the execution of asset curator who discovered first, in order to meet obligations to creditors.
As has been previously notified, PT Bank Rabobank International Indonesia Gunawan cast a bankruptcy petition against a guarantor Tjandra which Pratama PT Nusantara Networks, which have loans worth Rp 439.099 billion.
The debt, according to the Rabobank, the payment is not met by PT Pratama, so directly billed to the guarantor PT Gunawan Tjandra Pratama, because Gunawan release privileges.
In pailitnya application, applicant includes six other creditors, namely, PT Bank Central Asia Tbk, PT Bank Danamon Indonesia Tbk, PT Bank Mega Tbk, The Hongkong Shanghai Bank Corporation (HSBC), and City Bank Singapore Litimited.
At the trial court, the presiding judge read out the verdict Herdi Agusten on 10 February 2010, the bankruptcy petition is registered under No.. 74/2009/PAILIT/PN. NIAGA.JKT.PST is, granted and now Gunawan Tjandra still made an appeal to the Supreme Court.
1.2 Problem Statement
1. What causes
Gunawan Bankruptcy Ended?
2. What is the cause of Good Corporate Governance in Indonesia?
3. What was done by Tim Curator after ending Gunawan bankruptcy?
2. What is the cause of Good Corporate Governance in Indonesia?
3. What was done by Tim Curator after ending Gunawan bankruptcy?
1.3 Objectives of The Paper
1. To find out the cause Gunawan Bankruptcy Ended?
2. To determine the cause of the occurrence of Good Corporate Governance in Indonesia?
3. To find out what the Curator Team after ending Gunawan bankruptcy?
2. To determine the cause of the occurrence of Good Corporate Governance in Indonesia?
3. To find out what the Curator Team after ending Gunawan bankruptcy?
CHAPTER
2
LITERATURE
REVIEW
2.1 Partinent Ideas
2.1.1
History Of Bankruptcy
Law Indonesian.
On April 22, 1998, the government
has established rules replacements Law. 1 of 1998 dated 22 April 1998 about the
discussion on the Law on Bankruptcy (State RI) 1998 No.. 87 (Law Bankruptcy).
Perpu is then approved by the House of Representatives to become the Law and to
the Law No. 4 of 1998 concerning Stipulation of Government Regulation. 1, 1998
on amendments to the Law tntang Bankruptcy into Law September 9, 1998 (State
Gazette 1, 1998 No.. 135).
Law Bankruptcy prior to 1945, first bankruptcy in the case of merchants (businessmen) Indonesia set in Wetboek van Koophandel (WvK), the third book entitled van de voorzieningen in geval van onvermogen van kooplieden (Peratutan about the inability of Traders). This rule is contained in Article 749 to Article 910 WvK, but later revoked under Article 2 Verordening ter Invoering van de Faillissementsverordening (S. 1960-348). This rule applies to merchants.
Bankruptcy law since 1945, after the nation of Indonesia proclaimed its independence on August 17, 1945, there is some period of history that needs to be examined in connection with the enforcement Faillissementsverordening (Regulation Bankruptcy). Period-the period of history it was in 1945-1947, in 1947-1998 and 1998-present. In the years 1945-1947 in Article II Transitional Provisions of the 1945 Constitution stipulates: "All legal entities and regulations there are still directly apply, have not held the new demands in the constitution".
Under the rules for the transition, then all legal instruments dating back to the Dutch East Indies continued validity after the proclamation of independence, unless the result of the test was contrary to the values contained in Pancasila. Whereas in 1947, the government of the Dutch population in Jakarta issued emergency regulations insolvency in 1947 that aims to provide a legal basis for the removal decision insolvency occurred before the fall of the Japanese. This task has long been finished, thus emergency regulations insolvency is no longer valid.
In the years 1947-1998 in the practice, faillissementsverordening relatively very little use. Contributing factors, among others, because of the existence of rules in society, less known and understood so Socialization kemasyarakat very minimal. Originally faillissementsverordening it only applies to merchants in communities that are subject to civil law and Western merchants. As a result, Faillissementsverordening it is not perceived as something ordinance that belongs to indigenous people, and because it did not have growing in public awareness.
In 1998-now that in July 1997 there was a financial crisis in Indonesia, then in aggravated again by the political crisis that resulted in the fall of Soeharto as President of the Republic of Indonesia on May 22, 1998. The financial crisis made debt so swollen extraordinary that causes a lot of borrowers unable to pay its debts. In addition, bad loans at domestic banks are also increasingly soared tremendously. Felt that the bankruptcy laws are there, is not very reliable.
Many debtors are contacted by creditors as it seeks to dodge to the responsibility for the settlement of his debts. While debt restructuring may only be taken if the debtor met and sat down to negotiate with its creditors or otherwise. At the time of government regulation in lieu of Law N0. 1 year 1998 on amendments to the law on bankruptcy to be designated as laws, differences of opinion in Parliament and the government of the substance of Government Regulation.
One of the conditions the IMF will provide funding if Indonesia has Law Bankruptcy and finally agreed upon that the government in a maximum period of 1
(One) year from the date of Law. 4 of 1998 was enacted, which since 9 September 1998, will deliver the bill on bankruptcy are new to the House of Representatives.
Law Bankruptcy prior to 1945, first bankruptcy in the case of merchants (businessmen) Indonesia set in Wetboek van Koophandel (WvK), the third book entitled van de voorzieningen in geval van onvermogen van kooplieden (Peratutan about the inability of Traders). This rule is contained in Article 749 to Article 910 WvK, but later revoked under Article 2 Verordening ter Invoering van de Faillissementsverordening (S. 1960-348). This rule applies to merchants.
Bankruptcy law since 1945, after the nation of Indonesia proclaimed its independence on August 17, 1945, there is some period of history that needs to be examined in connection with the enforcement Faillissementsverordening (Regulation Bankruptcy). Period-the period of history it was in 1945-1947, in 1947-1998 and 1998-present. In the years 1945-1947 in Article II Transitional Provisions of the 1945 Constitution stipulates: "All legal entities and regulations there are still directly apply, have not held the new demands in the constitution".
Under the rules for the transition, then all legal instruments dating back to the Dutch East Indies continued validity after the proclamation of independence, unless the result of the test was contrary to the values contained in Pancasila. Whereas in 1947, the government of the Dutch population in Jakarta issued emergency regulations insolvency in 1947 that aims to provide a legal basis for the removal decision insolvency occurred before the fall of the Japanese. This task has long been finished, thus emergency regulations insolvency is no longer valid.
In the years 1947-1998 in the practice, faillissementsverordening relatively very little use. Contributing factors, among others, because of the existence of rules in society, less known and understood so Socialization kemasyarakat very minimal. Originally faillissementsverordening it only applies to merchants in communities that are subject to civil law and Western merchants. As a result, Faillissementsverordening it is not perceived as something ordinance that belongs to indigenous people, and because it did not have growing in public awareness.
In 1998-now that in July 1997 there was a financial crisis in Indonesia, then in aggravated again by the political crisis that resulted in the fall of Soeharto as President of the Republic of Indonesia on May 22, 1998. The financial crisis made debt so swollen extraordinary that causes a lot of borrowers unable to pay its debts. In addition, bad loans at domestic banks are also increasingly soared tremendously. Felt that the bankruptcy laws are there, is not very reliable.
Many debtors are contacted by creditors as it seeks to dodge to the responsibility for the settlement of his debts. While debt restructuring may only be taken if the debtor met and sat down to negotiate with its creditors or otherwise. At the time of government regulation in lieu of Law N0. 1 year 1998 on amendments to the law on bankruptcy to be designated as laws, differences of opinion in Parliament and the government of the substance of Government Regulation.
One of the conditions the IMF will provide funding if Indonesia has Law Bankruptcy and finally agreed upon that the government in a maximum period of 1
(One) year from the date of Law. 4 of 1998 was enacted, which since 9 September 1998, will deliver the bill on bankruptcy are new to the House of Representatives.
2.1.2 Basic
Concepts Bankrupt.
If traced, the beginning of the bankruptcy law has been around since 118 BC in the Roman law.
In Roman times, in addition to the property, or the physical
body of a debtor is
also a guarantee for the
repayment of its debts. So the
notion Bankruptcy is a state in which the debtor
is unable to pay off its debts to creditors. The parties
generally are bankrupted
merchants, shopkeepers, short is that most people actually
use bankruptcy as a "get out" of the debt who are unable to pay.
While in the 90s the conditions changed, very little bankruptcy petition was filed on the eve of the enactment of the Bankruptcy Act. Since the last revision in the Gazette 1906:348, practically there are no significant changes to the substance of the bankruptcy laws. Changes in the structure of the business world is a reality, and the logical development of the significance it needs to be accommodated well by the legal infrastructure.
One of the problems that give rise to the revision of urgency Failissements Verordening (FV) is a bankruptcy filing requirements. FV set that bankruptcy is sebagaai following terms: "Every debt that is in a state stops paying its debts, ith the Judge's decision, either on their own reporting, either at the request of one or more berpiutangnya, declared in a state of bankruptcy". As a basis for bankruptcy, this formulation raises kseulitan own, because to prove that the debtor stops paying is an absolute state stopped paying. There are times when the debtor can not otherwise stop paying, simply because borrowers still have to pay interest on its debts, even repay the interest is not at all comparable to the principal debt.
While in the 90s the conditions changed, very little bankruptcy petition was filed on the eve of the enactment of the Bankruptcy Act. Since the last revision in the Gazette 1906:348, practically there are no significant changes to the substance of the bankruptcy laws. Changes in the structure of the business world is a reality, and the logical development of the significance it needs to be accommodated well by the legal infrastructure.
One of the problems that give rise to the revision of urgency Failissements Verordening (FV) is a bankruptcy filing requirements. FV set that bankruptcy is sebagaai following terms: "Every debt that is in a state stops paying its debts, ith the Judge's decision, either on their own reporting, either at the request of one or more berpiutangnya, declared in a state of bankruptcy". As a basis for bankruptcy, this formulation raises kseulitan own, because to prove that the debtor stops paying is an absolute state stopped paying. There are times when the debtor can not otherwise stop paying, simply because borrowers still have to pay interest on its debts, even repay the interest is not at all comparable to the principal debt.
2.1.3 Occurrence
Of Bankruptcy Terms.
It is important to know about
what are the requirements that must be met if a person or a legal entity
intends to file a bankruptcy petition to the Commercial Court. These
requirements need to know because if the bankruptcy petition does not meet
these requirements, then the request will not be granted by the Commercial
Court. According to article 1, paragraph (1) of Act No. 4 of 1998 as amended by
Act No. 37 of 2004 on Bankruptcy and Suspension of Payment: "Debtors who
have two or more creditors and not pay a debt that has been at least one fall
tempo and billable, declared bankrupt by a competent court within the meaning
of Article 2, either on his own petition, or at the request of one or more
creditors ". Based on the description above, it is a bankruptcy where the
debtor is a state that has more than one creditor, has ceased to pay its debts
which have fallen due and billed, so the requirement that a debtor filed
bankruptcy are:
1. The debtor has more than one
creditor;
2. Debt has matured;
3. The debtor does not pay at least
one of its creditors;
4. Debt has been billed.
The
provisions of this bankruptcy chapter stems starting from the 1131 Civil Code
which states all the debtors assets both existing and future aka tone, either
in the form of goods not moving or moving goods that serve as collateral for
the entire perikatannya, that is, even if not expressly agreed a debtor must be
responsible with their wealth both existing and future aka tone, both moving
goods or goods that are not moving.
But that is not described in Article 1131 Civil Code is that debtors who can be held accountable for its debts dalah Debtor has assets. So to clarify the provisions of Article 1131 Civil Code adds that such goods with a guarantee for all creditors and the sale of goods that are divided according to their respective comparative accounts except the ball among the creditors that there are valid reasons to take precedence.
But that is not described in Article 1131 Civil Code is that debtors who can be held accountable for its debts dalah Debtor has assets. So to clarify the provisions of Article 1131 Civil Code adds that such goods with a guarantee for all creditors and the sale of goods that are divided according to their respective comparative accounts except the ball among the creditors that there are valid reasons to take precedence.
2.1.4
Types Of Creditors In Bankruptcy.
In a 1131 article KUPerdata has
required that all assets of the debtor to be collateral or security for the
performance of its obligations not only to one creditor alone, but also against
other creditors. This calls for further regulation of the distribution to the
creditors if the debtor's assets held for sale as imposing bankrupt by the
Commercial Court.
Provisions regarding the division of assets shall be further in article 1132 Civil Code which states: "A treasure debtor became collateral wealth together again for all creditors, the results of all the assets divided by its equilibrium, ie the size of the bill according to each creditor, except among the creditors that if there is a valid reason to take precedence over other creditors ". With the provisions of the clause, there are certain creditors by law are given a higher legal status than other creditors so that debt repayment should take precedence.
In law, the priority creditors called preferential creditors (secured creditors), while other creditors are called unsecured creditors (unsecured creditors). According to article 1133 Civil Code, a creditor may be given a higher position and prioritized against other creditors if the creditors claim form:
1. Privileges bill is;
2. Bill to guarantee Liens;
3. Bill to guarantee mortgages.
With the enactment of Law No. 4 of 1996 on Mortgage and Law No. 42 Year 1999 on Fiduciary, the bills must diahulukan of the unsecured creditors. In connection with the privileges, the Civil Code Article 1137 states: "The right of the State treasury, office of public auctions and other materials that formed the government, should take precedence in enforcing those rights, and the period of validity of the rights set out in various statutes specifically concerning the it ".
The same rights of unions (gemeenschappen) or associations (Zedelijkeligchamen) which shall or will then have the right to collect tolls, set out in the regulations that already exist will be held on the matter ".
Based urairan above, to obtain information about the order of priority among the creditors that if not determined that a bill or a debt guaranteed by the Privileges has a higher position than the receivables are secured by the Privileges, then the order of creditors is:
1. Creditors who have accounts with the Right Insurance;
2. Creditors who have Privileges;
3. Concurrent creditors.
However, if the predetermined Privileges must be paid in advance of the creditors with Warranty Rights and other creditors, then the creditors sequence is:
1. Creditors with Special Rights;
2. Creditors with Insurance Rights;
3. Concurrent creditors.
Furthermore, among the unsecured creditors, each of which has the same position in the distribution of the sale proceeds of assets the debtor proportional comparative large-small suit individual receivable or better known as pari passu pro parte rate.
Provisions regarding the division of assets shall be further in article 1132 Civil Code which states: "A treasure debtor became collateral wealth together again for all creditors, the results of all the assets divided by its equilibrium, ie the size of the bill according to each creditor, except among the creditors that if there is a valid reason to take precedence over other creditors ". With the provisions of the clause, there are certain creditors by law are given a higher legal status than other creditors so that debt repayment should take precedence.
In law, the priority creditors called preferential creditors (secured creditors), while other creditors are called unsecured creditors (unsecured creditors). According to article 1133 Civil Code, a creditor may be given a higher position and prioritized against other creditors if the creditors claim form:
1. Privileges bill is;
2. Bill to guarantee Liens;
3. Bill to guarantee mortgages.
With the enactment of Law No. 4 of 1996 on Mortgage and Law No. 42 Year 1999 on Fiduciary, the bills must diahulukan of the unsecured creditors. In connection with the privileges, the Civil Code Article 1137 states: "The right of the State treasury, office of public auctions and other materials that formed the government, should take precedence in enforcing those rights, and the period of validity of the rights set out in various statutes specifically concerning the it ".
The same rights of unions (gemeenschappen) or associations (Zedelijkeligchamen) which shall or will then have the right to collect tolls, set out in the regulations that already exist will be held on the matter ".
Based urairan above, to obtain information about the order of priority among the creditors that if not determined that a bill or a debt guaranteed by the Privileges has a higher position than the receivables are secured by the Privileges, then the order of creditors is:
1. Creditors who have accounts with the Right Insurance;
2. Creditors who have Privileges;
3. Concurrent creditors.
However, if the predetermined Privileges must be paid in advance of the creditors with Warranty Rights and other creditors, then the creditors sequence is:
1. Creditors with Special Rights;
2. Creditors with Insurance Rights;
3. Concurrent creditors.
Furthermore, among the unsecured creditors, each of which has the same position in the distribution of the sale proceeds of assets the debtor proportional comparative large-small suit individual receivable or better known as pari passu pro parte rate.
2.2 Discussion
2.2.1
Causes Of Bankruptcy Ends Gunawan.
Reasons for Bankruptcy Gunawan
Ends Curator Team did not find any in the name of the debtor's bankruptcy
estate means is that the wealth of existing or expected to exist at the time of
the bankruptcy debtor is nil or very little. So the Central Jakarta Commercial
Court granted the petition filed by the management team of curators who do
Gunawan Tjandra Bankrupt property settlement, to end the businessman's
bankruptcy. With the granting of the petition's team of curators, the status of
the bankruptcy court imposed against Gunawan Tjandra has been lifted.
After the trial, one of a team of curators, Diana Bertua Hutapea, said that with the decision that the bankruptcy status Gunawan Tjandra has been lifted, but the bankruptcy process can be continued in accordance with the provisions of the Act, if later discovered assets to meet obligations to creditors.
Meanwhile, Rabobank attorney who is a creditor Gunawan Tjandra, Ibrahim senen, reluctant to comment too much on the decision, claiming that hearing the verdict directly.
However, Ibrahim said, as presented at the time of the trial it, Rabobank believes the team should make the execution of asset curator who discovered first, in order to meet obligations to creditors. As has been previously notified, PT Bank Rabobank International Indonesia Gunawan cast a bankruptcy petition against a guarantor Tjandra which Pratama PT Nusantara Networks, which have loans worth Rp439, 099 billion. The debt, according to the Rabobank, the payment is not met by PT Pratama, so directly billed to the guarantor PT Gunawan Tjandra Pratama, because Gunawan release privileges. In pailitnya application, applicant includes six other creditors, namely, PT Bank Central Asia Tbk, PT Bank Danamon Indonesia Tbk, PT Bank Mega Tbk, The Hongkong Shanghai Bank Corporation (HSBC), and City Bank Singapore Litimited.
Thus, the requirement for a petition to declare the debtor bankrupt state as Article 2 paragraph (1) Bankruptcy Act have been met. Namely, there is debt that has matured and can be billed, and there are two or more creditors. Bankruptcy proof can be done with a simple.
After the trial, one of a team of curators, Diana Bertua Hutapea, said that with the decision that the bankruptcy status Gunawan Tjandra has been lifted, but the bankruptcy process can be continued in accordance with the provisions of the Act, if later discovered assets to meet obligations to creditors.
Meanwhile, Rabobank attorney who is a creditor Gunawan Tjandra, Ibrahim senen, reluctant to comment too much on the decision, claiming that hearing the verdict directly.
However, Ibrahim said, as presented at the time of the trial it, Rabobank believes the team should make the execution of asset curator who discovered first, in order to meet obligations to creditors. As has been previously notified, PT Bank Rabobank International Indonesia Gunawan cast a bankruptcy petition against a guarantor Tjandra which Pratama PT Nusantara Networks, which have loans worth Rp439, 099 billion. The debt, according to the Rabobank, the payment is not met by PT Pratama, so directly billed to the guarantor PT Gunawan Tjandra Pratama, because Gunawan release privileges. In pailitnya application, applicant includes six other creditors, namely, PT Bank Central Asia Tbk, PT Bank Danamon Indonesia Tbk, PT Bank Mega Tbk, The Hongkong Shanghai Bank Corporation (HSBC), and City Bank Singapore Litimited.
Thus, the requirement for a petition to declare the debtor bankrupt state as Article 2 paragraph (1) Bankruptcy Act have been met. Namely, there is debt that has matured and can be billed, and there are two or more creditors. Bankruptcy proof can be done with a simple.
2.2.2 The
Causes Diversion
Of Good Corporate Governance In Indonesia.
Basically the company is the
economic institution that was founded by the owners to make a profit. One of
the main interests of shareholders (shareholder) is that the company must
cultivate profit (profit motive) so as to be able to increase the value of the
company for the benefit of the shareholders. In carrying out its activities,
the company doing institutional interaction with other parties associated with
the company.
In the intereksi there are various interests that may be and often are not in line with the interests of shareholders poko, including interests held diantanya employees, suppliers, customers, distributors, competitors, government and communities that help provide a contribution to the success of the company and who were also bear the brunt of the company's operations.
They are stakeholders who have an interest in the prosperity of the company. Therefore, companies should strive for a balance by taking into account not only the interests of shareholders but also stakeholders to maintain its existence and benefit the entire community entities.
In this framework, corporate governance regulate aspects related to:
a) The balance of the relationship between the organs of the company (GMS, commissioners, and directors) which includes things related to the institutional structure and operational mechanism of the three organs of the company (internal balance).
b) The fulfillment of corporate responsibility as a business identity in a society to all stakeholders, which includes things associated with setting up the relationship between the company and all stakeholders (external balance) to realize the company's good corporate citizen.
Some of these cases is a deviation from the principles of good corporate governance in Indonesia, among others:
1. The use of the company as a vehicle to raise low-cost funds.
In 1998 the company recorded a purchase receivables from affiliated parties (factoring) so that the balance of factoring increased 237% to Rp 709 billion. The amount represents 68.77% of the total assets of the company. At the end of fiscal year 1998, the related party receivables are charged to the allowance for uncollectible. Indicated that the company made in the vehicle for affiliates to obtain cheap funds at the expense of the company.
As a result, public shareholders should bear the loss because the company had cash-flow difficulties and a poor financial performance so that the company can not pay dividends. These practices can occur due to an affiliated company owner is the majority shareholder so that all the practical decision was approved by the GMS. In this case the principle of accountability and fairness to minority shareholders violated.
2. Lack of openness on the business plan important information.
A listed company does not publicize the proposed acquisition and affiliated companies are not announced to the public that the company has suspended production activities as well just make the sale of inventory. In addition peruahaan also not publish plans to change the business field. The Company does not provide an explanation regarding the placement of funds which are material (22% of total assets) to the other party.
Due to be covered by the public shareholders is that shareholders investing public with adequate information about the company. Financial statements do not provide information that allows investors assess asset quality peruahaan. Shareholders will be "fooled" by the high number of total corporate assets since there is no disclosure of information regarding the collectibility of asset placement in affiliated companies.
3. The company name to get a personal loan.
Managing director of a company do unsecured loans to foreign creditors denagn using the company name. However, the loan funds are not received by the company. Other board members even aware of the transaction were not reported to the public accountant regarding the transaction. The result is that the financial statements submitted to the public to be misleading because it does not contain the correct information. The creditor can file a foreclosure lawsuit to the company if the loan can not be in service.
4. Decision of the board of directors did not consider the interests of shareholders as a whole.
A company to force myself to participate in the recapitalization program affiliated with the company in depositing contribute additional capital. As a result the company suffered cash-flow difficulties and become solvable. To overcome these problems, the company made a rights issue in the amount of material so that the share price significantly diluted. For existing shareholders because it is the loss of the stock dilution. After splitting, because the company's fundamentals are still not well turned back the share price fell to the detriment of investors who entered later.
In the intereksi there are various interests that may be and often are not in line with the interests of shareholders poko, including interests held diantanya employees, suppliers, customers, distributors, competitors, government and communities that help provide a contribution to the success of the company and who were also bear the brunt of the company's operations.
They are stakeholders who have an interest in the prosperity of the company. Therefore, companies should strive for a balance by taking into account not only the interests of shareholders but also stakeholders to maintain its existence and benefit the entire community entities.
In this framework, corporate governance regulate aspects related to:
a) The balance of the relationship between the organs of the company (GMS, commissioners, and directors) which includes things related to the institutional structure and operational mechanism of the three organs of the company (internal balance).
b) The fulfillment of corporate responsibility as a business identity in a society to all stakeholders, which includes things associated with setting up the relationship between the company and all stakeholders (external balance) to realize the company's good corporate citizen.
Some of these cases is a deviation from the principles of good corporate governance in Indonesia, among others:
1. The use of the company as a vehicle to raise low-cost funds.
In 1998 the company recorded a purchase receivables from affiliated parties (factoring) so that the balance of factoring increased 237% to Rp 709 billion. The amount represents 68.77% of the total assets of the company. At the end of fiscal year 1998, the related party receivables are charged to the allowance for uncollectible. Indicated that the company made in the vehicle for affiliates to obtain cheap funds at the expense of the company.
As a result, public shareholders should bear the loss because the company had cash-flow difficulties and a poor financial performance so that the company can not pay dividends. These practices can occur due to an affiliated company owner is the majority shareholder so that all the practical decision was approved by the GMS. In this case the principle of accountability and fairness to minority shareholders violated.
2. Lack of openness on the business plan important information.
A listed company does not publicize the proposed acquisition and affiliated companies are not announced to the public that the company has suspended production activities as well just make the sale of inventory. In addition peruahaan also not publish plans to change the business field. The Company does not provide an explanation regarding the placement of funds which are material (22% of total assets) to the other party.
Due to be covered by the public shareholders is that shareholders investing public with adequate information about the company. Financial statements do not provide information that allows investors assess asset quality peruahaan. Shareholders will be "fooled" by the high number of total corporate assets since there is no disclosure of information regarding the collectibility of asset placement in affiliated companies.
3. The company name to get a personal loan.
Managing director of a company do unsecured loans to foreign creditors denagn using the company name. However, the loan funds are not received by the company. Other board members even aware of the transaction were not reported to the public accountant regarding the transaction. The result is that the financial statements submitted to the public to be misleading because it does not contain the correct information. The creditor can file a foreclosure lawsuit to the company if the loan can not be in service.
4. Decision of the board of directors did not consider the interests of shareholders as a whole.
A company to force myself to participate in the recapitalization program affiliated with the company in depositing contribute additional capital. As a result the company suffered cash-flow difficulties and become solvable. To overcome these problems, the company made a rights issue in the amount of material so that the share price significantly diluted. For existing shareholders because it is the loss of the stock dilution. After splitting, because the company's fundamentals are still not well turned back the share price fell to the detriment of investors who entered later.
2.2.2.1 Actions
Taken As An End Curator Team
Bankruptcy Gunawan.
Definition Receivers treasure by
Indonesian dictionary is the management and oversight of the property of
others. According to Law No. 37 of 2004 on Bankruptcy and Suspension of
Payment, is the curator is Heritage Hall or an individual appointed by the
Commercial Court to take care of and clean up treasures Bankrupt Debtor under
the supervision of the Supervisory Judge (Article 1 paragraph 5) .
Curator responsibilities set forth in Article 72 of the Bankruptcy Act No. 37 of 2004, namely: responsible for errors and omissions in performing maintenance tasks and the settlement that causes harm to the bankruptcy estate.
Curator in performing independent tasks with the Debtors and Creditors are not required to obtain approval from or give prior notification to the debtor or the creditor.
Curator Tim authority do the maintenance and bankruptcy settlement in principle since the beginning of the bankruptcy decision of the Commercial Court, although an appeal filed against the decision or judicial review (Article 16 paragraph (1) Labor Law).
Some of the actions taken after the end of bankruptcy Curator Tim Gunawan, among others, are as follows:
1) Supervise all activities related Gunawan assets owned by Gunawan;
2) Provide certainty about the continuation of the implementation of the agreements that have not or only partially met by Gunawan;
3) Authorities suspend lease of goods that have been done by Gunawan;
4) Continuing efforts Gunawan, with the consent of the Creditors Committee, the curator in charge to continue the effort Gunawan is declared bankrupt, despite the decision of the bankruptcy filed an appeal or reconsideration. If the decision is not appointed bankruptcy creditors committee, approval to continue the business above, may be granted by the Supervisory Judge;
5) Provide a specified amount of money for livelihood Supervisory Judge Gunawan bankruptcy and family (Article 106 of the Labor Law);
6) Eligible withdraw temporary admission or rebuttal, or demanding that strengthen creditor with the oath of truth claims are not disputed by the Curator or one creditor.
Curator responsibilities set forth in Article 72 of the Bankruptcy Act No. 37 of 2004, namely: responsible for errors and omissions in performing maintenance tasks and the settlement that causes harm to the bankruptcy estate.
Curator in performing independent tasks with the Debtors and Creditors are not required to obtain approval from or give prior notification to the debtor or the creditor.
Curator Tim authority do the maintenance and bankruptcy settlement in principle since the beginning of the bankruptcy decision of the Commercial Court, although an appeal filed against the decision or judicial review (Article 16 paragraph (1) Labor Law).
Some of the actions taken after the end of bankruptcy Curator Tim Gunawan, among others, are as follows:
1) Supervise all activities related Gunawan assets owned by Gunawan;
2) Provide certainty about the continuation of the implementation of the agreements that have not or only partially met by Gunawan;
3) Authorities suspend lease of goods that have been done by Gunawan;
4) Continuing efforts Gunawan, with the consent of the Creditors Committee, the curator in charge to continue the effort Gunawan is declared bankrupt, despite the decision of the bankruptcy filed an appeal or reconsideration. If the decision is not appointed bankruptcy creditors committee, approval to continue the business above, may be granted by the Supervisory Judge;
5) Provide a specified amount of money for livelihood Supervisory Judge Gunawan bankruptcy and family (Article 106 of the Labor Law);
6) Eligible withdraw temporary admission or rebuttal, or demanding that strengthen creditor with the oath of truth claims are not disputed by the Curator or one creditor.
CHAPTER III
CONCLUSION AND SUGGESTION
1.1 Conclusion
1.
Causes of Bankruptcy Gunawan Ends
Cause Bankruptcy Ends Gunawan is because Tim Curator in charge to handle this case did not find the treasure on behalf Gunawan, the intention is that the wealth of existing or expected to exist at the time of the bankruptcy Gunawan is nil or very little.
2. Cause of the deviation of Good Corporate Governance in Indonesia is caused due to several cases that deviate from the principles of Good Corporate Governance in Indonesia, among others:
a. The use of the company as a vehicle to raise cheap funds;
b. Lack of openness on information critical business plans;
c. The company name to get a personal loan;
d. Decision of the Board of Directors does not consider the interests of shareholders as a whole.
3. Some of the actions taken after the end of bankruptcy Curator Tim Gunawan, among others, are as follows:
1. Gunawan oversee all activities related to assets owned by Gunawan;
2. Provide certainty about the continuation of the implementation of the agreements that have not or only partially met by Gunawan;
3. Authority to suspend a lease of goods that have been done by Gunawan;
4. Continuing efforts Gunawan, with the consent of the Creditors Committee, the curator in charge to continue the effort Gunawan who declared bankrupt, although the decision on the declaration of bankruptcy is filed an appeal or reconsideration. If the decision is not appointed bankruptcy creditors committee, approval to continue the business above, may be granted by the Supervisory Judge;
5. Provide a specified amount of money for livelihood Supervisory Judge Gunawan bankruptcy and family (Article 106 of the Labor Law);
6. Right to withdraw the temporary admission or denial, or demanding that strengthen creditor with the oath of truth claims are not disputed by the Curator or one of Creditors.
Curator Tim authority commit bankruptcy estate administration and settlement in principle, starting from a decision of the bankruptcy of the Commercial Court, although an appeal filed against the decision or judicial review (Article 16 paragraph (1) Labor Law).
Cause Bankruptcy Ends Gunawan is because Tim Curator in charge to handle this case did not find the treasure on behalf Gunawan, the intention is that the wealth of existing or expected to exist at the time of the bankruptcy Gunawan is nil or very little.
2. Cause of the deviation of Good Corporate Governance in Indonesia is caused due to several cases that deviate from the principles of Good Corporate Governance in Indonesia, among others:
a. The use of the company as a vehicle to raise cheap funds;
b. Lack of openness on information critical business plans;
c. The company name to get a personal loan;
d. Decision of the Board of Directors does not consider the interests of shareholders as a whole.
3. Some of the actions taken after the end of bankruptcy Curator Tim Gunawan, among others, are as follows:
1. Gunawan oversee all activities related to assets owned by Gunawan;
2. Provide certainty about the continuation of the implementation of the agreements that have not or only partially met by Gunawan;
3. Authority to suspend a lease of goods that have been done by Gunawan;
4. Continuing efforts Gunawan, with the consent of the Creditors Committee, the curator in charge to continue the effort Gunawan who declared bankrupt, although the decision on the declaration of bankruptcy is filed an appeal or reconsideration. If the decision is not appointed bankruptcy creditors committee, approval to continue the business above, may be granted by the Supervisory Judge;
5. Provide a specified amount of money for livelihood Supervisory Judge Gunawan bankruptcy and family (Article 106 of the Labor Law);
6. Right to withdraw the temporary admission or denial, or demanding that strengthen creditor with the oath of truth claims are not disputed by the Curator or one of Creditors.
Curator Tim authority commit bankruptcy estate administration and settlement in principle, starting from a decision of the bankruptcy of the Commercial Court, although an appeal filed against the decision or judicial review (Article 16 paragraph (1) Labor Law).
1.2 Suggestion
1. Curator Tim should match
and re-check incoming
invoices or received
by Gunawan, Urge
Creditors who have
not submitted a letter, and show evidence of
original notes and letters, in order matching
calculations Creditors accounts.
2. The need for the implementation of good corporate governance practices at companies in Indonesia, the monitoring of the implementation of good corporate governance by companies can be done through the mechanism of the rating company through an audit of the implementation of and compliance with good corporate governance practices by the company.
3. Curator for the team, in order to pursue the implementation of the control Tjandra Gunawan even been set to dismiss bankruptcy Gunawan Tjandra by Jakarta commercial court.
2. The need for the implementation of good corporate governance practices at companies in Indonesia, the monitoring of the implementation of good corporate governance by companies can be done through the mechanism of the rating company through an audit of the implementation of and compliance with good corporate governance practices by the company.
3. Curator for the team, in order to pursue the implementation of the control Tjandra Gunawan even been set to dismiss bankruptcy Gunawan Tjandra by Jakarta commercial court.
REFERENCES
Ariyanto. 2007. "Understanding Introduction to Business Law", [Internet]
http://www.geocities.com. Diaskes 12 January 2011.
Jono, S.H. 2007. "Bankruptcy Law". Tangerang: Graphic Rays.
Sjahdeini, Sultan Remy. , 2002. Bankruptcy
law; Understanding Faillissement sverordening Juncto Law. 4 of 1998. Cet.I. Jakarta:
PT. Pustaka Utama Grafiti.
Sjahdeini, Sultan Remy. , 2001. "History
of Bankruptcy Law in Indonesia", [Internet] http://www.geocities.com. Diaskes January 12, 2011.
Suyudi, Ari. , 2004. Bankrupt Bankruptcy
in the State. Cet.
II. Jakarta: Center
for the Study of Law and Policy
in Indonesia.
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