(a) In relation to each type of insolvency procedure available in the legal system of Indonesia, by what means may the administration of the corporate debtor be terminated?

We assume that the term “administration” means the management of the bankruptcy debtor.

Article 22 of the Bankruptcy Law provides that due to the bankruptcy declaration, a bankrupt debtor shall by law forfeit its right to control and manage its assets as of the commencement of the bankruptcy declaration.

(b) Who may initiate the termination of each type of insolvency procedure?

The Debtor shall initiate termination of insolvency in the event the Commercial Court grants a suspension of payments.

In the event that a permanent termination is granted through ratification of the settlement, the debtor together with creditors shall initiate the termination of insolvency.

(c) On what grounds may each type of insolvency procedure be terminated?

The termination of insolvency may be achieved through: (i) revocation as stipulated by Article 15 of the Bankruptcy Law or (ii) ratification of a final legally binding settlement, as stipulated by Article 156 of the Bankruptcy Law.

(d) What are the consequences for the corporate debtor of termination of the insolvency procedure? (For example, to whom does control of the debtor revert following termination of the procedure; or if the debtor no longer exists, what are the procedures for and consequences of its dissolution?)

Pursuant to Article 157 of the Bankruptcy Law, after the ratification of the draft reconciliation has become legally binding, the receiver of the bankrupt estate is obliged to render a calculation and explanation to the bankrupt debtor and the Supervisory Judge.

If the ratification is not stipulated otherwise in the reconciliation, the receiver shall, against proper receipt, return all goods, monies, books and documents included in the bankrupt estate to the bankrupt debtor.

We would point out that the terms “dissolution” and “liquidation” are used interchangeably and that they are each intended to have the same meaning. The Company Law provides that a company may be dissolved based upon:

(i) a resolution of the General Meeting of Shareholders (“GMS”);

(ii) the expiration of the company’s term of existence; or

(iii) a court judgement.