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Bankruptcy

Breaking the Barriers

Monday, May 28, 2001

A creditor has filed a petition of bankruptcy against Bank Danamon for defaulting on US$12.2 million in debts. Will the court grant the request?

. tempo : 172978290738.

The Indonesian Finance and Investment Company (IFI) has filed a petition with the Central Jakarta District Court for bankruptcy proceedings against Bank Danamon following Bank Indonesia's failure to respond to a request for action against the debtor bank. The 1998 Bankruptcy Act provides that only the central bank may file a petition of bankruptcy against defaulting banks.

Hotman Paris Hutapea, attorney for IFI, hopes the court will have the cou

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