Bankruptcy
Really Taking the 'Biscuit'
Monday, 25 September 2000
PT Davomas has managed to escape bankruptcy and has been given a grace period for debt restructuring instead. Quite astounding really, when the majority of its creditors are believed to be fictitious.
THE sword of justice wielded by the Bankruptcy Act turned out to be dull. It used to be that the Bankruptcy Act, Law No.4 of 1998—the existence of which is partly due to the role played by the International Monetary Fund (IMF)—was considered able to protect foreign creditors from the shenanigans of local debtors who failed (or worse still, refused) to repay their loans. However, on Monday last week, the commercial court at the South J
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