Bankruptcy & Restructuring
SSA Advocates assist by representing creditors or corporate debtors on bankruptcy litigation procedures. We also advise on debt to equity swap, debt to asset swap, debt to quasi-equity swap and other amicable debt restructuring for bankruptcy and insolvency procedures.
In connection with the litigation procedures, we also represent the client before the commercial court and preparing all the mandatory documents such as the bankruptcy petition, response of bankruptcy petition (for corporate debtors), and composition plan along with settlement agreement.
Awards & Accolades
“…has expertise in litigation and arbitration and is particularly active in real estate, construction and employment relations matters. The firm ‘thinks outside the box’ and provides ‘practical solutions’. Recently it assisted Minerina Bhakti with submitting a bankruptcy petition to its debtors and advised an agribusiness company on a bankruptcy petition filed by one of its creditors. Suhardi Somomoeljono and Dianyndra Kusuma Hardy are key figures.”
– Legal 500, Asia Pacific (2018)
“…performs well in commercial, real estate and restructuring and insolvency disputes. Team leaders Suhardi Somomoeljono and Dianyndra Hardy are representing a metal and mining distributor before the Jakarta Commercial Court in a case about a non-performing loan.”
– Asialaw (2018)
“Commonly engaged in dispute resolution work in the mining, real estate, employment and insolvency spaces…….”
– Benchmark Litigation (2018)
“The team at Suhardi Somomoeljono & Associates (SSA Advocates) acts on commercial, corporate, real estate, construction and industrial relations disputes. Key members of the team include managing partner Suhardi Somomoeljono and Dianyndra Kusuma Hardy, who acts are experienced in commercial and corporate disputes.”
– Legal500, Asia Pacific (2019)
“Suhardi Somomoeljono & Associates is one of the oldest Indonesian law firms and specialises in restructuring and insolvency and project development in the real estate and mining sectors. In project development, the firm assists real estate and mining companies with development and operations. On the restructuring and insolvency side, the firm assists clients with matters such as debt to equity swaps, debt to asset swaps, debt to quasi-equity swaps and other forms of debt restructuring for bankruptcy and insolvency procedures.”
– IFLR 1000 (2019)
“Suhardi Somomoeljono & Associates has a specific focus on dispute resolution with expertise in commercial and insolvency disputes across construction and real estate sectors. Key individuals for commercial and construction disputes include Suhardi Somomoeljono and Dianyndra Hardy. The vast majority of its clients are large corporations and its insolvency caseload is on the rise. The firm acted for a construction company on shareholder and subcontractor disputes. In the insolvency area, the firm represented an individual before the district court of South Jakarta to enforce a non-performing loan against a foreign defendant.”
– Benchmark Litigation (2019)
“SSA Advocates’ solid footing in the Indonesian legal market can be attributed to its dispute resolution and restructuring and insolvency work. Suhardi Somomoeljono is a key contact.”
– Asialaw (2020)
Notable Cases and Transactions
- Represented a textile company in Indonesia towards suspension of payment obligation submitted by Japanese textile company at Jakarta Commercial Court, with the debt value of approx. Rp 80.000.000.000.
- Represented a timber company in Indonesia towards bankruptcy petition submitted by various Indonesian banks at Makassar Commercial Court, with the debt value of approx. Rp 120.000.000.000.
- Represented a trading company in Indonesia towards bankruptcy petition submitted by various Indonesian banks at Makassar Commercial Court, with the debt value of approx Rp 100.000.000.000.
- Advising a textile company in Indonesia in order to perform debt restructuring with prominent Indonesian bank, with the debt value of approx. Rp 40.000.000.000.
- Represented Investors as creditors to submit bankruptcy petition towards a real estate company in Jakarta Commercial Court, with the debt value of approx. Rp 200.000.000.000.
- Represented a mining company in Indonesia as creditors to submit bankruptcy petition towards its debtors at Jakarta Commercial Court, with the debt value of approx. Rp 80.000.000.000.
- Represented creditors towards Indonesian cooperation as debtors at Jakarta Commercial Court.
- Advising a joint-venture company between a state-owned enterprise and multi-national company as creditor towards its debtors, with the value of approx. Rp80.000.000.000.
Bankruptcy & Restructuring Services
Indonesia has a very wide interpretation on loan, we help bank-creditors or other type of creditor to perform bankruptcy petition to commercial court. In order to maintain the liquidity of creditors, bankruptcy petition is the most effective legal action to be performed in Indonesia.
A formal restructuring under Indonesian Bankruptcy Law is called Suspension of Debt Payment Obligation (PKPU). PKPU shall be approved by commercial court and debtors may have 270 days to settle the non-performing loan problems with amicable settlement, provided that the composition plan and settlement agreement is agreed by receiver, creditor, debtor and commercial court.
SSA Advocates advising the auction house, auctioneer, banks, corporate debtors, creditors and other related party to ensure the procedures of auction such as auction documents, auction announcement, appointment of auctioneer, execution of sold assets and other related matters in compliance with the prevailing laws and regulation as well as the best practice in auction procedures and business.
Out-of-court restructuring is the most creditor-debtor friendly resolution for non-performing loan (NPL) problem in Indonesia. Our firm encourage the clients to settle NPL by performing negotiation or mediation.
The focus for this practice area is to ensure that every provision is applicable and in accordance with prevailing laws and regulation on Indonesian Bankruptcy Law. The incompatibility of composition plan & settlement agreement with the prevailing laws and regulation frequently cause a massive loss for the parties since the mentioned documents above shall be approved by the appointed supervising judge.
SSA Advocates provide transactional services in advising clients on consumer credit directive, corporate loan, secured and unsecured loan structure and agreement. In connection with that, SSA Advocates also provide advising the clients on mortgages, pledges and any other security instruments applicable under prevailing laws and regulation. For litigation, we also provide high quality and experienced lawyers to represent our clients.