APINDO calls for extension of loan restructuring program and a moratorium on bankruptcy applications – Businesses

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Dzulfiqar Fathur Rahman (The Jakarta Post)

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Jakarta ●
Wed, September 1, 2021

The Indonesian Employers Association (APINDO) is in talks with the government and the Financial Services Authority (OJK) to propose a three-year extension for the Debt Deferral Request (PKPU) and bankruptcy lawsuits as well as the loan restructuring program, as some businesses may need more time to recover.

APINDO chairman Hariyadi Sukamdani said the business group discussed the plan with the General Directorate of Legal Administration of the Ministry of Law and Human Rights, hoping for government regulation on a such a moratorium “as soon as possible”.

“The pandemic has enormous potential to cause problems,” Hariyadi said Jakarta Post in a telephone interview on Tuesday. “A lot of companies are suddenly faced with financial problems. This opens the door for irresponsible parties to take advantage of [their vulnerability]. “

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