New Regulation Aims To Improve Transparency In Insolvency Proceedings
At the end of 2018, the Minister of Law and Human Rights enacted a new regulation relating to insolvency practitioners (receivers in bankruptcy proceedings and administrators in suspension of payment/PKPU process) ("Regulation 37/2018"). Regulation 37/2018 came into effect in December 2018, repealing the previous regulation governing insolvency practitioners.
Regulation 37/2018 seeks to improve transparency in an insolvency process by allowing stakeholders access to various information regarding the insolvency process. It also simplifies the process for registration and submission of report by allowing these to be done electronically.