INDONESIA Law and Practice Contributed by: Emir Nurmansyah, Ulyarta Naibaho and Bilal Anwari, ABNR Counsellors at Law
(b) OJK Regulation No 26/POJK.04/2017 on Information Disclosure for an Issuer or Public Company; and (c) Board of Director of Indonesian Stock Ex - change Decision No Kep-00077/BEI/05-2023 on Regulation I-L on the Suspension of Se - curities (this decision revoked Circular Letter of Indonesian Stock Exchange No SE-008/ BEJ/08-2004 on the Temporary Suspension of Securities Trading of Listed Companies). • Banks, including Indonesian banks duly registered at the Financial Services Authority: (a) Law No 7 of 1992, as amended by Law No 10 of 1998 on Banking, as further amended by Law No 6 of 2023 on the Ratification of Gov - ernment Regulation No 2 of 2022 (a substitute for Law No 11 of 2020 on Job Creation) and the Omnibus Financial Law; (b) Law No 24 of 2004 on the Depository Fund Agency ( Lembaga Penjamin Simpanan LPS), as amended by Law No 7 of 2009 on the Ratifica - tion of Government Regulation No 3 of 2008, as further amended by the Omnibus Financial Law; (c) Law No 21 of 2011 concerning the Financial Services Authority, as amended by Law No 9 of 2016 on the Prevention and Control of Finan - cial System Crisis and further amended by the Omnibus Financial Law (the “OJK Law”); (d) Government Regulation No 25 of 1999 on Li - cence Revocation, Dissolution and Liquidation of Bank Business, as amended and partially revoked by Law No 24 of 2004 on the Indone - sia Deposit Insurance Corporation; (e) OJK Regulation No 5 of 2024 on the Determi - nation of Status and Supervision and Problem Handling of Commercial Banks; and (f) LPS Regulation No 1 of 2022 on Bank Liqui - dation for banks in the form of limited liability companies. • Pension funds: the Omnibus Financial Law (which revoked Law No 11 of 1992 on Pension Funds and Regulation) and OJK Regulation No 35 of 2024 on the Licensing and Institutional Aspect of Pen - sion Funds (which revoked OJK Regulation No 9/ POJK.05/2014 on the Dissolution and Liquidation of Pension Funds). • Insurance companies: Law No 40 of 2014 on Insur - ance, as amended by the Omnibus Financial Law,
and OJK Regulation No 28/POJK.05/2015 on the Dissolution, Liquidation and Bankruptcy of Insur - ance, Islamic Insurance, Reinsurance and Islamic Reinsurance Companies, as further amended by POJK No 38 of 2024 on the Dissolution, Liquida - tion, Bankruptcy of Insurance Companies. • Securities companies duly licensed and operating as underwriters, securities brokers and investment managers under Law No 8 of 1995 on the Capital Markets, as amended by Law No 9 of 2017 on the Ratification of Government Regulation No 1 of 2017 on Financial Information for Tax Purposes and further amended by the Omnibus Financial Law, in con - junction with OJK Regulation No 3/POJK.04/2021 on Capital Market Activities Operations (as partially revoked by POJK No 45 of 2024 on the Develop - ment and Strengthening of Publicly Listed Compa - nies and OJK Regulation No 20/POJK.04/2016 on the licensing of securities companies conducting underwriting and securities broker business. • Finance leasing companies, companies provid - ing finance to infrastructure projects, factoring companies, consumer finance companies and credit card companies: OJK Regulation No 35/ POJK.05/2018 on Finance Companies Business Activities, as amended by OJK Regulation No 7/ POJK.05/2022 on the Amendment of OJK Regula - tion No 35/POJK.05/2018 on Finance Company Business Activities, and further amended by OJK Regulation No 46 of 2024 on the Development and Strengthening of Financing Companies, Infrastruc - ture Financing Companies and Venture Capital Companies. • Venture capital companies: OJK Regulation No 34/ POJK.05/2015 on Licences and Institution of Ven - ture Capital Companies. 1.2 Types of Insolvency The IBL provides for the following two types of court- supervised restructuring and insolvency proceedings, which may be initiated either voluntarily (by the debtor) or involuntarily (by creditors) by the submission of a petition to the commercial court: • bankruptcy proceedings, which aim for liquidation, whereby a receiver will be appointed; and
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