MediaJustitia.com: Examining more deeply about restructuring and insolvency, the Indonesian Advocates Association (PERADI) in collaboration with Malaysian Bar held an international seminar entitled “Cross-Border Debt Restructuring and Insolvency: Indonesia and Malaysia’s Perspective.”
The seminar was carried out on Thursday, February 2, 2023 at Grand Slipi, and online via Zoom Meeting, with more than 300 participants.
“Welcome to PERADI, welcome to Indonesia. It is an honor for us to welcome Malaysian Bar,” said Khairi Poloan, S.H., M.H. (Vice Chair of International PERADI).
On the same occasion, Khairi Poloan said that after the monetary crisis in 1997 in Asia, the existing insolvency law was no longer relevant to the current situation.
Agreeing with that, Karen Cheaah Yee Lynn (President of Malaysian Bar) emphasized that the topic raised has a high level of urgency, considering that the insolvency rate and suspension of payment (PKPU) have soared due to the COVID-19 pandemic.
“The topic of discussion of this seminar is very important. We are all stakeholders in the topic. Although it sounds like a high-tech issue, it is important to discuss because it is impactful to the country’s economic development,” he said.
Moderated by Andi Yusuf Kadir, S.H., LL.M (Vice Secretary of International Affairs Peradi/Vice Chairman for International Cooperation), the seminar began with a presentation by Johannes C. Sahetapy Engel, S.H., M.H., (Chair of International Affairs Peradi/Head of International Cooperation) with the title “Cross-Border Debt Restructuring and Insolvency: Indonesia Perspective.”
Reviewing the regulations and conditions of insolvency and suspension of payment in Indonesia, Johannes also regretted that the international principle that applies in Indonesia is the territorial principle (the law only applies in the country that makes the regulation), not universal (the law can be applied in any country).
Mr. HR. Dipendra (Chairperson of International Professional Services Committee) in his presentation also mentioned a lot of interests between Malaysia and Indonesia, so it is not impossible that there will be restructuring and insolvency.
However, cross-border restructuring and insolvency are not easy considering that each country has its own rules, making it a challenge for stakeholders.
The discussion session took place actively, the participants, both PERADI and Malaysian Bar threw questions at each other as comparative material.
It is known that this international seminar is one of a series of Malaysian Bar visits on February 1-4, 2023.
Malaysian Bar and DPN PERADI’s Visit to the Central Jakarta District Court and the Constitutional Court
During the visit of DPN PERADI and Malaysian Bar to the Central Jakarta District Court and the Constitutional Court of the Republic of Indonesia, Deputy Chairman of DPN PERADI, H. Sutrisno, S.H., M.Hum explained, the purpose of this Malaysian Bar visit to Indonesia was in the context of comparative studies in a number of courts in Indonesia.
In order to conduct comparative studies in several judicial institutions, said Sutrisno, they asked DPN Peradi for help under the leadership of the Chairman of DPN PERADI, Prof. Dr. Otto Hasibuan, S.H., M.M, in accompanying to the Central Jakarta District Court and to the Constitutional Court, as well as to the Supreme Court and the National Mediation Center.
For information, each advocate organization in every country has a cooperative relationship with DPN PERADI. This aims to be able to improve each other’s quality and develop the potential of young advocates in the future.
“We also held a seminar between DPN PERADI and the Malaysian Bar in order to exchange knowledge. In fact, we always work together with the Malaysia Bar. Currently, the Malaysian Bar have come to Indonesia specifically to visit DPN PERADI under the leadership of Prof. Dr. Otto Hasibuan, S.H., M.M., and we are indeed responsible for assisting these lawyers from the Malaysian Bar to be able to carry out their comparative studies in Indonesia by visiting a number of judicial institutions in Indonesia,” explained Sutrisno when interviewed by media crew at the Indonesian Constitutional Court (03/01).
Sutrisno also conveyed, Prof. Dr. Otto Hasibuan, S.H., M.M. advised, as the Chairperson of DPN PERADI, he continued, especially to the Constitutional Court he expressed his gratitude because the Constitutional Court was willing to accept the Malaysian Bar and DPN PERADI. And this cooperation will be enhanced in the future.
On that occasion also, President of the Malaysian Bar Council, Karen Cheah Yee Lynn said that she had benefited a lot from their visit to the Central Jakarta District Court and the Constitutional Court.
“This activity was very useful. We learned about the justice system at the Central Jakarta District Court and the Constitutional Court. We were very impressed with the structure of the Constitutional Court because in Malaysia we still don’t have that structure. And the points explained to us about the Constitutional Court were very clear. The hope is that whatever good things we learn in Indonesia we can bring back to Malaysia, so that we can improve the justice system in Malaysia,” she concluded to the media crew.
It is known that the Malaysian Bar’s visit to DPN PERADI has been planned since several months ago, said Karen, they will continue to establish relationships so that they can improve professional standards.
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