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The Indonesian government recently introduced Government Regulation Number 21 of 2024(“GR 21/2024”), which amends Government Regulation Number 25 of 2020 on the implementation of the Public Housing Savings (Tabungan Perumahan Rakyat, frequently referred to as “Tapera”). While this may seem like a new spotlight, it is essential to note that Tapera is not a newly enacted policy; instead, it was first introduced through Law No. 4 of 2016 on Public Housing Savings. In this articl

In the year 2023, the Financial Services Authority (“OJK“) observed that 12 (twelve) insurance companies were under special supervision. However, as the year drew close, the number of insurance companies under OJK’s supervision decreased to seven. This change was attributed to two companies returning to normal status and three companies revoking their business licenses. The insurance companies whose licenses were revoked by OJK are as follows: PT Asuransi Jiwa Kresna (Kresna

Based on Law Number 8 Year 1981 concerning Criminal Procedure (Kitab Undang-Undang Hukum Acara Pidana or “KUHAP”), it is stipulated under Article 263 paragraph (1) that those who can only submit a Judicial Review (Peninjauan Kembali or “PK”) to the Supreme Court are only the convicted persons or their lawful heirs. However, there is another legal basis, as stipulated in Law Number 11 Year 2021 concerning Amendments to Law Number 16 Year 2004 concerning the Public Prosecutor’s

Circular Letter Number 3 of 2023, issued by the Supreme Court Chamber (“Circular No. 3/2023”), sheds light on crucial aspects related to the formulation of results from the 2023 Plenary Meeting. Among the key discussions, the Circular addresses the formulation within the Civil Chamber, particularly focusing on Part 2 of the Special Civil Code, letter a, concerning Bankruptcy and Suspension of Debt Payment Obligations. This essay examines the provisions outlined in the Circula

In early 2023, the Government of the Republic of Indonesia introduced Law Number 4 of 2023, aimed at the Development and Strengthening of the Financial Sector (referred to as “Law 4/2023”). This legislation revises and introduces new measures within existing financial laws, addressing current challenges and opening new opportunities for industry stakeholders. A key area of interest highlighted in our newsletter is the concept of Technology Innovation within the Financial Sect

In the rapidly evolving economic landscape of Indonesia, state enterprises find themselves managing an immense responsibility: overseeing an asset base exceeding half a trillion dollars. This challenging situation was the focal point of a significant conference, “The Restructuring, Insolvency, and Governance Conference 2023,” organized by AJ Capital with support from INSOL International and the Asian Development Bank (ADB). Hosted by Danareksa and PPA, the conference was held

Bankruptcy and the Suspension of Debt Payment Obligation Law is a crucial element of any legal system as it deals with the financial stability of individuals and entities. In most countries following the common law system, bankruptcy is typically initiated when a debtor is insolvent. However, Indonesia has adopted a unique approach to the law, incorporating the concept of the presumption of insolvency. In this newsletter, we will explore Indonesia’s Bankruptcy and the Suspens

In line with the relocation of the Ibu Kota Nusantara in Kalimantan from Daerah Khusus Ibukota Jakarta, the government recently ratified a Government Regulation Number 12 of 2023 on Business Licensing, Ease of Doing Business, and Capital Investment for Business Actors in Ibu Kota Nusantara (“GR 12/2023”). This new regulation aims to provide greater certainty, opportunity, and participation for business actors in the context of accelerating development in Ibu Kota Nusantara (“

Proud to be recognized by Hukumonline.com for our achievements in the legal industry. Being named as one of the Top 100 Indonesian Law Firms is a testament to our commitment to excellence. We are also honored to be nominated for Brand Innovation 2023, showcasing our dedication to staying ahead in a rapidly evolving legal landscape. Furthermore, we are also acknowledged as a top practice leader in the elite category, demonstrating our expertise and unwavering commitment to d

We are honored to share that FKNK Law Firm has been recognized as one of the top tier firms by Benchmark Litigation Asia Pacific 2023 in the areas of Insolvency, Labor and Employment, and Commercial and Transactions. We extend our sincere appreciation to Benchmark Litigation for this recognition and to our clients for entrusting us with their legal needs. We are proud to be among the distinguished law firms in the region. This recognition is a testament to our unwavering comm

We have gained a great deal of knowledge and expertise in the legal industry over the course of 12 years as a business, but we have never weavered from our commitment to serving both our individual and corporate clinets as effectively as possible. We are grateful for the support and encouragement we have received from our esteemed clients and associates, both former and current, who have trusted us with their cases, businesses, and matters. Their loyalty has helped us become

OJK has issued new regulation related to bankruptcy and suspension of debt payment obligations submission for Securities Company through POJK No. 21/2022 where despite OJK’s progress to execute their power in submitting for Securities Company, the proceeding of bankruptcy and suspension of debt payment for Securities Company that comes after OJK’s submission then will require special attention from OJK, the supervisory judges, and especially experienced and reliable curators/

In a historic moment, Indonesia’s parliament unanimously passed a groundbreaking law aimed at reforming the judicial system and enhancing access to justice for all citizens. The new legislation, enacted on [date], is being hailed as a monumental leap forward for the nation’s legal framework. Ushering in a New Era of Justice The landmark law represents a significant shift in Indonesia’s legal landscape, with comprehensive reforms designed to strengthen the judiciary’s integrit