Certification of Liquidators, Solution or Distortion? A Critical Note on POJK 38/2024

OJK needs to harmonize its regulations by revisiting POJK 38/2024 so that it aligns with the Company Law (UU PT) and the Bankruptcy Law, thereby avoiding legal disharmony. Certification from a Professional Certification Institute (Lembaga Sertifikasi Profesi, “LSP”) should ideally be optional, not a mandatory requirement. Curators, who are expressly recognized under the Bankruptcy Law, should be accommodated as a competent party to act as a liquidator, given that their skills can be similarly used for liquidating companies.