Govt. Issues Latest Version of Draft Bill on the Amendment of the Bankruptcy Proceedings and Suspension of Debt Payment Obligations Law

Back in 2021, the government first introduced the Draft Amendment (“ Draft Amendment 2021 ”) [1] to Law No. 37 of 2004 (“ Law 37/2004 ”) on Bankruptcy Proceedings and the Suspension of Debt Payment Obligations (Penundaan Kewajiban Pembayaran Utang– “ PKPU ”), which aimed to resolve a number of ongoing issues that relate to the implementation of Law 37/2004, such as settlement periods, costs, recovery from bankruptcy and adjustments that reflect various legal issues and developments. ^[2]