Guidance For Creditors Who Do Not Get A Payment From The Assets Disposal Or Receivables Collection

Law of the Republic of Indonesia Number 7 year 1992 on Banking as amended by the Law of Republic of Indonesia Number 10 year 1998 stipulates that one of the legal entity of commercial bank or rural bank is incorporated company. Hence, the legal construction of incorporated company in banking is the same as the structur regulated by the Law of Republic of Indonesia Number 40 year 2007 regarding incorporated company. The Law stipulates that each director is jointly responsible on the loss of the corporation caused by the failures and imprudence.
Beside the acknowledgement of directors' responsibilities on corporate's loss, in the process of bank liquidation, it is also acknowledged the responsibilities of previous shareholders which have caused bank failures. This is in line with IDIC regulation Article 46 paragraph (2) of IDIC Regulation Number 1/PLPS/2011 on Bank Liquidation which states that when all assets of bank is already finished during the liquidation process and there are still bank's liabilities to other parties, the liabilities must be settled by the previous shareholders.