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Guidance For Creditors Who Have Yet Claim Creditors' Right On The Asset Disposal

After a bank's operating license is revoked by Bank Indonesia, the process of the bank liquidation is done by IDIC. Liquidation process is a measure on settling all assets and liabilities of the bank. The settlement of bank's liabilities is regulated in Article 54 paragraph (1) of the Law of the Republic of Indonesia Number 24 year 2004 concerning Deposit Insurance Corporation as amended by the Law of Republic of Indonesia Number 7 year 2009 which states that the payment of bank's liabilities to creditors from assets disposal and/or receivables collection will be executed in the following order: 
  1. Reimbursement of advance payment of employee's outstanding salary;
  2. Reimbursement of advance payment of employee's severance pay;
  3. Case fees in the court of law, outstanding auction cost, and office operational cost;
  4. Rescue costs expended by IDIC and/or Payment for  insurance claims to be paid by IDIC;
  5. Taxes payable;
  6. Uninsured portion of depositswhich is not paid and the deposits of depositor that are notinsured ; and
  7. Rights of other Creditors.

Based on the order above, the payment of liquidated bank liabilities to creditors could be divided into 2 periods:

  1. During the liquidation processs 
    The payment of liabilities to creditors which come from the assets disposal and/or receivables collections is done gradually or paid at once at the end of the liquidation process. The liabilities payment will be done by the liquidation team directly to the creditors by cash or transfer. Two months prior to the completion of liquidation process, liquidation team will announce the date of final payment to creditors including measures that could be taken by the creditors when they have not claimed their rights until the time limit of payment passed. In such cases, the unclaimed fund will be put in IDIC. The liquidation team tasks are completed when the unclaimed fund has been put in IDIC. ,  
  2. After the liquidation process has ended 
    The payment to creditors when the liquidation process has ended is made possible when:
    1. The creditor has yet claim creditor's rights until the latest date of payment has expired and the liquidation process has ended; and
    2. There are payment made by debtors after the end of liquidation process.
The procedures of payment to other creditors as stipulated in alphabet b is done by considering the order of payment in accordance to Article 54 paragraph (1) of the Law of Republic of Indonesia Number 24 year 2004 concerning Deposit Insurance Corporation as amended by the Law of Republic of Indonesia Number 7 year 2009.
 
According to Article 43 paragraph (7), it states that if during the period of 30 years, the unclaimed fund which placed in IDIC has not been claimed by the creditors, the fund will be transfered to the Government Treasury.