4 Big Companies That Went Bankrupt in Indonesia

(iStock)

By:

Team of Hukumindo

Previously, the www.hukumindo.com platform has talk about "Due to Low Sales Product, Tupperware Files for Bankruptcy", "Be Careful Using AI, You Will be in Trouble for Citing Non-existent Jurisprudence", you may read also "5 Most Bizarre Court Cases in US History" and on this occasion we will discuss about '4 Big Companies That Went Bankrupt in Indonesia'.

Running a business does require careful calculations. If not, any company of any size could go bankrupt. In the past, there were a number of giant companies present in Indonesia. But unfortunately, the company did not last long because it went bankrupt due to a number of reasons. One of the factors that caused a company to go bankrupt was due to large debts. Apart from that, there are several other causes that cause businesses to close down.[1]

So, what are the big companies that went bankrupt in Indonesia?[2]

1. PT. Sariwangi Agricultural Estate Agency (SAEA). PT Sariwangi Agricultural Estate Agency (SAEA) is a tea company that has been established since 1973. This company, which is famous for its tea bag products, was declared bankrupt in 2018. Sariwangi was declared bankrupt because he was unable to pay the credit installments owed to Bank ICBC Indonesia. It is known that Sariwangi's total debt to ICBC Bank at that time reached US$ 20,505,166 or around IDR. 316 billion. Unilever itself only bought the Sariwangi brand, not the company, in 1989. Even though it is the holder of the Sariwangi brand, Unilever still sources supplies from SAEA.
2. Nyonya Meneer. Nyonya Meneer is a well-known herbal medicine company in Indonesia. Even though her business is already big, unfortunately, Nyonya Meneer was declared bankrupt by the Semarang District Court (PN) in 2017. There are a number of factors that cause Nyonya Meneer's business to falter, ranging from internal disputes in the successor family, a very large debt burden, to a lack of innovation in its products. On June 8 2015, the Postponement of Debt Payment Obligations (PKPU) between debtors and 35 creditors was declared valid by a judge at the Semarang Commercial Court. In this case, Hendrianto Bambang Santoso, who is one of the creditors from Sukoharjo, is suing Nyonya Meneer for bankruptcy because she did not settle the debt according to the peace proposal. Hendrianto only received IDR 118 million of the total debt of IDR 7.04 billion.
3. 7-Eleven. For young people in Jakarta, of course they are familiar with 7-Eleven or often called 'Sevel'. This convenience store was very famous in the 2010s because it served various foods and drinks, one of which was Slurpee. But unfortunately, Sevel did not last long in Indonesia. In 2017, 7-Eleven was officially declared bankrupt. The subsidiary of PT Modern Internasional Tbk (MDRN) closed all Sevel outlets in Indonesia. The main reason is because of the large operational costs that must be incurred.
4. Kodak. For those of you who love photography, you are certainly familiar with this brand. Kodak has been around since 1892 and is one of the pioneers in the photography industry. Unfortunately, Kodak's big name had to disappear because it was officially declared bankrupt in 2012. Kodak was unable to compete with competitors who offered digital products amidst very rapid technological advances. Apart from that, Kodak is also reluctant to innovate for its business in order to make a profit.

And if you have any legal issue in Indonesia territory, contact us for business inquiry, feel free in 24 hour, we will be glad to assist you. 

*) For further information please contact:

Mahmud Kusuma Advocate

Law Office

Jakarta - Indonesia.

E-mail: mahmudkusuma22@gmail.com

________________

References:

1. "4 Perusahaan Besar yang Bangkrut di Indonesia dan Penyebabnya", //finance.detik.com., ilham fikriansyah - detikFinance, Rabu, 18 Sep 2024, Diakses pada tanggal 24 September 2024, Link: https://finance.detik.com/berita-ekonomi-bisnis/d-7545244/4-perusahaan-besar-yang-bangkrut-di-indonesia-dan-penyebabnya

2. Ibid.

Due to Low Sales Product, Tupperware Files for Bankruptcy

(iStock)

By:

Team of Hukumindo

Previously, the www.hukumindo.com platform has talk about "Nakamura Incident of 1946", "Creativity in Assembling Television Brings Male Graduates from Elementary School to Jail", you may read also "Be Careful Using AI, You Will be in Trouble for Citing Non-existent Jurisprudence" and on this occasion we will discuss about 'Due to Low Sales Product, Tupperware Files for Bankruptcy'.

Tupperware Brands Corp filed for bankruptcy after the famous by colorful food box company experienced a decline in sales. The brand from the United States (US) filed for Chapter 11 bankruptcy protection on Tuesday (17/9/2024). Not only that, several subsidiaries included in Tupperware Brands Corp are also included in bankruptcy protection. Tupperware's business journey had been stumbling in the last few years before the pandemic. However, the company recovered due to the Covid-19 pandemic, when some people decided to stay at home and this increased demand for airtight plastic containers.[1]

One of the reasons Tupperware went bankrupt was the surge in raw material costs, such as plastic receipts, labor costs, product delivery. This puts pressure on the profit margins of the food box manufacturers. Tupperware Brands Corp CEO Laurie Ann Goldman said Tupperware plans to file for bankruptcy protection after violating debt terms and seeking help from legal and financial advisors. "Over the last few years, the company's financial position has been greatly affected by the challenging macroeconomic environment," he said, quoted from an official statement, Wednesday (18/9/2024).[2]

Based on the bankruptcy filing in the US Bankruptcy Court for the District of Delaware, Tupparware listed assets worth US$ 500 million to US$ 1 billion and liabilities worth US$ 1 billion to US$ 10 billion. Tupperware has continued to try to turn around its business situation over the last four years, after reporting sales declines for six consecutive quarters, since the third quarter of 2021. This decline occurred due to high inflation, which continues to weaken low-income and middle-class consumers. In 2023, Tupperware completed an agreement with lenders to restructure debt obligations and signed investment bank Moelis & Co to assist in the exploration of strategic alternatives.[3]

Tupperware is also closing its only US factory in 2024, located in South Carolina. This closure resulted in the termination of employment (PHK) of 148 people. The Tupparware brand, which was founded in 1946 or is 78 years old, has become a brand in world households. However, the brand is now less popular among young consumers. This is one of the reasons for the decline in demand for these legendary food boxes.[4] And if you have any legal issue in Indonesia territory, contact us for business inquiry, feel free in 24 hour, we will be glad to assist you. 

*) For further information please contact:

Mahmud Kusuma Advocate

Law Office

Jakarta - Indonesia.

E-mail: mahmudkusuma22@gmail.com

________________

References:

1. "Setelah 78 Tahun, Produsen Kotak Makanan Tupperware Bangkrut", www.beritasatu.com., Alfi Dinilhaq, Rabu, 18 September 2024, Diakses pada tanggal 21 September 2024, Link: https://www.beritasatu.com/ekonomi/2842927/setelah-78-tahun-produsen-kotak-makanan-tupperware-bangkrut

2. Ibid.

3. Ibid.

4. Ibid.

Nakamura Incident of 1946

 

 

(iStock)

By:

Team of Hukumindo

Previously, the www.hukumindo.com platform has talk about "How to Change the Name of Land whose Previous Owner Dies in Indonesia?", "Creativity in Assembling Television Brings Male Graduates from Elementary School to Jail", you may read also "I Have a Contract Whose Goods Have Not Been Delivered, How Do I Sue Under Indonesian Law?" and on this occasion we will discuss about 'Nakamura Incident of 1946'.

Decades ago there was a robbery of 960 kilograms of gold. However, the action was finally revealed to the public. The incident known as the Nakamura Affair occurred in 1946. It involved massive embezzlement at state pawnshops. At that time, historian Ben Anderson in Pemoeda Revolution (2018) said that the center of centralization of assets during the Japanese occupation was at the Pegadaian (red. Pawnshop) office on Kramat Street, Central Jakarta. Inside there were hundreds of kilos of gold, money and other valuables.[1]

In fact, Japan wanted to move all the goods from the local pawnshop to the Kramat street pawnshop. However, Japan finally left their homeland, leaving this treasure untouched. Supposedly, the property belonged to Indonesia in accordance with the laws of war. However, it turns out that Captain Hiroshi Nakamura thought of something else to steal it, said Vincent Houben in Histories of Scale. This reckless action was supported by his superior, Colonel Nomura Akura. Nakamura took a truck to Kramat Street to steal 960 kg of gold worth 10 to 80 million guilders. He divided the stolen profits to be stored at the house of his mistress Carla Wolff and the garden of a Chinese businessman. However, it was Carla's lifestyle that finally made Nakamura's actions discovered.[2]

Carla likes to show off and squander her wealth. He even said he was richer than the Queen of the Netherlands. "I am richer than the Queen of the Netherlands. I will sleep on a gold bed and the guests will eat from gold plates," said Carla. This is what made Dutch and British intelligence representatives suspicious. Intel was curious about the origin of his wealth and conducted an investigation. They knew the treasure was stolen. Instead of reporting, they took 20 kg of gold. However, the actions of Nakamura, Carla, Nomura Akira and two intelligence officers were discovered and detained by the Dutch government. Nakamura received the heaviest sentence while Carla was sentenced to 8 months in prison.[3] And if you have any legal issue in Indonesia territory, contact us for business inquiry, feel free in 24 hour, we will be glad to assist you. 

*) For further information please contact:

Mahmud Kusuma Advocate

Law Office

Jakarta - Indonesia.

E-mail: mahmudkusuma22@gmail.com

________________

References:

1. "Emas 960 Kg Dirampok di Indonesia, Akhirnya Ketahuan Gegara Istri", www.cnbcindonesia.com., Novina Putri Bestari, Diakses pada tanggal 17 September 2024, Link: https://www.cnbcindonesia.com/market/20240914120016-17-571860/emas-960-kg-dirampok-di-indonesia-akhirnya-ketahuan-gegara-istri

2. Ibid.

3. Ibid.

How to Change the Name of Land whose Previous Owner Dies in Indonesia?

(iStock)

By:

Team of Hukumindo

Previously, the www.hukumindo.com platform has talk about "Pilot Cities Implementing Electronic Land Certificates in Indonesia", "What Are The Advantages of Electronic Land Certificates?", you may read also "How to Check Land Certificates Validity in Indonesia By Online" and on this occasion we will discuss about 'How to Change the Name of Land whose Previous Owner Dies in Indonesia?'.

Land is a property asset that has a fairly high value and will increase over time. Therefore, many people start buying land before building a residence so that it can become an investment tool in the future. You should discuss the process of buying land as soon as possible with the previous owner so that you can change the name of the land owner to your name so that you don't have problems in the future. However, what if you want to buy land for a house but haven't had time to change the name because the previous land owner has died? The following is how to change the name of a land certificate if the previous owner has died.[1]

Transfer of land rights in conditions like this can be submitted to ATR/BPN and registered in accordance with Article 42 of Government Regulation no. 24 of 1997 concerning Land Registration regarding the Transfer of Rights due to Inheritance by preparing complete files in the form of documents and application requirements.[2]

Documents required include a certificate of the rights concerned, a death certificate of the person whose name is recorded as the holder of the rights, and a letter of proof as an heir. If you are the only beneficiary of the inheritance, then registration of the transfer of rights is carried out based on a letter of proof of being the heir.[3]

However, if you are not the only recipient of the inheritance or more than one, then you need a certificate of heirship and a deed of distribution of inheritance. A Certificate of Inheritance (Proof of Heirship) and a Deed of Distribution of Inheritance to have legal force are made before an Authorized Official, and a Determination Application can also be submitted to the Religious Court or District Court (according to the religion of the Heir and Heir).[4]

There are times when land that has been traded is not immediately transferred to the name of the certificate and is only taken care of when the original owner has passed away. In such cases, the process of changing the name is carried out in stages. The first stage is transferring the name to the heirs. Next, the land certificate which has been reversed becomes the name of the heir, then the name is reversed again to be in the name of the buyer.[5] And if you have any legal issue in Indonesia territory, contact us for business inquiry, feel free in 24 hour, we will be glad to assist you. 

*) For further information please contact:

Mahmud Kusuma Advocate

Law Office

Jakarta - Indonesia.

E-mail: mahmudkusuma22@gmail.com

________________

References:

1. "Cara Balik Nama Tanah yang Pemilik Sebelumnya Meninggal Dunia", www.detik.com., tim detikcom - detikProperti, Senin, 02 Sep 2024, Diakses pada tanggal 10 September 2024, Link: https://www.detik.com/properti/kepemilikan-rumah/d-7519842/cara-balik-nama-tanah-yang-pemilik-sebelumnya-meninggal-dunia

2. Ibid.

3. Ibid.

4. Ibid.

5. Ibid.

Pilot Cities Implementing Electronic Land Certificates in Indonesia

  

(iStock)

By:

Team of Hukumindo

Previously, the www.hukumindo.com platform has talk about "How to Register and/or Change a Conventional Land Certificate to an Electronic Land Certificate?", "What Are The Advantages of Electronic Land Certificates?", you may read also "How to Check Land Certificates Validity in Indonesia By Online" and on this occasion we will discuss about 'Pilot Cities Implementing Electronic Land Certificates in Indonesia'.

Minister of Agrarian Affairs and Spatial Planning/Head of the National Land Agency (ATR/BPN) Hadi Tjahjanto, said that the latest developments regarding the electronic land certificate policy are ongoing. He explained that development of the program continues to be carried out, and as many as 13 districts/cities that have been declared 'complete' are a priority to fully implement electronic land certificates. This statement was delivered by Hadi at the Sheraton Grand Jakarta Gandaria City Hotel on Wednesday (10/1/2024).[1]

The following are a number of cities in Indonesia that have achieved the 'complete' title:[2]

1. Denpasar City, Bali.
2. Madiun City, East Java.
3. Bontang City, East Kalimantan.
4. Tegal City, Central Java.
5. Surakarta City, Central Java.
6. Yogyakarta City, Yogyakarta Special Region.
7. Central Jakarta Administrative City, DKI Jakarta.
8. Badung Regency, Bali.
9. North Jakarta Administrative City, DKI Jakarta.
10. West Jakarta Administrative City, DKI Jakarta.
11. Bogor City, West Java.
12. Metro City, Lampung.
13. Balikpapan City, East Kalimantan.

And if you have any legal issue in Indonesia territory, contact us for business inquiry, feel free in 24 hour, we will be glad to assist you. 

*) For further information please contact:

Mahmud Kusuma Advocate

Law Office

Jakarta - Indonesia.

E-mail: mahmudkusuma22@gmail.com

________________

References:

1. "Sertifikat Tanah Elektronik adalah: Definisi, Keunggulan dan Cara Buat", www.bfi.co.id., Admin BFI, 25 March 2024, Diakses pada tanggal 29 Agustus 2024, Link: https://www.bfi.co.id/id/blog/sertifikat-tanah-elektronik-adalah 

2. Ibid.

How to Register and/or Change a Conventional Land Certificate to an Electronic Land Certificate?

(iStock)

By:

Team of Hukumindo

Previously, the www.hukumindo.com platform has talk about "What Are The Advantages of Electronic Land Certificates?", "This Is What Will Happen If Your Land Use Rights Expire", you may read also "How to Check Land Certificates Validity in Indonesia By Online" and on this occasion we will discuss about 'How to Register and/or Change a Conventional Land Certificate to an Electronic Land Certificate?'.

Indonesia citizen now no longer need to worry if they experience land-related problems. The government, through the Ministry of ATR/BPN, has issued regulations for electronic land certificates as stated in the Regulation of the Minister of ATR/Head of BPN Number 1 of 2021 concerning electronic certificates.[1]

What are the procedures for registering and changing a conventional land certificate to an electronic one (el-certificate)?

In article 6 of the Minister of ATR/Head of BPN Regulation Number 1 of 2021 concerning Electronic Certificates, it is explained that there are two categories of issuing electronic land certificates, namely, first-time land registration for land that has not been registered, and changing physical certificates to electronic ones.[2]

A. Terms and methods for registering electronic land certificates

This rule applies to land that has not been registered. These activities include collecting and processing physical data, proving rights and recording them, issuing certificates and presenting them, plus storing general lists and documents using an electronic system.[3]

1. Collection and processing of physical data in the form of electronic documents in the form of: (a). Measurment drawing; (b). Land map or space map; (c). Measurment letter, apartment unit plan drawing, or room measurment letter; (d). Other documents resulting from the collection and processing of physical data
2. Land whose boundaries have been determined in systematic or sporadic registration is given a land plot identification number.
3. Proving the right to land ownership with written evidence in the form of: (a). Electronic documents issued through an electronic system, and/or (b). Documents that undergo media transfer become electronic documents
4. Collection and research of juridical data in several electronic documents, namely: (a). Land whose rights have been determined or have waqf land status will be registered via an electronic system and an e-certificate will be issued; (b). The right holder or nazhir will receive an e-certificate and access to it.

B. Terms and methods for changing electronic land certificates

Changing to an electronic certificate can only be done on plots of land that have been registered and issued a Certificate of Land Rights, management rights, ownership rights to apartment units or waqf land.[4]

1. Replacement services are carried out through requests for land registration data maintenance services.
2. Replacement can be made if the physical and legal data in the land book and certificate match those in the electronic system.
3. If it is not match or appropriate, the Head of the Land Office will validate it using rights holder, physical and juridical data.
4. Changing to an electronic land certificate or e-certificate involves changing the land book, measurement letter, and/or apartment unit plan drawing into an electronic document.
5. Next, the replacement of the e-certificate is recorded in the land book, measurement letter, and/or apartment unit plan drawing.
6. The Head of the Land Office will withdraw the certificate to be combined with the land book and stored as a certificate at the Land Office.
7. All manuscripts will undergo media transfer (scanning) and be stored in a database.

And if you have any legal issue in Indonesia territory, contact us for business inquiry, feel free in 24 hour, we will be glad to assist you. 

*) For further information please contact:

Mahmud Kusuma Advocate

Law Office

Jakarta - Indonesia.

E-mail: mahmudkusuma22@gmail.com

________________

References:

1. "Cara Daftar dan Ganti Sertipikat Tanah Elektronik", indonesiabaik.id., Redaktur: Andrean W. Finaka, Riset : Yuli Nurhanisah, Desain : Abdurrahman Naufal,  Diakses pada tanggal 29 Agustus 2024, Link: https://indonesiabaik.id/infografis/cara-daftar-dan-ganti-sertipikat-tanah-elektronik 

2. Ibid.

3. Ibid.

4. Ibid.

What Are The Advantages of Electronic Land Certificates?

  

(iStock)

By:

Team of Hukumindo

Previously, the www.hukumindo.com platform has talk about "What is an Electronic Land Certificate?", "How to Check Land Certificates Validity in Indonesia By Online", you may read also "This Is What Will Happen If Your Land Use Rights Expire" and on this occasion we will discuss about 'What Are The Advantages of Electronic Land Certificates?'.

Electronic land certificates offer a number of significant advantages in various aspects. Some of these include:[1]

1. Publishing Time Efficiency. Electronic land certificates provide advantages in terms of efficiency in issuance time. The certificate issuance process is faster and more efficient, reducing the waiting time usually associated with producing physical documents. This can speed up the property transaction process and provide direct benefits to certificate holders.
2. Easy Defense Administration Process. Another advantage of electronic land certificates lies in the ease of the administration process, especially related to sale and purchase transactions and mortgage rights. With an electronic format, the administration process becomes smoother, reducing the hassle often associated with physical documents. This can help property owners, interested parties, and related agencies process documents more efficiently.
3. Minimizing the Risk of Fake Certificates and Duplication. Electronic land certificates also provide additional security by minimizing the risks associated with fake certificates and duplication. The electronic format allows the adoption of more advanced security technologies, such as digital signatures and data encryption. This can provide stronger protection against attempts to forge certificates, thereby increasing confidence in property transactions and the validity of land ownership documents.

And if you have any legal issue in Indonesia territory, contact us for business inquiry, feel free in 24 hour, we will be glad to assist you. 

*) For further information please contact:

Mahmud Kusuma Advocate

Law Office

Jakarta - Indonesia.

E-mail: mahmudkusuma22@gmail.com

________________

Reference:

1. "Sertifikat Tanah Elektronik adalah: Definisi, Keunggulan dan Cara Buat", www.bfi.co.id, Admin BFI, 25 March 2024, Diakses pada tanggal 24 Agustus 2024, Link: https://www.bfi.co.id/id/blog/sertifikat-tanah-elektronik-adalah 

What is an Electronic Land Certificate?

(iStock)

By:

Team of Hukumindo

Previously, the www.hukumindo.com platform has talk about "How to Check Land Certificates Validity in Indonesia By Online", "This Is What Will Happen If Your Land Use Rights Expire", you may read also "Now, Foreign Citizens Can Buy Property in Indonesia With Just a Passport" and on this occasion we will discuss about 'What is an Electronic Land Certificate?'.

What is an Electronic Certificate?

Electronic certificates are land certificates in digital form as part of the ATR/BPN Ministry's innovation in services related to certificates.[1] The definition of an electronic certificate is any form of thing that contains and is contained in an electronic certificate and is reinforced by a signature in electronic form, especially showing data and identity as well as legal subject status for the parties thereto, which in this case is held by the party authorized to carry out the implementation, namely parties or legal entities who are experts in validating and auditing electronic certificate data.[2]

Legal Basis for Electronic Land Certificates

The legal basis for electronic certificates, in particular, is Law No. 11 of 2021 concerning Electronic Transaction Information (ITE). Another legal basis is the Minister of Land Regulation concerning "Certificates", namely ATR/BPN Ministerial Regulation No. 1 of 2021 concerning Land Registration.[3]

Purposes of Making an Electronic Land Certificate

The implementation of electronic land certificates is carried out in stages, from assets of State-Owned Bodies, Regional-Owned Bodies, State-Owned Enterprises, legal entities, houses of worship, 12 to 13 complete districts/cities, then throughout Indonesia. The purpose of an electronic land certificate is that it is important for the public to have it due to the following things:[4]

1. Reduces the Risk of Loss and Damage. The main purpose of using electronic land certificates is to reduce risks that may arise due to loss, theft, or damage that can be caused by disasters, fires, and other threats. By using electronic format, the security and integrity of information related to land ownership can be more effectively maintained.
2. Easy to manage data. The implementation of electronic land certificates also aims to facilitate data management. With electronic processing, land-related data can be processed more efficiently, save costs, and increase the level of data confidentiality and security. In this way, the accuracy and availability of land ownership information can be better maintained.

And if you have any legal issue in Indonesia territory, contact us for business inquiry, feel free in 24 hour, we will be glad to assist you. 

*) For further information please contact:

Mahmud Kusuma Advocate

Law Office

Jakarta - Indonesia.

E-mail: mahmudkusuma22@gmail.com

________________

References:

1. "Pertanyaan yang sering diajukan tentang Sertipikat Elektronik", kot-mataram.atrbpn.go.id., Diakses pada tanggal 8 Agustus 2024, Link: https://kot-mataram.atrbpn.go.id/menu/detail/27537/pertanyaan-yang-sering-diajukan-tentang-sertipikat-elektronik

2. "Sertifikat Tanah Elektronik adalah: Definisi, Keunggulan dan Cara Buat", www.bfi.co.id., 25 March 2024, Admin BFI, Diakses pada tanggal 8 Agustus 2024, Link: https://www.bfi.co.id/id/blog/sertifikat-tanah-elektronik-adalah

3. Ibid.

4. Ibid.