21/06/2021
ADP Counsellors at Law had successfully represented the claimants (creditors) to file a bankruptcy petition against PT Brent Securities, a securities company based in Jakarta. Jakarta Commercial Court granted the petition and declared PT Brent Securities bankrupt.
It is the first time for a securities company to be declared bankrupt based on the creditors' application. Even though Bankruptcy Law requires bankruptcy petition against a securities company can only be filed by OJK, we had successfully convinced the court that PT Brent Securities' license as securities company has been revoked. Thus, PT Brent Securities can no longer be considered as a securities company. Recently, OJK has published a draft of OJK Regulation on Mechanism of bankruptcy and PKPU petition against securities company.