Restructuring and insolvency in Indonesia

ABNR Counsellors at Law

ABNR Counsellors at Law regularly acts for global financial institutions on restructuring and insolvency issues. The team is led by Emir Nurmansyah and Theodoor Bakker, who both predominantly act on the creditor side in major insolvencies and restructurings. Kevin Sidharta is also a key figure.

Practice head(s):

Emir Nurmansyah; Theodoor Bakker

Other key lawyers:

Kevin Sidharta


ABNR provides high-quality one-stop-shop services.’

Key clients

Marubeni Corporation

China Development Bank

First Ship Lease

Standard Chartered Bank

Sumitomo Mitsui Banking Corporation

Credit Saison Co. Ltd

Deutsche Investitions und Entwicklungsgesellschaft

JP Morgan

International Finance Corporation

Royal Bank of Scotland

Lufthansa Technik AG

International Aero Engines AG

Rolls-Royce & Partners Finance Limited

International Lease Finance Corporation

Work highlights

  • Advised China Development Bank and Madison Pacific Trust on a court-sanctioned debt moratorium and restructuring.
  • Represented Deutsche Investitions-und Entwicklungsgesellschaft, a secured creditor, during all stages of the voluntary bankruptcy process initiated by PT Biltube Indonesia, the Indonesian subsidiary of an India-based packaging company.
  • Represented Deutsche Investitions-und Entwicklungsgesellschaft, a secured creditor, during all stages of the Indonesian court-sanctioned debt restructuring process and subsequent bankruptcy process (PKPU) of PT Wirajaya Packindo, an Indonesian pulp and paper producer.
  • Represented Saison Modern Finance in Modern Sevel Indonesia (7-Eleven)’s Indonesian court-sanctioned debt restructuring process (PKPU). The debtor, which is part of Modern Group, was the holder of the now defunct 7-Eleven franchise in Indonesia up to mid-2017.
  • Advised AJE Indonesia on countering a PKPU petition filed by its creditor, PT Cahaya Muda Kreasi

Hadiputranto, Hadinoto & Partners, a member firm of Baker McKenzie

Hadiputranto, Hadinoto & Partners, a member firm of Baker McKenzie's dispute resolution practice is experienced in restructurings and insolvencies pertaining to the  financial services, TMT, energy, manufacturing, real estate, private equity and insurance sectors. Timur Sukirno leads the practice and regularly acts on suspension of payment processes and out-of-court settlements. Andi Kadir is also highly active in restructuring deals.

Practice head(s):

Timur Sukirno

Other key lawyers:

Andi Kadir 

Hiswara Bunjamin & Tandjung in association with Herbert Smith Freehills

Hiswara Bunjamin & Tandjung in association with Herbert Smith Freehills is a popular choice for multinational companies for advising  on restructuring and insolvency issues. Debby Sulaiman leads the practice and has acted for clients in both local and international courts to resolve bankruptcy and insolvency issues.

Practice head(s):

Debby Sulaiman

Key clients

The Islamic Corporation for the Development of the Private Sector

China Investment Corporation Limited

China Development Bank Corporation

Credit Suisse  AG, Singapore Branch

Axis Bank Limited, Hong Kong Branch

Deutsche Bank AG, Hong Kong and Singapore Branches

UBS AG, Singapore Branch

Raiffeisen Bank International AG, Singapore Branch

Standard Chartered Bank

Molucca Holdings S.a.r.l. 2

CIMB Bank (L) Limited

Work highlights

  • Representing Passion Way Holdings in the debt restructuring of SAIP, an Indonesian pulp and paper company.
  • Representing Standard Chartered Bank, Singapore in the $19m debt restructuring of the 7-Eleven franchise holder in Indonesia.
  • Advised Molucca Holdings on its IDR1.1tn debt restructuring petition against PT Pelita Cengkareng Paper.
  • Advising CTBC Bank as part of a lender consortium in the debt restructuring of PT Royal Industries.
  • Representing Chinese companies AHCOF International Development Co Ltd and Tianjin Tianbao Century Development Co Ltd in the debt restructuring of PT Asia Petrocom Services

Makarim & Taira S.

Makarim & Taira S. advises on bankruptcy, restructuring and insurance liability issues. Alexandra FM Gerungan co-heads the practice and regularly represents creditors in relation to payment delays and bankruptcies. Also leading the team is Lia Alizia, who is very strong in advising multinational companies on restructuring issues. Kurniawan Tanzil, who heads the banking and finance team, is also very experienced in handling debt restructurings.

Practice head(s):

Alexandra FM Gerungan; Lia Alizia 

Other key lawyers:

Kurniawan Tanzil

Key clients

Yonder Music

Kerry Group Plc

Blueback Global

Club Med Asia Pacific

Media Development Investment Fund

Kepco SPC Power Corporation

Axis Bank

SSEK Legal Consultants

SSEK Legal Consultants' restructuring and insolvency practice has an enviable client roster of multinational companies. Michael Carl leads the practice and has acted on litigation and arbitration concerning debt restructuring. He is supported by Dewi Savitri Reni, who is also skilled in debt restructuring arbitration.

Practice head(s):

Michael Carl

Other key lawyers:

Dewi Savitri Reni

Assegaf Hamzah & Partners

Assegaf Hamzah & Partners has a strong track record in both restructuring and insolvency deals. Ahmad Fikri Assegaf leads the team and is highly skilled in handling corporate debt restructurings, takeovers and recapitalisations. Ibrahim Sjarief Assegaf is also highly experienced in restructuring and insolvency matters.

Practice head(s):

Ahmad Fikri Assegaf; Ibrahim Sjarief Assegaf

Key clients

Royal Industries Indonesia

Tael Partners

Bank Danamon Indonesia Tbk

Bank Permata Indonesia

Raiffeisen Bank International A.G.

Intesa Sanpaolo S.p.A.

HSBC Bank plc

Pathfinder Strategic Credit II LP

ACP I Trading LLC

Work highlights

  • Assisted Tael Partners with a debt and company restructuring for its divestment in PT Lumbung Padi Indonesia.
  • Advised palm oil company Royal Industries Indonesia on a restructuring.
  • Assisted with the sale of Bank Danamon’s non-performing loans to Collectius AG.
  • Represented the offshore creditors in the suspension of debt payment proceedings of PT Apexindo Pratama Duta and in negotiating the composition plan.

Mochtar Karuwin Komar

Mochtar Karuwin Komar is highly experienced in debt restructurings and is currently very active in the aviation sector. Banking and finance expert Emir Kusumaatmadja handles most of these mandates.

Practice head(s):

Emir Kusumaatmadja