Insolvency Reform and The Indonesian Financial Crisis  

Oleh:

Linnan, David

Jenis: Article from Journal - ilmiah nasional
Dalam koleksi: BIES: Bulletin of Indonesian Economic Studies vol. 35 no. 2 (1999), page 107-138.
Topik: FINANCIAL CRISIS; insolvency reform; financial crisis

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: BB59.3 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

Treatments of Indonesia's financial crisis customarily focus on exchange rate collapse, neglecting the question of why enterprises were so highly leveraged beforehand. This article reviews controlling shareholder - debtor behaviour both before and during the crisis. It then examines Indonesia's emergency bankruptcy legislation effective August 1998 - which enjoys a mixed record in implementation - and articulates bankruptcy policy principles for the replacement legislation now being drafted. Progress on the insolvency front has been limited to a relatively small number of voluntary debt reorganisations. Early indications are that such restructurings largely take the form of debt rescheduling rather than debt - equity swaps, loan write - offs, or other approaches that would lessen enterprises' heavy leveraging. This outcome reflects problems in creditor as well as debtor preferences. What began as a private sector insolvency problem increasingly overlaps with efforts to address general banking sector difficulties. Further, nationalism questions complicate the resolution of insolvencies.

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