IGNOS Law Alliance Successfully Maximizes Client’s Receivables in Bankruptcy Process by Securing Victory in Renvoi Procedure Case
2 February 2024
Medan, 21 December 2023 - IGNOS Law Alliance successfully represented the client as one of the creditors in a renvoi procedure case, effectively maximizing the value of the client’s receivables as an unsecured creditor in the bankruptcy proceedings of a palm oil manufacturing company at the Commercial Court at the District Court of Medan.
Our client’s primary claim is regarding the receiver’s stance for not acknowledging our client’s entire receivables, exceeding Rp22 Billion as an unsecured creditor. The receivables arose due to the termination of a reciprocal agreement between our client and the debtor, resulting in losses for the client. As a result, the judges grant all of our requests, recognizing the entire receivables of the client in the bankruptcy process with a value exceeding Rp22 Billion as an unsecured creditor, and instructing the receiver to record the value of the receivables in the permanent list of receivables.
Handy Samot Sihotang, Partner at IGNOS, expressed his appreciation and satisfaction for the decision. “All our efforts have paid off to the fullest. We highly appreciate this decision for providing justice to our client who suffered losses due to the termination of a reciprocal agreement between our client and the debtor. I would like also to express my appreciation to the team involved in this case.” This victory is a proud achievement for IGNOS, which continues to be committed to providing professional, high-quality, and integrity-driven legal services to its clients.
