After the KPA application is approved and the buyer has paid an advance in accordance with the KPA provisions, but then the developer is declared bankrupt. How is the continuation of the KPA that we take? Do you still have to pay the installments? In this condition, there are two possibilities, namely:
- Fixed Installments
It could be that you still have to continue your installments to the bank. The reference is Bank Indonesia Regulation Number 18/16 / PBI / 2016 concerning the Loan to Value Ratio for Property Loans and Financing to Value for property financing.
This regulation is also strengthened by the existence of an attachment to SEBI (Bank Indonesia Circular Letter) Number 12/38 / DPNP / 31 December 2010 concerning Guidelines for Preparation of Standard Operating Procedures on Administration of Home Ownership Credit in Securitation.
After the property loan has been approved by the bank with the PPJB and Credit Agreement, the bank will transfer funds to the developer and the notary will make the following AJB return its name to the consumer’s name. Units that are already on behalf of consumers will be directly borne by the bank. Letters such as certificates, AJB, and IMB are also held by the bank until all installments are paid off.
So if this is the case, the unit object that has been purchased is already yours. If the developer collapses, then the status of the house will not change to bankruptcy. Fixed installments must be continued on the basis of the credit agreement. If the KPA / KPR is paid off, you can still own the unit.
- Deleted Installments
Creditors may no longer need to pay installments if:
The consumer and the developer have signed a Sale and Purchase Agreement.
Consumers have fulfilled their obligations in accordance with PPJB, namely paying a certain amount of money to the developer with a receipt in full.
The developer was actually declared bankrupt according to the court decision.
Usually this happens when consumers buy a unit whose status is still indent.
If referring to the existing clause in the PPJB, then based on this, there is actually no sale and purchase agreement because it is only binding. Thus, the object of sale and purchase has not changed its status.
Property Status So Boedel Bankrupt
If the developer is declared bankrupt, the status of the apartment property will become bankruptcy boedel which will be the job of the Curator. For payments from consumers, in fact it has been regulated in Article 37 paragraph 1 of Law No.37 of 2004 concerning Bankruptcy and Postponement of Debt Payment Obligations, which in essence are:
If the trade object that has not been handed over while the developer is declared bankrupt, the agreement has the status of “write off”. In accordance with the core of the article, consumers are no longer obliged to pay installments.
However, as compensation for already having PPJB, you can apply as a concurrent creditor. If you wish to register as a concurrent creditor, please submit yourself to a curator appointed by the court. This is as has been written in Article 115 paragraph 1 UUK which in essence:
Creditors are required to submit their receivables to the curator. The submission must be accompanied by various written statements containing the amount of the receivables and their nature. Evidence and various copies must also be attached.
If you wish to register as a concurrent creditor, the registration must not exceed the time limit set by the supervisory judge as in Article 114 of the UUK. The curator has no later than 5 days after the appointment.
In article 113 UK, no later than 14 days after the determination of the developer bankruptcy status, the supervisory judge must also stipulate several things such as:
The deadline for submission of invoices.
The deadline for tax verification in order to determine tax liability.
Time of the creditor meeting to make a reconciliation.
The grace period to do this is 14 days.
PPJB actually cannot be used as bank collateral if it is based on Article 8 Paragraph 1 of Law no. 10 of 1998 concerning Amendments to Law No.7 of 1992. So when the developer goes bankrupt, the PPJB will automatically be deleted. But if a developer goes bankrupt to pay the KPA or not, then the case must be seen first.
The Importance of Choosing a Trusted Developer
You certainly don’t want to be disadvantaged by the developer bankruptcy, right? You may still have to do it for a developer who goes bankrupt paying KPA. Even though the property that you bought is not clear. Because it is very important to choose a trusted developer.
Make sure you only choose developers who are experienced with good actions and don’t forget to also have clear and complete letters of sale and purchase agreements.