Knock! Centro’s manager declared bankrupt

Jakarta, CNBC Indonesia – PT Tozy Sentosa, the manager of the Centro Department Store and Parkson Department Store was declared bankrupt. Previously, Tozy Sentosa was sued for postponement of debt payment obligations (PKPU) by his suppliers at the Central Jakarta District Court (PN Jakpus).

The bankruptcy decision was generated after the voting results from creditors and a recommendation from the supervisory judge.

“It’s true this Monday, May 17, 2021, Tozy Sentosa has gone bankrupt,” said Central Jakarta District Court Public Relations Officer Bambang Nurcahyono when contacted by CNBC Indonesia, Monday (17/5/2021).

For information, in the legal literature, there are two PKPU periods, namely Temporary PKPU which lasts a maximum of 45 days and Permanent PKPU which lasts a maximum of 270 days if it is approved by creditors through voting.

In this PKPU, creditors have the right to agree or disagree with the peace scheme (homologation) offered by the debtor either by acclamation or by voting.

If there is no peace agreement between the debtor and creditor within 270 days, the debtor will automatically be declared bankrupt and for him there will be no more legal remedies. Bankruptcy is a condition in which the debtor is no longer able to pay the debt owed by his creditors.

On March 31, 2021, the Central Jakarta District Court granted the Provisional PKPU proposed by the PKPU Petitioners against the PKPU Respondent, namely Tozy for all with all its legal consequences and stipulated a Provisional PKPU for a maximum of 45 days from the time this decision was pronounced (March 31, 2021).

Previously, a number of companies represented by the law firm owned by Hotman Paris Hutapea, Law Firm Hotman Paris & Partners, sued PKPU against the company managing the Centro retail network. This PKPU application has been submitted since March 3, 2021.

This case was registered under number 106 / Pdt.Sus-PKPU / 2021 / PN Jkt.Pst and was filed at the Central Jakarta District Court.

A number of parties who filed this PKPU, including PT Primajaya Putra Sentosa, PT Indah Subur Sejati, PT Multi Megah Mandiri, PT Harindotama Mandiri and PT Mahkota Petriedo Indoperkasa, acted as applicants through the law firm Hotman Paris.

Some time ago, Centro, which is a retail network owned by Parkson Retail Asia Limited (Ltd), closed its outlets at Plaza Ambarrukmo Yogyakarta and Centro in Bintaro Xchange, South Tangerang, Banten.

Parkson Retail Asia Ltd was founded in 1987. Reporting from the company’s financial statements as of June 2020, Parkson is one of the department store retail business companies in the Asian region. The company was first listed on the Singapore Exchange on November 3, 2011.

As of June 2020, UOB Kay Hian PTE LTD is listed as the controlling shareholder of Parkson with total shares of 479,800,600 shares or 71.21% of the company’s total shares.

Then, HSBC (Singapore) Nominees PTE LTD controlled 4.95% shares or 33,337,700 shares, Phillip Securities PTE LTD held 1.03% shares or the equivalent of 6,963,300 shares. The rest, Parkson’s shares are held by shareholders of less than 1%.

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