The company dissolution process in Indonesia can be voluntary or non-voluntary. The voluntary dissolution occurs when the owners or investors of the business choose to close the business, due to a variety of reasons from low cash flow to the mismanagement of business operations to excessive company liabilities.
The non-voluntary dissolution of a company is defined under Article 142 of the Company Law of 2007, which include:
- Court decision to liquidate the company in case the companys assets are insufficient to settle bankruptcy costs;
- Revocation of business license;
- Company dissolution based on a general meeting of shareholders (GMS);
- Dissolution as mentioned in the companys Articles of Association; or
- Bankruptcy assets of a company de…
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