In Indonesia, there was a significant increase in bankruptcy cases and the Deferment of debt payment obligations (PKPU) in 2018 compared to the previous year. This increase has occurred in the last few years.
From five commercial courts in Indonesia, there were 411 cases, with 297 PKPU cases, and 194 bankrupt cases in 2018. Meanwhile, in 2017, there were 353 cases in which 238 were PKPU cases and 115 bankrupt cases. This ranking indicates two things. First, there was indeed a disruption to the national economy. Secondly, on the other side about efforts to start using Law 37/2004 on Bankruptcy and PKPU as a solution to get out of financial difficulties.
Dewan Kehormatan Asosiasi Kurator Pengurus Indonesia (AKPI) said, when viewed from the current economic situation, the data was actually very contradictory. This is because the Indonesian economy is currently tending to improve, as seen from Standard & Poor’s (S&P), which this year raised Indonesia’s sovereign credit rating to BBB- / A-3 with a stable outlook.
Based on this, it is feared that there are bad debt repayment habits by companies or determinants that are not caused by economic factors alone. Due to this uncertainty, monitoring is needed to continue checking the condition of the company’s debt payments so that there are no delays in handling that must be done easily and quickly. It is also necessary to conduct periodic analyses of the company’s financial health and potential bankruptcy.
This time, VISI conducts research to find out the financial condition of the Basic Industry and Chemicals sector in Indonesia to be in 2018. Based on the result, the sectoral average in the ability to meet obligations using the company’s current assets is 2.07 times with the best subsector being the Chemical Industry. Meanwhile, the average ability of companies in the Basic Industry and Chemicals sector to meet obligations using the company’s current assets (without inventory) is 1.35 times with the best subsector being Chemical Industry.
Also, based on the bankruptcy analysis of companies in the basic industrial and chemical sectors, it is known that as many as 23 companies (38percent of the entire company) which are included in the safe zone with the best subsector are industrial chemicals.
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