LIKUIDASI PERUSAHAAN, REORGANISASI &
RESTRUKTURISASI HUTANG UNTUK
PERUSAHAAN YANG MENGALAMI KESULITAN
KEUANGAN
CORPORATE LIQUIDATIONS, REORGANIZATIONS
& DEBT RESTRUCTURINGS FOR FINANCIALLY
DISTRESSED CORPORATIONS
Bab ini membahas masalah akuntansi dan legal yang berkaitan dengan
perusahaan yang mengalami kesulitan keuangan (financially distressed
corporations).
Beberapa perusahaan dapat bangkit dari kesulitan keuangan melalui 2
cara : 1. Internal operating
2. Policy changes
Sementara beberapa yang lain harus melakukan penyembuhan2
tambahan selain dengan 2 cara diatas. Pada umumnya penyembuhan2
tersebut dapat diklasifikasi sbb : 1. Direct agrrements with creditors →
“equity insolvency”
2. Re-organizations ] “bankruptcy insolvency”
3. Liquidations
]
A debtor corporation dianggap insolvent apabila tidak dapat membayar
hutangnya yang sudah jatuh tempo, atau total hutangnya melebihi fairvalue of its assets. Ketidak mampuan melunasi kewajibannya disebut
“equity insolvency”. Jika total hutang melebihi fair value total assets
disebut “bankruptcy insolvency”
Di USA perusahaan yang dalam proses kebangkrutan diatur dalam suatu
undang-undang (bankruptcy law) yang memberikan perlindungan
kepada perusahaan yang bangkrut dari berbagai kewajiban serta menjadi
penengah yang adil kepada pihak2 yang berkaitan (debtor, creditor,
employee/labor).
Petisi kebangkrutan kepada pengadilan dapat dilakukan oleh 2 pihak :
- Debtor – “voluntary bankruptcy proceeding”
- Creditors - “involuntary bankruptcy proceeding”
Administrasi yang menangani kebangkrutan di USA ditangani oleh US.
Trustee. Dalam bankruptcy law dituliskan kewajiban dari debtor corp
dan bankruptcy judge.
Duties of the debtor corporation :
1. File a list of creditors, aschedule of assets & liabilities, and a
statement of debtor’s financially affairs.
2. Cooperative with the trustee as necessary to enable the trustee to
perform his duties
3. Surrender all property to the trustee, including books, documents,
records and paper relating to the estate in cases involving a trustee.
4. Appear at hearings of the court as required.
Duties of the bankruptcy judge :
Secara umum jaksa adalah bersama dengan hakim menentukan
pengadilan yang memberikan keputusan yang se-adil-adilnya kepada
semua pihak yang berkepentingan.
LIQUIDATION :
Dalam undang2 kebangkrutan di-tetapkan aturan dalam mengajukan
petisi kebangkrutan (voluntary/involuntary) serta tata cara pembentukan
trustee.
Duties of the trustee in liquidation cases :
Secara umum tugas trustee adalah, The trustee take possession of the
estate, converts the estate assets into cash, and distributes the proceeds
according to priority of claims as directed by the bankruptcy court.
Tugas lain dari trustee dalam likuidasi adalah sbb :
- To investigate the financial affairs of the debtor.
- To provide information about the debtor’s estate and its
administration to parties in interest.
- To examine creditor claims and object to claims that appear improper
- If authorized to operate the debtor’s business, to provide periodic
reports and summaries of operations, a statement of receipts and
disbursements and other information as the court specifies.
- To file final reports on trusteeship as required by the court.
Trustee mempunyai hak dalam mengatur pembayaran (preferences dan
voidable preferences)
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Apabila jumlah dana yang tersedia tidak mencukupi, maka prioritas
pembayaran dilakukan dengan urut-urutan sbb :
I.
Secured Claims
Claims secured by valied liens
II.
Unsecured Priority Claims
1. Administrative expenses incurred in preserving and liquidating
the estate including trustee’s fees and legal and accounting fees
2. Claims incurred between the date of filing an involuntary
petition and the date a trustee is appointed
3. Claims for wages, salaries, and commissions earned within 90
days of filing the petition and not exceeding $ 2.000 per
individual.
4. Claims for contributions to employee benefit plans arising from
services rendered within 180 days of filing the petition and
limited to $ 2.000 per employee.
5. Claims of individuals not to exceed $ 900 arising from the
purchase, lease or rental of property that was not delivered or
the purchase of services that were not provided by the debtor.
6. Claims of governmental units for income or gross receipts
taxes, property taxes, employment taxes, excise taxes and
customs duties that originated within one to four years before
filing (periods vary for different claims). Taxes collected or
withheld for which the debtor is liable and penalties related to
the foregoing are also included.
III.
Unsecured Nonpriority Claims
1. Allowed claims that were timely filed
2. Allowed claims where proof of claims was filed late.
3. Allowed claims (secured and unsecured for any fine, penalty, or
forfeiture, or for multiple, exemplary, or punitive charges
arising prior to the order for relief or appointment of trustee.
4. Claims for interest on the unsecured priority claims or the
unsecured non priority claims.
IV. Stockholders’ Claims
Remaining assets are returned to the debtor corporation or its
stockholders.
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Ilustrasi Kasus Likuidasi :
PT. Sejati menderita kerugian besar (large operating loss) pada tahun
2001 dan pada semester I tahun 2002 hampir seluruh hutang dagangnya
sudah jatuh tempo serta piutang dagang yang dijaminkan kepada bank
terancam default. Para kreditur tidak bersedia untuk memberikan
tambahan pinjaman maupun memperpanjang / reskedul tagihannya.
Pada tanggal 1 Agustus 2002 PT. Sejati mendaftarkan diri sebagai
voluntary petition – under bankruptcy act.
Balance sheet per 1 Agustus 2002 yang disusun oleh PT. Sejati dan
statement of affairs ( a legal document prepared for the bankruptcy
court, yang berupa a financial statement that emphasizes liquidation
values and provides relevant information for trustee in liquidating the
debtor corp. It also provides information that may be useful to creditors
and to the bankruptcy court).
Statement of affairs disusun pada tanggal tertentu dan menunjukkan
informasi neraca dengan assets yang dinilai dengan expected netrealized values dan di-klasifikasikan berdasarkan pada :
1. Availability for fully secured
2. Partially secured
3. Priority and unsecured creditors.
Liabilities diklasifikasikan berdasarkan :
1. Priority
2. Fully Secured
3. Partially Secured
4. Unsecured.
Historical cost sebagai angka pembanding. Berikut adalah neraca dan
statement of affairs PT. Sejati per 1 Agustus 2002 :
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PT. Sejati
Balance Sheet
August 1, 2002
ASSETS :
Current Assets :
Cash
Marketable securities (at market)
Account receivable (net of estimated
Uncollectible accounts)
Inventories
Prepaid expenses
Long Term Assets :
Land
Building – net
Equipment – net
Intangible assets
Total Assets
LIABILITIES & STOCKHOLDERS’ EQUITY
Current Liabilities :
Accounts payable
Wages payable
Property taxes – payable
Note payable – bank
Note payable – suppliers
Interest payable
Mortgage Payable :
Total Liabilities
Stockholders’ Equity :
Capital stock
Retained earnings
Total stockholders’ equity
Total Liabilities & stockholders’ equity
3.000
7.000
25.000
50.000
4.000
15.000
40.000
30.000
6.000
65.000
13.000
2.000
25.000
5.000
7.000
89.000
91.000
180.000
117.000
50.000
167.000
200.000
(187.000)
13.000
180.000
Catatan : Mortgage payable ditambah interest payable dijamin dengan
land dan building. Seluruh piutang dagang dijaminkan untuk bank loan,
ditambah 2.000 unpaid interest (included in interest payable)
PT. Sejati
Statement of Affairs – on August 1, 2002
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Assets
Realizable
Values –
Liability offsets
for secured
creditors
Book
Value
Pledged for Fully Secured Creditors
55.000 Land & building – net
Less : Mortgage payable
50.000
Interest payable
5.000
Pledged for Partially Secured Creditors
25.000 Accounts receivable
Less : Note payable to bank
25.000
Interest payable
2.000
Available for Priority & Unsecured Creditors
3.000 Cash
7.000 Marketable securities
50.000 Inventories
4.000 Prepaid expenses
30.000 Equipment – net
6.000 Intangible assets
Total available for priority & unsecured creditors
Less : Priority liabilities
Total available for unsecured creditors
Estimated deficiency
180.000
Liabilities & Stockholders’ Equity
Priority Liabilities
13.000 Wages Payable
Property taxes payable
Fully Secured Creditors
50.000 Mortgage payable
5.000 Interest payable
Partially Secured Creditors
25.000 Note payable – bank
2.000 Interest payable
65.000
5.000
200.000
(187.000)
180.000
60.000
55.000
Less : Accounts receivable pledged
Unsecured Creditors
Accounts payable
Notes payable to suppliers
Stockholders’ Equity
Capital stock
Retained earnings
5.000
22.000
27.000
3.000
7.000
55.000
12.000
82.000
15.000
67.000
8.000
75.000
Secured &
Priority
Claims
Book
Value
Realizable
Value
Available for
unsecured
creditors
Unsecured
Nonpriority
Claims
13.000
2.000
15.000
50.000
5.000
55.000
25.000
2.000
27.000
22.000
5.000
65.000
5.000
75.000
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Diperkirakan assets PT. Sejati dapat dicairkan menjadi uang tunai dalam
tempo 3 bulan dengan realizable value sbb :
-
Cash
Marketable securities
Accounts receivable
Inventories (net of selling expenses)
Prepaid expenses
Land & building
Equipment
Intangible assets
3.000
7.000
22.000
55.000
none
60.000
12.000
none
159.000
Dalam statement of affairs, assets yang dijaminkan kepada creditor,
langsung di offset dengan tagihan yang dijaminkan, sisanya jika ada
untuk melunasi unsecured creditors, jika ada priority / partially secured
maka deficiency 8.000 (159.000 – 167.000) ditanggung prorata oleh
unsecured creditors, stockholders tidak menerima sama sekali.
Trustee Accounting :
Trustee akan mengambil alih assets debtor’s sebelum dibagikan kepada
yang berhak melalui keputusan bankruptcy court. Biasanya trustee
membuat 1 set catatan akuntansi dari pengambil-alihan assets debtor.
Jurnal yang dibukukan Trustee atas pengambil-alihan assets Sejati sbb :
Dr. Cash
Dr. Marketable securities
Dr. Accounts receivable
Dr. Inventories
Dr. Prepaid expenses
Dr. Land
Dr. Building
Dr. Equipment
Dr. Intangible assets
Cr. Accounts payable
Cr. Wages payable
Cr. Property taxes payable
Cr. Note payable – bank
Cr. Note payable – suppliers
Cr. Interest payable
Cr. Mortgage payable
Cr. Estate Equity
(to record custody of PT. Sejati in liquidation)
3.000
7.000
25.000
50.000
4.000
15.000
40.000
30.000
6.000
65.000
13.000
2.000
25.000
5.000
7.000
50.000
13.000
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Transaksi pada bulan I (Agustus) dari PT. Sejati Trusteeship dibukukan
dalam trustee’s books sbb :
1. A previously unrecorded utility bill for 500 is received
Dr. Estate equity ………………………… 500
Cr. Utilities payable – new …………………. 500
2. Intangible assets are deemed worthless and are written off :
Dr. Estate equity ………………………… 6.000
Cr. Intangible assets …………………………. 6.000
3. All inventory items are sold for 48.000 of which 18.000 is on account
and 30.000 is in cash
Dr. Cash ………………………………... 30.000
Dr. Account receivable – new ………….. 18.000
Dr. Estate equity ……………………….. 2.000
Cr. Inventories ……………………………….. 50.000
4. The equipment is sold for 14.200 cash
Dr. Cash ………………………………… 14.200
Dr. Estate equity ………………………… 15.800
Cr. Equipment ……………………………….. 30.000
5. Wages and property taxes owed on August 1 (priority liabilities) are
paid :
Dr. Wages payable ……………………… 13.000
Dr. Property taxes payable ……………… 2.000
Cr. Cash ………………………………………. 15.000
6. Land & building are sold for 64.000 cash, and the mortgage payable
and related interest are paid
Dr. Cash ………………………………… 64.000
Cr. Land ……………………………………… 15.000
Cr. Building ………………………………….. 40.000
Cr. Estate equity ……………………………… 9.000
7. Insurance policies (included in prepaid expenses) are canceled, and a
1.000 cash refund is received
Dr. Cash ……………………………….. 1.000
Cr. Prepaid expenses ………………………… 1.000
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8. Accounts receivable of 21.000 are collected from the amounts owed
to PT. Sejati at August 1, the remaining 4.000 is uncollectible
Dr. Cash ………………………………. 21.000
Dr. Estate equity ……………………… 4.000
Cr. Accounts receivable …………………….. 25.000
9. The 21.000 received on account is applied to the bank note payable
and related interest.
Dr. Interest payable …………………… 2.000
Dr. Note payable – bank ……………… 19.000
Cr. Cash …………………………………….. 21.000
10. Estate administration expenses of 3.000 are paid
Dr. Estate equity …………………… 3.000
Cr. Cash …………………………………. 3.000
11. Trustee fee of 2.000 are accrued
Dr. Estate equity …………………….. 2.000
Cr. Trustee’s fee payable – new …………. 2.000
Untuk memonitor transaksi diatas maka trustee membuat 3 jenis laporan
1. Statement of cash receipts and disbursements
2. Statement of changes in estate equity
3. Statement of realization & liquidation
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