Indonesia Advisory

New Company Law No 40 year 2007 - DEADLINE of CHANGE

Today is 3rd of August 2008.

Do you remember anything re the new company law issued by the government that is due in this month?

We would like to remind you one deadline due this month.

Change of Article of Association (AoA)!! due on 16th August 2008!!

Any company MUST apply the full changes stated on the article 157 (3) Law No. 40/2007.

What are the consequences if this not changed by the deadline?

As per the Law article 157 (4), if not changed and reported than the company (PT) considered being dismissed! but there are additional explanation saying that the company will not automatically being dismissed unless there are action from the District Attornew or third Party request to dismissed the company.

But after 16th August 2008, District Court can start processing and dismissing company that has not apply the changes based on request from the DA or any other parties.

Request of the AoA changes after 16th August will still be processed as per normal but expected all company has made the changes before 16th August 2008.

Hope the above useful as a reminder
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