In December 2016, PT Monroe Consulting Group (MCG), a management and human resources consulting firm, filed a bankruptcy lawsuit against PT Bukit Uluwatu Villa Tbk (BUVA), a hospitality company listed in the IDX with its Alila brands. The petition was rejected by the Panel of Judges of the Commercial Court of the Central Jakarta District Court in February 2017. MCG filed a cassation, but unfortunately the Supreme Court also rejected the petition and upheld the decision of the Commercial Court. And so BUVA escaped bankruptcy. What is interesting about the lawsuit is the small amount of debt disputed (if compared to the Company’s value). But apart from the debt dispute, the Company’s shareholders are now facing tort lawsuits filed by one of their creditors.To subscribe please click here
