Forza Land declares bankruptcy

05 October 2022 06:40

JAKARTA – The Central Jakarta Commercial Court granted the nullification of peace agreement requested by Johanna Ratnasari against PT Forza Land Tbk (FORZ). Therefore, following this annulment, the said property developer is declared as bankrupt.

Quoting the information disclosure today (5/10), the bankruptcy is said to be declared by Muhamad Yusuf Ramli, SH, and Paulus Lubis, SH, the Curator Team of FORZ that has been appointed by the Central Jakarta Commercial Court. This court decision is registered under No.25/Pdt.Sus-Pembatalan Perdamaian/2022.PN Niaga Jkt.Pst and was read during the public court hearing on September 12, 2022.

The nullified peace agreement refers to the case No.116/Pdt.Sus-PKPU/2019/PN Niaga Jkt.Pst dated October 14, 2019.

Until September 2020, FORZ recorded equity of IDR 291.53 billion, liabilities of IDR 305.17 billion, and assets of IDR 596.70 billion. Its sales only reached IDR 11.4 billion, while its gross and net profit clocked up to IDR 2.59 billion and IDR 5.70 billion, respectively.

After browsing through the court website, FORZ once faced another PKPU lawsuit, filed by Jivan Nandwani, through their attorney, Ferry Iman Halim, SH, on June 19, 2019. (LK/ZH) 

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