Fabelio, an Indonesian furniture store, announced its bankruptcy via local media. This follows a judgment rendered on October 5 by a commercial court in Jakarta.
The curator will deal with all confiscated assets on behalf of Fabelio and sell them to settle obligations.
The injured person files for bankruptcy against the corporation in accordance with Indonesia’s 2004 PKPU statute.
On March 7, 2022, bankruptcy petitioner PT Harta Djaya Karya made a request to the Commercial Court of the Central Jakarta District Court for a suspension of debt payment obligations (PKPU). The court decided to allow each PKPU request on October 5.
“PT Kayu Raya Indonesia is in a Temporary Debt Payment Obligation Suspension (PKPUS) for 45 days from the date a quo decision was pronounced,” the decision said.
The Fabelio workers reportedly went months without pay at the end of 2021. Employees of the startup started a petition on Change.org asking that the company pay the salaries that are due. There are also rumours that some staff were made to resign under duress.
According to Marshall Utoyo, the CEO and co-founder of Fabelio, there was “absolutely no coercion,” and he refuted the accusations.
