Bank provides a loan to a company that has not yet obtained legalization as a Legal Entity from the Minister of Justice. However, in the Notary Deed which contains debt securities with collateral, it is stated that the debtor acts personally and as the Director of the company who is responsible for repaying the credit. A few years later the company was legalized as a Legal Entity while the credit was bad. THE EXISTENCE OF LEGALIZATION AS A LEGAL ENTITY DOES NOT MEAN ELIMINATING THE PERSONAL RESPONSIBILITY OF THE DIRECTOR OF THE COMPANY TO PAY OFF THE DEBT because the responsibility for personal settlement has been agreed in the agreed Notary Deed.

Suprepe Court Decision No.520K/Pdt/1996, dated May 6, 1997.

Regards,

Fredrik J. Pinakunary