Understand the documents, transaction structures and legal findings that can affect pricing, approvals and business continuity.
What does legal due diligence examine?
Legal due diligence (LDD) examines the legal position of a company or asset before investment, financing or restructuring. It identifies material risks and how to address them in transaction decisions and documents. LDD should be considered alongside financial, tax and operational reviews.
The scope may be full LDD, a limited review, red-flag LDD focused on critical issues, or vendor LDD prepared by the seller. Review limits, document periods, information access and reliance on management representations should be recorded at the outset.
Document map and risk areas
| Area | Documents and review focus |
|---|---|
| Corporate & licensing | Deeds, AHU records, share register, NIB, KBLI and sector licences: reconcile authority, ownership and activities. |
| Assets & contracts | Land rights, security interests, leases, loans and material contracts: check disputes and change-of-control clauses. |
| Liabilities & disputes | Tax, employment, proceedings, environment and intellectual property: identify unresolved obligations. |
Distinguish acquisitions, mergers and consolidations
| Structure | Principal effect |
|---|---|
| Share acquisition | The target continues to exist, so its debts and obligations still require review. A takeover under the PT Law concerns a transfer of control. |
| Merger | Companies merge into an existing company; assets and liabilities transfer under the applicable law. |
| Consolidation | A new company is formed and the consolidating companies cease to exist under the applicable rules. |
An asset purchase differs from a share purchase in structure and consequences. Identify the assets transferred, creditor consents, contract assignments, taxes, employees and whether relevant licences can be transferred.
Turning findings into transaction protections
Prepare an executive summary, outstanding document list and risk matrix. Findings may lead to conditions precedent, seller representations and warranties, indemnities, escrow or price adjustments. A legal opinion is a separate deliverable if included in the engagement.
Corporate approvals and KPPU review
Map corporate approvals, announcements, creditor rights, employee notices, notarial deeds and AHU and OSS updates according to the transaction route. Assess KPPU notification requirements using control, affiliation, relevant group assets or sales and applicable transaction rules. The transaction price alone does not determine whether notification is required.
Checklist before opening a data room
- Prepare buyer and target details, the group structure, share register, transaction objectives and intended timetable.
- Collect licences, material contracts, debts, security interests, assets, disputes and group asset and sales data.
- Define document access, confidentiality, responsibility for clarifications and the scope of multidisciplinary reviews.
Paket dokumen dari penawaran sampai penutupan transaksi
| Tahap | Dokumen / keputusan | Tujuan |
|---|---|---|
| Sebelum pemeriksaan | NDA, term sheet, daftar permintaan dokumen, struktur grup dan data room. | Menentukan kerahasiaan, akses, lingkup dan pihak yang bertanggung jawab. |
| Pemeriksaan | Akta/AHU, saham, izin, aset, kontrak, pekerja, perkara dan kewajiban. | Menghubungkan fakta dengan risiko transaksi; melibatkan pemeriksa keuangan/pajak sesuai kebutuhan. |
| Perundingan | SPA atau dokumen transaksi, syarat pendahuluan, jaminan, indemnity dan mekanisme pembayaran. | Mengalokasikan risiko dan menetapkan bukti pemenuhan sebelum closing. |
| Penutupan & tindak lanjut | Akta, persetujuan, pembayaran, daftar saham, AHU, pemilik manfaat, OSS dan izin sektoral. | Menuntaskan peralihan dan memelihara kepatuhan sesudah transaksi. |
Contoh temuan dan respons yang dapat dipertimbangkan
| Temuan | Follow-up |
|---|---|
| Saham atau kewenangan tidak konsisten | Rekonsiliasi akta, daftar saham dan AHU; jangan hanya mengandalkan satu dokumen. |
| Aset dijaminkan / kontrak memuat perubahan pengendalian | Periksa persetujuan kreditor atau mitra, pelepasan jaminan dan dampaknya pada jadwal. |
| Izin tidak mencakup kegiatan target | Tentukan koreksi izin, batas operasional dan apakah pemenuhannya menjadi syarat pendahuluan. |
| Kewajiban pajak atau perkara belum pasti | Pemeriksaan khusus, pencadangan atau pengaturan ganti rugi berdasarkan pembuktian. |
KPPU: nilai transaksi bukan satu-satunya ukuran
PP 57/2010 dan Peraturan KPPU 3/2023 menjadi rujukan pemeriksaan notifikasi. Penilaian mencakup perubahan pengendalian, afiliasi, aset atau penjualan kelompok usaha yang relevan, hubungan dengan Indonesia, tanggal efektif yuridis serta pengecualian. Jangan menguji kewajiban hanya dari harga saham atau persentase kepemilikan.
Tenggat dan ambang harus dihitung terhadap struktur transaksi yang sebenarnya. Persetujuan regulator sektoral, kepentingan pekerja dan hak kreditor juga perlu masuk ke jadwal transaksi. Hindari menetapkan tanggal closing sebelum kebutuhan persetujuan dipetakan.
Kuesioner awal transaksi
Checklist ini dapat digunakan saat membaca atau dicetak. Pilihan tidak dikirim dan tidak disimpan oleh halaman ini.
Pertanyaan yang sering diajukan
Apakah akuisisi saham menghapus utang perusahaan target?
Tidak. Target tetap menjadi badan hukum dengan aset dan kewajibannya. Temuan perlu ditangani dalam struktur dan dokumen transaksi.
Apakah hasil LDD menjamin tidak ada risiko?
Tidak. Laporan harus menjelaskan cakupan, periode, dokumen, asumsi dan keterbatasan pemeriksaan. Dokumen yang tidak tersedia merupakan temuan yang perlu ditindaklanjuti.
References & reader notes
- Law No. 40 of 2007
- Law No. 6 of 2023
- KPPU Regulation No. 3 of 2023
- Government Regulation No. 57 of 2010
Read the Indonesian references together with their amendments and implementing rules. This is general information, not a legal opinion on a particular situation. Check final requirements against the activity, location and rules in force at application.
