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This Author published in this journals
All Journal Legitimacy: Journal of Law and Islamic Law Open Access DRIVERset Journal of State Public Policy (JSPP)
Ariq Ardiawan Alano
Faculty of Law, University of Indonesia, Indonesia
Religion Law, Crime, Criminology & Criminal Justice Social Sciences

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Creditor Protection in Bank Spinoffs: A Comparative Analysis of Indonesia and Vietnam Ariq Ardiawan Alano
Legtimacy: Journal of Law and Islamic Law Vol. 2 No. 1 (2026): Legitimacy: Journal of Law and Islamic Law
Publisher : CV. Era Digital Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59066/jolil.v2i1.2444

Abstract

Mandatory bank spinoffs introduce systemic asset dilution risks, exposing a critical doctrinal conflict between corporate limited liability and creditor wealth maximization. Through a functional comparative legal approach, this article evaluates creditor protection frameworks under Indonesian and Vietnamese corporate regimes. The analysis reveals that the reliance of Indonesia on procedural notifications establishes a flawed fiction of tacit consent. Driven by high transaction costs and severe information asymmetry, retail creditors inevitably succumb to rational apathy, enabling opportunistic judgment proofing. Conversely, the modernized framework of Vietnam effectively internalizes transition risks by enforcing substantive joint and several liability alongside aggressive central bank interventions. This comparative study demonstrates that procedural mechanisms fail to safeguard fixed claimants against strategic corporate partitioning. Consequently, this article proposes a legislative reconstruction for Indonesia by introducing a mandatory three year joint liability retention period. This prescriptive reform eliminates moral hazard, ensures capitalization stability, and fully aligns national corporate governance standards.
Creditor Protection in Bank Spinoffs: A Comparative Analysis of Indonesia and Vietnam Ariq Ardiawan Alano
Legtimacy: Journal of Law and Islamic Law Vol. 2 No. 1 (2026): Legitimacy: Journal of Law and Islamic Law
Publisher : CV. Era Digital Nusantara

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59066/jolil.v2i1.2444

Abstract

Mandatory bank spinoffs introduce systemic asset dilution risks, exposing a critical doctrinal conflict between corporate limited liability and creditor wealth maximization. Through a functional comparative legal approach, this article evaluates creditor protection frameworks under Indonesian and Vietnamese corporate regimes. The analysis reveals that the reliance of Indonesia on procedural notifications establishes a flawed fiction of tacit consent. Driven by high transaction costs and severe information asymmetry, retail creditors inevitably succumb to rational apathy, enabling opportunistic judgment proofing. Conversely, the modernized framework of Vietnam effectively internalizes transition risks by enforcing substantive joint and several liability alongside aggressive central bank interventions. This comparative study demonstrates that procedural mechanisms fail to safeguard fixed claimants against strategic corporate partitioning. Consequently, this article proposes a legislative reconstruction for Indonesia by introducing a mandatory three year joint liability retention period. This prescriptive reform eliminates moral hazard, ensures capitalization stability, and fully aligns national corporate governance standards.
Reconstructing Domestic Arbitration Frameworks to Mitigate Litigation Finance Risks in Investment Disputes Ariq Ardiawan Alano
Journal of State Public Policy Vol. 1 No. 3 (2026): Journal of State Public Policy
Publisher : Yayasan Cerdas Pedia Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65101/jspp.v1i3.397

Abstract

The proliferation of Third-Party Funding (TPF) within Investor-State Dispute Settlement (ISDS) has transformed international arbitration into a speculative asset class, jeopardizing host states' fiscal sovereignty. This article examines the structural vulnerabilities arising from the regulatory vacuum in domestic arbitration frameworks, specifically within the Indonesian legal system. While existing scholarship predominantly focuses on multilateral reforms, this study argues that the absence of domestic lex arbitri oversight facilitates predatory litigation and engenders "regulatory chill." Employing normative legal research with a comparative analysis of Singapore, Hong Kong, and the IA-CEPA standards, the research demonstrates that domestic legislative intervention is a prerequisite for sovereign resilience. The study proposes a comprehensive reconstruction of the National Arbitration Law through three pivotal pillars: precise statutory definitions, mandatory disclosure of funding identities, and the empowerment of tribunals to impose security for costs. These reforms are essential to rebalance investment protection with the preservation of host states' public space.
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