Cut Tiara Sekar Maharani
Faculty of Law, University of Indonesia, Indonesia

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Legal Protection of Creditors in Spin-offs: Comparing Indonesian and Philippine Corporate Law Cut Tiara Sekar Maharani
Siyasah Dusturiyah: State Law Review Vol. 1 No. 6 (2026): Siyasah Dusturiyah: State Law Review
Publisher : Yayasan Cahaya Generasi Positif

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.65101/02btyn97

Abstract

Corporate restructuring through demerger mechanisms perpetually triggers dogmatic tension between managerial efficiency and the protection of creditor constitutional rights. This article comprehensively compares creditor protection architecture within the corporate law jurisdictions of Indonesia and the Philippines. Utilizing a normative legal method with comparative approaches, this research explicitly exposes systemic weaknesses of Indonesian law. The Indonesian corporate legal regime proves highly fragile, relying purely on administrative procedural positivism through draconian objection deadlines and an impossible Actio Pauliana instrument. Conversely, the Philippine Revised Corporation Code offers absolute protection grounded in equity supremacy via the majestic Trust Fund Doctrine. This ancient doctrine positions corporate capital as an absolute trust fund for creditors, which instantaneously invalidates fraudulent asset transfers. As a primary academic conclusion, this research recommends paradigmatic hybridization for Indonesian corporate governance. Lawmakers now urgently must adopt these substantive principles by implementing a reversed burden of proof to entirely prevent corporate cannibalization crimes.
Foreign Investment in Digital Infrastructure: State Control, Risk Mitigation, and Data Sovereignty Cut Tiara Sekar Maharani
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.v1i3.362

Abstract

The exponential shift of global foreign direct investment toward digital infrastructure prompts host states to enforce stringent screening mechanisms and data localization policies to safeguard critical national security interests. However, these sovereign assertions inevitably clash with international investment law. Using a comprehensive doctrinal legal method through statutory, conceptual, and comparative approaches, this study examines the tension between digital sovereignty and investment protections. The results indicate that mandatory data localization and post-establishment cybersecurity interventions significantly breach Fair and Equitable Treatment standards and constitute indirect expropriation, exposing host states to massive international investor-state dispute settlement claims. Consequently, this research concludes that developing jurisdictions, particularly Indonesia, must urgently reconstruct their bilateral investment treaties. By systematically integrating specific digital security exceptions, strictly redefining intangible digital assets, implementing proportional risk-based screening, and guaranteeing independent administrative due process, host states can effectively mitigate arbitration risks while securely facilitating global digital economic market integration and data sovereignty.