Article Per Year (5 Year)
p-Index From 2021 - 2026
0.408
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All Journal Kertha Patrika Open Access DRIVERset
Vincentius Saryo Saputro
ilmu hukum, fakultas hukum, Universitas Kristen Satya Wacana*
Law, Crime, Criminology & Criminal Justice

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Legal Protection of Bonds in Bankruptcy Vincentius Saryo Saputro; Andrew Nicholas Samuel; Michael Jordan Wirayudha
Kertha Patrika Vol. 48 No. 1 (2026): Recalibrate Indonesia Law based on Legal Reform in Specific Sectors
Publisher : Faculty of Law, Udayana University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/KP.2026.v48.i01.p06

Abstract

This study examines legal protection mechanisms for bondholders during issuer bankruptcy through a comparative analysis of Indonesian and US frameworks. Indonesian regulations—including the Capital Market Law, Bankruptcy and Suspension of Payment Law, and trustee provisions—demonstrate significant gaps in protecting bondholder claims during insolvency proceedings. Conversely, the US system, anchored by the Trust Indenture Act of 1939 and Chapter 11 Bankruptcy Code, provides superior protection through creditors’ committees, cramdown provisions, and fiduciary duty shifts that ensure both substantive and procedural safeguards. Key findings reveal Indonesia's regulatory deficiencies in claim prioritization, trustee empowerment, and bondholder representation in bankruptcy proceedings. This research proposes US-model reforms to strengthen investor protection, enhance market credibility, and promote economic stability in Indonesia’s capital market.
Legal Protection of Bonds in Bankruptcy Vincentius Saryo Saputro; Andrew Nicholas Samuel; Michael Jordan Wirayudha
Kertha Patrika Vol. 48 No. 1 (2026): Recalibrate Indonesia Law based on Legal Reform in Specific Sectors
Publisher : Faculty of Law, Udayana University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.24843/KP.2026.v48.i01.p06

Abstract

This study examines legal protection mechanisms for bondholders during issuer bankruptcy through a comparative analysis of Indonesian and US frameworks. Indonesian regulations—including the Capital Market Law, Bankruptcy and Suspension of Payment Law, and trustee provisions—demonstrate significant gaps in protecting bondholder claims during insolvency proceedings. Conversely, the US system, anchored by the Trust Indenture Act of 1939 and Chapter 11 Bankruptcy Code, provides superior protection through creditors’ committees, cramdown provisions, and fiduciary duty shifts that ensure both substantive and procedural safeguards. Key findings reveal Indonesia's regulatory deficiencies in claim prioritization, trustee empowerment, and bondholder representation in bankruptcy proceedings. This research proposes US-model reforms to strengthen investor protection, enhance market credibility, and promote economic stability in Indonesia’s capital market.
Co-Authors Andrew Nicholas Samuel Michael Jordan Wirayudha