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All Journal Juripol (Jurnal Institusi Politeknik Ganesha Medan) Budapest International Research and Critics Institute-Journal (BIRCI-Journal): Humanities and Social Sciences Lex Publica Jurnal Sosiologi USK (Media Pemikiran & Aplikasi)
Dewi, Atika Sandra
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Religion Arts Humanities Economics, Econometrics & Finance Law, Crime, Criminology & Criminal Justice Library & Information Science Social Sciences Other

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Journal : Lex Publica

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Force Majeure and Credit Restructuring: A Doctrinal Perspective on the Resolution of Non-Performing Loans Caused by Natural Disasters Tarmizi, Tarmizi; Dewi, Atika Sandra
Lex Publica Vol. 12 No. 2 (2025)
Publisher : APPTHI

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58829/lp.12.2.2025.326

Abstract

This study analyzes the legal relationship between force majeure and credit restructuring in Indonesia, particularly in addressing non-performing loans (NPLs) caused by natural disasters. It examines how force majeure is applied in credit agreements and how credit restructuring serves as a legal and financial mechanism to manage disaster-related credit distress. Using a doctrinal legal approach, the study reviews statutory provisions, banking regulations, and relevant literature, including Articles 1244 and 1245 of the Indonesian Civil Code and OJK Regulation No. 40/POJK.03/2019. The findings indicate that although Indonesian law recognizes natural disasters as potential force majeure events, their application in credit agreements is not automatic. Debtors must prove a direct causal link between the disaster and their inability to perform contractual obligations, which often leads to legal uncertainty and inconsistent interpretation. At the same time, credit restructuring, through rescheduling, reconditioning, and restructuring, provides a more practical response to financial distress. However, it operates separately from the force majeure doctrine, resulting in limited legal integration. The study also highlights that credit restructuring thus plays a dual role: supporting financial system stability and contributing to socio-economic recovery, particularly for micro, small, and medium enterprises.
Co-Authors Asrul Asrul Husni , Muhammad Irham, M. Iqbal Syafitri, Isdiana Tarmizi Tarmizi Wanto, Sugeng