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Journal : LEGAL BRIEF

Suitability of Converting Debt Into Shares As A Means of Homologizing Company Bankruptcy Sari, Novita; Rifai, Anis; Machmud, Aris
LEGAL BRIEF Vol. 13 No. 4 (2024): October: Law Science and Field
Publisher : IHSA Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.35335/legal.v13i4.1113

Abstract

The present paper examines the efficacy of debt conversion into shares as a means of corporate bankruptcy homologation, with particular emphasis on Waskita's vendor debt case study. In this case, one possible way to repair business finances and pay off debts to creditors—particularly vendors—is to convert debt into shares. Postponement of debt payments refers to the suspension of debt payments for a predetermined amount of time as stipulated by law. During this time, debtors and creditors can talk about debt settlement options through rulings made by commercial courts. This entails creating a repayment schedule that can call for restructuring the debt in addition to paying back the entire amount owed. Because it stresses the use of secondary data to explain the homologation process and the effects of converting debt into shares at PT Waskita Beton Precast Tbk (WSBP), this research employs a normative legal approach. The findings of this study indicate that submitting a Peace Plan by the PKPU Debtor, PT Waskita Beton Precast, Tbk (In PKPU), is appropriate. The actions conducted by the PKPU Debtor are compliant with the terms of Article 281 paragraph (1) of Law Number 37 of 2004 about Bankruptcy and Postponement of Debt Payment Obligations, given that the voting results regarding the settlement plan have been completed. Recalling that on June 17, 2022, PT Waskita Beton Precast, Tbk (In PKPU) was a party to the Peace Agreement pertaining to the Peace Plan, and that on that same day, PKPU Debtors and Creditors were present and took part in the voting on the Peace Plan, which was approved
Co-Authors A. Habib Amanatullah Rahdar Abdul Majid Akhmad Ikraam Amanatullah Rahdar, A. Habib Amir Firmansyah Amoury Adi Sudiro Anis Rifai Anissa Permatasari Artani, Khairi Anggita Burhanuddin, Sitti Khairunisa Caskiman Caskiman Davai, Niki Dea Amalia Novela Edy Sanyoto Ega Pribadi Faqdhi Akbar, Adi Feby Nurhisyam Firdaus, Gede Fitriana, Raysa Fokky Fuad Fokky Fuad Fokky Fuad Guritna, Murshafatimah Cecille Harliani, Eni Henry Arianto Heriyanto, Puji Hidayah, Yusup Ilham Muzzaki Intan Zania Khairunnisa, Adriana Kun Mardiwati Rahayu L. Tobing, AS Leonardus Lesmana Lubis, Rendy Lubis, Rahmad Lutfi, Anas Maghucu, Prosper Maguchu, Prosper Markoni Markoni Martini, Titin Mubarok, Djihadul Muhammad Amin Muhammad Rizki Muhammad Rizki Narayana, Raden Abyan Aradea Nasrullah Nasrullah Nasrullah Nasrullah Novita Sari Nurhisyam, Feby Nurini Aprilianda Okta Thaharah Susanto Parbuntian Sinaga Permatasari, Anissa Priatmoko, Muhammad Pribadi, Ega Putri, Adityas Rachmawati Rahmadina, Wilsa Rakhsan Ghifari Rizky Maulana Nugraha Rohaya, Nizla Rohayah, Nizla Rohman, Saipul Rohmatilah, Roudoh Roudoh Rohmatilah Rusfiantini, Rina Sadino Sadino Sadino Sadino, Sadino Saipul Rohman Sanyoto, Edy Saraswati, Mardiana Satrio, Bagas Putra Sidiq, Muhammad Maulana Ibnu Sisca Debyola Widuhung Sisca Debyola Widuhung Siti Farhani Suartini Suartini, Suartini Sudiro, Amoury Adi Sunaryo, Euis Suparji Suparji Syafitri Jumianto Syarif Hidayat Syarif Hidayat Tardjono, Heriyono Vishnu, Andhika Wahyu, Alifa Achmad Wasitaatmadja, Fokky Fuad Wasitaatmaja, Fokky Fuad Widhiawati, Premita Fifi Wijaya, Maulana Yanci Libria Fista Yasmine, Inge Yusup Hidayah Yusup Hidayat Yusup Hidayat Yusup Hidayat