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Journal : LEGAL BRIEF

Criminal Elements in Debt Restructuring During The Covid-19 Pandemic: Between Business Continuity and Legal Compliance Hasanal Mulkan; Serlika Aprita
LEGAL BRIEF Vol. 11 No. 2 (2022): Law Science and Field
Publisher : IHSA Institute

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Abstract

The coronavirus (Covid-19) pandemic has hit the world economy, including Indonesia. In addition to direct handling of the epidemic problem, the government is also preparing to anticipate the impact of the economic slowdown caused by the pandemic. The government has issued regulations in relation to the forms of restructuring that can be carried out by banks and national financial institutions with their debtors that open up various alternative patterns of restructuring the settlement of obligations based on POJK No. 11 of 2020. This regulation has the potential to create an imbalance between creditors and debtors. The regulation provides the dominant flexibility for creditors to assess and offer forms of restructuring, so that there is the potential for an imbalance in the form of restructuring between creditors and debtors. The law enforcement scheme has its relevance to Law no. 37 of 2004 concerning Bankruptcy and Suspension of Debt Payment Obligations (UUK and PKPU). Some adjustments are needed so that the law which is intended to restore economic conditions by providing protection to creditors and debtors can find its context with the crisis caused by Covid-19. The results of this study indicate that PKPU is a strategic tool in designing debt restructuring. If the PKPU application is granted and peace is reached between the debtor and his creditors, the debtor concerned can continue his business activities. Some adjustments are needed so that the law which is intended to restore economic conditions by providing protection to creditors and debtors can find its context with the crisis caused by Covid-19. The results of this study indicate that PKPU is a strategic tool in designing debt restructuring. If the PKPU application is granted and peace is reached between the debtor and his creditors, the debtor concerned can continue his business activities. Some adjustments are needed so that the law which is intended to restore economic conditions by providing protection to creditors and debtors can find its context with the crisis caused by Covid-19. The results of this study indicate that PKPU is a strategic tool in designing debt restructuring. If the PKPU application is granted and peace is reached between the debtor and his creditors, the debtor concerned can continue his business activities.
The Role of Curator in Increasing The Asset Recovery Value Through The Bankruptcy Process Serlika Aprita; Yonani
LEGAL BRIEF Vol. 11 No. 2 (2022): Law Science and Field
Publisher : IHSA Institute

Show Abstract | Download Original | Original Source | Check in Google Scholar | Full PDF (420.808 KB)

Abstract

Bankruptcy cases in the Commercial Court since 2004 have not shown a significant increase, this is caused by the low asset recovery value which is the responsible of the curator. This condition makes debt settlement through bankruptcy unattractive for the creditors. The research question in this study was does the ratio of the curator's legal liability for errors or negligence result losses for the debtor in the legal process of managing and settling the assets of the bankrupt debtor in supporting the increase of asset recovery in bankruptcy. This research was a prescriptive normative research. The results of the study indicates that the Curator must be responsible for errors and negligences if these are the main causes of the less optimal settlement of bankruptcy documents. From a creditor's perspective, the recovery value is an indicator of the success or failure of the bankruptcy process. If asset recovery is low, creditors only feel that they have won on paper, causing them not to be interested in going through the bankruptcy process to resolve their debt problems. It is expected that the curator in carrying out his duties in managing and settling the assets of the bankrupt debtor can increase the value of the bankruptcy assets as much as possible for the benefit of the debtor and creditors. However, up to now there is still no clarity about the limits of errors and omissions. An adequate legal structure is needed to support the smooth process of bankruptcy asset settlement and legal substance related to the arrangements for the settlement and management of bankrupt debtor assets by the curator that can support the increase of asset recovery in bankruptcy. Thus, it can be seen which legal substances are obstacles so that they can hinder settlement and management of bankrupt debtor asset by the curator.