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All Journal Pandecta Abdimas Rekayasa: Jurnal Penerapan Teknologi dan Pembelajaran The POLITICS : Jurnal Magister Ilmu Politik Universitas Hasanuddin Sriwijaya Law Review Journal of Indonesian Legal Studies Jurnal Hukum Acara Perdata ADHAPER Jurnal Pengabdian Hukum Indonesia (Indonesian Journal of Legal Community Engagement) JPHI Jambura Law Review Indonesian Journal of Advocacy and Legal Services Jurnal Hukum Acara Perdata Unnes Law Journal Seminar Nasional Hukum Universitas Negeri Semarang Law Research Review Quarterly Jurnal Pengabdian kepada Masyarakat Nusantara Indonesian Journal of Law and Policy Studies Borobudur Law Review IBLAM Law Review Jurnal Bina Desa Annual Review of Legal Studies SASI Journal of Law and Legal Reform The Indonesian Journal of International Clinical Legal Education Jurnal Abdimas Journal of Private and Commercial Law Indonesian Journal of Advocacy and Legal Services The Digest: Journal of Jurisprudence and legisprudence JILS (Journal of Indonesian Legal Studies) Law Research Review Quarterly
Nurul Fibrianti
Fakultas Hukum, Universitas Negeri Semarang
Arts Humanities Computer Science & IT Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Engineering Law, Crime, Criminology & Criminal Justice Social Sciences

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Journal : Jambura Law Review

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Clashing Legal Realities: A Comparative Analysis of Insolvency Tests in Australia and Indonesia's Bankruptcy Law Riyanto, R Benny; Arifin, Ridwan; Fibrianti, Nurul; Laryea, Emmanual; Syahputra, Bearlly Deo
Jambura Law Review VOLUME 7 NO. 1 JANUARY 2025
Publisher : Universitas Negeri Gorontalo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33756/jlr.v7i1.27327

Abstract

This comparative study explores the insolvency test frameworks in Australia and Indonesia, focusing on the legal perspectives within their respective bankruptcy laws. In Australia, the insolvency test is governed by the Corporations Act 2001, which employs a dual approach: the balance sheet test, assessing whether liabilities exceed assets, and the cash flow test, evaluating a company's ability to meet debts as they fall due. This combination aims to offer a comprehensive picture of a company's financial health, facilitating early intervention to prevent insolvency. In contrast, Indonesia's insolvency regime, regulated by the Insolvency and Suspension of Debt Payment Obligations Law (UUPK), adopts a more creditor-centric approach, emphasizing the debtor's ability to meet debt obligations rather than focusing on asset-liability balances or cash flow. This disparity reflects differing legal frameworks and economic contexts, which in turn affect the efficiency and effectiveness of insolvency proceedings in each country. The study utilizes a comparative legal research approach, analyzing primary legal texts, case law, and secondary literature to examine the procedural differences, particularly in the initiation of bankruptcy claims and the protection of creditors' rights. It also explores how these divergent insolvency tests shape the resolution of financial distress, considering both legal and practical implications in the respective jurisdictions. The findings highlight key contrasts in how insolvency is defined and addressed, with Australia prioritizing preventative measures and a holistic view of financial health, while Indonesia's system places more emphasis on creditor protection and debt repayment capacity. The study concludes with recommendations aimed at improving alignment and efficacy within each legal framework, proposing adjustments that could enhance financial stability and optimize outcomes for stakeholders in both countries.
Co-Authors A.A. Ketut Agung Cahyawan W Adiyatma, Septhian Eka Ahmad Habib Al Fikry Al Farouq, Alamul Fikri Ananta, Bintang Rafli Anindya Ardiansari Anis Widyawati Anitasari, Rahayu Fery Arif Hidayat Arif Hidayat Baiquni, Muhammad Iqbal Bearlly Deo Syahputra Belva, Edgina Benny Riyanto Chatila Maharani DAHLAN, TRI ANDARI Dian Latifiani DIMAS WICAKSONO Dwi Budi Santoso Ezzerouali, Souad Ahmed Fakhis, Adinda Zeranica Putri Fakhrullah, Mohammad Raziq Fiorentina, Prita Herawan, Sunu Hilmi, Asa Faradiba Indraswara, Dede Irawaty Irawaty Isnani Isnani Julianto, Riki Kamal, Ubaidilah Karsinah - Laryea, Emmanual Laryea, Emmanuel Maharani, Anggun Meinanda Maylia Pramono Sari Misrinah, Misrinah Mohammad Raziq Fakhrullah Musfika, Bella Ningsih, Ayup Suran Paramita, Niken Diah Prasetya, Rizky Andeza Putra, Tegar Islami Rahayu, Sang Ayu Putu Ridwan Arifin Rindyawati, Yuli Rini Fidiyani Riyanto, R Benny Rofi Wahanisa Rofi Wahanisa Sagala, Ermiyani Saputri, Atha Difa Sarhan, Adnan Ibrahim Setyowati, Ro'fah Setyowati, Ro’fah Sucihatiningsih Dian Wisika Prajanti Suhadi Suhadi Suhadi Suhadi Sulaksmi, Galih Niken Anggoto Sunyoto Sunyoto Suprapti, Duhita Driyah Syahputra, Bearlly Deo Syarifah, Dian Farah Tegar Islami Putra Viana, Anisa Okta Windiahsari, Windiahsari Yuliarto Setiadi, Fathur Yusuf , Fiki Elfanda Zainurohmah, Zainurohmah