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Suwinto Johan
Fakultas Hukum, Universitas Tarumanagara
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Journal : Hasanuddin Law Review

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What Could ASEAN Learn about Bankruptcy Law from ASEAN Partner Countries, China and Japan? Suwinto Johan; Amad Sudiro; Ariawan Gunadi
Hasanuddin Law Review VOLUME 8 ISSUE 3, DECEMBER 2022
Publisher : Faculty of Law, Hasanuddin University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.20956/halrev.v8i3.3692

Abstract

By 2021, Japan will have the third-largest economy in the world, behind China, which is currently the world's second-largest economy. China accounts for 17.9% of the global gross domestic product (GDP), while Japan accounts for 5.4 percent. In 2022, the Association of Southeast Asian Nations (ASEAN) and Asia Pacific countries, such as Australia, will establish the RECP (Regional Comprehensive Economic Partnership), becoming the world's largest free trade area cooperative bloc. On the other hand, it brings within several investment risks. Undertakings succumbing in the financial hardships or financial default will be manifested. Diverse legal systems result in different approaches to resolving defaulted businesses. For businesspeople, this disparity in the legal system creates legal uncertainty. The goal of this study is to describe how the bankruptcy system works in RCEP member countries and what ASEAN nations may do to improve their bankruptcy laws. The normative legal method is used in this study. This method compares the legal systems of the top ASEAN countries and other RCEP members. This analysis concludes that ASEAN bankruptcy legislation can be improved by using current systems from other ASEAN and RCEP nations. When faced with bankruptcy, the consistency of regulations is supposed to give legal certainty for corporate actors. This will also provide investors from other countries with a sense of security.
Co-Authors Adhi Setyo Santoso Alicya Pingkan Elizabeth Watung Amad Sudiro Amad Sudiro Amad Sudiro Amad sudiro Andy Andy Anton Wachidin Widjaja Ariawan Ariawan Ariawan Ariawan Ariawan Ariawan Ariawan Ariawan Ariawan Gunadi Ariawan Gunadi Ariawan Gunadi Ariawan, Ariawan Bambang Juanda Cakranegara, Pandu Adi Calista Endrina Dewi Chandra Setiawan Chesy Conysia Fitri Safa'at Chesy Conysia Fitri Safa’at Chuadrey, A. Letizia M. Citra Rahayu Claudia Gita Hapsari Cyntia Fallen Dativa Averina Santie Dedi Kurniawan dedi kurniawan Dewi, Calista Endrina Eko Ganiarto Erika Victoria Faradiba Utari Kuswardani Ferdy Mahendra Fitri Amalia Rahman Gunard LIe Gunardi Lie Hendrik Aprilyanto Herbani, Laura Hermanto Siregar Hidayat, Agus Sofian Eka Hiqmatus Sholichah Ida Kurnia Ignatius Indrawan Sumawinata Indah Siti Aprilia Jovanka Andira Sarwoto Kezia Telambanua Khuzaimah, Zein Lie, Gunardi Luo Yuan Yuan Luo Yuan Yuan Manurung, Sony Priya Elita Markoni Markoni Muslih Abdillah Muslih Abdillah Nelly Then Ng, Marella Novia Clarista Mulyanto Okia Verda Suryani Perdana Wahyu Santoso Rayhan Mohmad Athallah Hafiz S. Richard Chandra Adam Russel Ryan Sarah Novalina Sipayung Sarah Novalina Sipayung Selly Angelina Sugiarto Sugiarto Tubagus Nur Ahmad Maulana Veronika Angel Siregar Victoria, Erika Wahyuni Rusliyana Sari Wira Wijaya Gea Wisnu Purnama Sidhi Yuan, Lou Yudi Iskandar