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All Journal Masalah-Masalah Hukum LAW REVIEW JURISDICTIE Jurnal Hukum dan Syariah Pembaharuan Hukum Sriwijaya Law Review Hasanuddin Law Review Undang: Jurnal Hukum Jurnal Yudisial SIGn Jurnal Hukum Jurnal Hukum Bisnis Journal of Judicial Review Justisi : Jurnal Ilmu Hukum Global Legal Review Notary Journal Locus Journal of Academic Literature Review POLICY, LAW, NOTARY AND REGULATORY ISSUES (POLRI) Indonesia Law Review (ILREV) Enrichment: Journal of Multidisciplinary Research and Development Jurnal As-Syar’i: Jurnal Bimbingan & Konseling Keluarga Jurnal Hukum dan Pembangunan Jurnal Ilmiah Pengabdian Kepada Masyarakat (Nyiur-Dimas)
Jur. M. Udin Silalahi
Fakultas Hukum Universitas Pelita Harapan
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Journal : Global Legal Review

 1 
Legal Protection Towards Public Companies from Bankruptcy Tranggono, Emiral Rangga; Silalahi, Udin; Shubhan, Hadi
Global Legal Review Vol. 4 No. 2 (2024): October
Publisher : Universitas Pelita Harapan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.19166/glr.v4i2.8365

Abstract

Law Number 37 of 2004 on Bankruptcy and Suspension of Debt Payment Obligations (UU KPKPU) only requires the provision that a Bankruptcy/PKPU application to be submitted by one creditor, and that it can be proven that the public company has at least two creditors, one of which is past due. Financial Services Authority (OJK) has the authority to regulate and supervise activities in the capital market field or sector carried out by public companies. OJK should be responsible for providing legal protection for public companies that submit applications for bankruptcy. The research method used is a normative legal research method. The results of this research confirm that Article 55 paragraph (1) of the OJK Law and Article 8 paragraph 4 of Law Number 4 of 2023 on the Development and Strengthening of the Financial Sector (P2SK Law) are the legal basis or legal protection that gives the authority to the Financial Services Authority to carry out regulation and supervision of financial services activities in the capital markets sector, where financial services activities in the capital markets sector are also carried out by public companies. There must be rules that are made firmly and explicitly so that the OJK is given responsibility, function and authority in protecting public companies from bankruptcy by carrying out insolvency tests. This means that before a public company is submitted for bankruptcy, the OJK must first carry out an insolvency test to determine whether the public company is in a state of insolvency or is actually in a state of solvency. If the results state that the public company is indeed insolvent, then the OJK must provide a product stating either in the form of a cover letter or a certificate that the public company is suitable for the debtor to submit a bankruptcy petition.
The Position of Collateral Assets Owned by Third Parties in the Management and Administration of Bankruptcy Assets Sitanggang, Rufina Astuti; Silalahi, Udin; Ginting, Jamin
Global Legal Review Vol. 5 No. 2 (2025): October
Publisher : Universitas Pelita Harapan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.19166/glr.v5i2.8746

Abstract

Collateral serves as a guarantee for debt, with third parties often acting as guarantors or providing collateral that is not the debtor’s asset. When debtors file for bankruptcy, they may include third-party assets as collateral. The issue arises when these third-party assets are listed as bankruptcy assets, leading to conflicting court decisions—some include them as part of bankruptcy assets, while others do not. This dualism undermines legal certainty. The purpose of this research is to analyse the regulation regarding the position of collateral assets belonging to third parties in the management and administration of bankruptcy assets in Indonesia; the application of arrangements regarding collateral assets owned by third parties in the management and administration of bankruptcy assets in Indonesia; and legal certainty regulated over collateral assets belonging to third parties in bankruptcy in Indonesia. This research uses normative-juridical research with a statutory and conceptual approach with the analytical tools of agreement theory, legal certainty theory, and legal protection theory. Regulations regarding these issues are contained in Article 21 of Law Number 37 of 2004 and the guarantee agreement as an accessory agreement, Law Number 4 of 1996, Law Number 42 of 1999 and Book II and Book III of the Civil Code. The application of collateral payments owned by third parties in Indonesia's bankruptcy assets management and administration is currently has dualism. Pointing out that there are decisions that either declare collateral assets as bankruptcy assets or not, based on allegations and suspicions about ownership and the intention to accelerate the management and administration process. To address this, Article 21 of Law Number 37 of 2004 should be amended to clarify that bankruptcy assets are the assets of the bankrupt debtor and that collateral assets belonging to third parties are not included in bankruptcy assets as an affirmation of the previous provision.
Co-Authors Abdul Latif Agustini, Shenti Ahmad, Faradina Angelica, Angelica Banke, Ricky Baretta, Nicole Beatrix Tanjung Carissa Christybella Wijaya Chen, Natasya Edgina Claudia Claudia Daryono, Julius Wahyu Dian Parluhutan elsa, elsa Ely, Claureria Angie Fitriah, Siti Nimah ginting, sryani Gymnastiar, Rigan Henry Soelistyo Budi, Henry Soelistyo Hernayanto, Yayan Isabella Cynthia Edgina Jamin Ginting Jonker Sihombing Kurnia Toha Kurniawan, Alvin Leonardo Leonardo Lo, Adeline Lu Sudirman M. Hadi Shubhan Maharani, Aurelia Gisa Micheline Hendrito Monica Patricia Aripratama Nevada, Valonia Priskilla Chrysentia Putri, Rafirstka Madyah Putri, Sheila Aliya Salim, Hartono Agus Saragih, Joy Zaman Felix Setiadi, Edwin Siahaan, Albert Sibuea, Hengki M. Sihombing, Andy Tonggo M. Sinaga, Japansen Sitanggang, Rufina Astuti Sitorus, Rolib Tjandra, Sheren Michi Tobing, Christina NM. Tranggono, Emiral Rangga Yap, Abigail Angeline