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All Journal Jurnal Panorama Hukum Jurnal Justisia : Jurnal Ilmu Hukum, Perundang-undangan dan Pranata Sosial TANJUNGPURA LAW JOURNAL Abdi: Jurnal Pengabdian dan Pemberdayaan Masyarakat MAGISTRA Law Review Al-Adl : Jurnal Hukum Law Research Review Quarterly Jurnal Penegakan Hukum dan Keadilan Society : Jurnal Pengabdian dan Pemberdayaan Masyarakat Majalah Keadilan PAKDEMAS : Jurnal Pengabdian Kepada Masyarakat Jurnal Hukum Sehasen Volksgeist: Jurnal Ilmu Hukum dan Konstitusi JURNAL RUANG HUKUM Bulletin of Social Studies and Community Development
Sherly Nelsa Fitri
Fakultas Hukum Universitas Prof. Dr. Hazairin, SH. Bengkulu, Indonesia
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Bankruptcy Without Insolvency: Why Indonesia's Entry Standard Violates Rule-of-Law Commitments Fitri, Sherly Nelsa; Kareth, Novana VJ
Jurnal Penegakan Hukum dan Keadilan Vol. 7 No. 2 (2026): September
Publisher : Universitas Muhammadiyah Yogyakarta

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.18196/jphk.v7i2.30810

Abstract

Indonesia's bankruptcy law, under Article 2(1) of Law No. 37/2004, permits declarations without substantive insolvency testing, prioritizing formal proof (two creditors, one unpaid debt) over economic reality. This crisis-era design, intended for rapid debt resolution now generates constitutional tensions with the Rechtsstaat principle (UUD 1945 Art. 1(3)), legal certainty (Art. 28D(1)), judicial function (Art. 24(1)), and economic democracy (Art. 33(4)). This study employed doctrinal legal research combined with functional comparative analysis across five jurisdictions (the United States, United Kingdom, Australia, Thailand, and Singapore), drawing on primary legal sources, judicial decisions, and empirical court data. Doctrinal analysis reveals three asymmetries: evidentiary imbalance, remedial disproportionality, and creditor leverage amplification, which particularly harm MSMEs (61% of GDP, 97% of employment). Empirical patterns (PKPU: bankruptcy ratios 4–7:1, 2021–2024) and cases (Manulife, Telkomsel) confirmed the market perception of unpredictability. Comparative mapping identified four gatekeeping elements shared across credible regimes: objective entry tests (cash-flow/balance-sheet/hybrid), balanced evidentiary burdens, dispute filters, and rescue complements. The study prescribed a hybrid insolvency test for Indonesia, with cash-flow primacy, MSME presumptions, and safe-harbor incentives, restoring proportionality while preserving efficiency. This reform aligns bankruptcy with constitutional commitments, preventing abuse and supporting balanced economic progress.
Co-Authors Arrahma, Nadia Ashibly candra, addy Desy Maryani Diana Natalia Sari Fernando, Zico Junius Herry Novrianda Jaco Barkhuizen Janusi Waliamin Kareth, Novana VJ Liu Kai Meilisa, Meilisa Nasawida, Metha Dian Puspa Naswida, Metha Dian Puspa Okka Adittio Putra Puspita, Veny Renie Kurniah Rimanda, Fiqri Risnita Tri Utami Selmen, Deri Sintia Safrianti Sonia Noeravita Syarifudin Uswatun Hasanah USWATUN HASANAH Wediyanto, Eko Wienda Kresnantyo Wiwit Pratiwi Yoga Faruncha Yudha, Ivando