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Faisal Santiago, Faisal
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Journal : Nagari Law Review

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Bankruptcy Legal System Reform in Settlement of Debtors’ Debt According to the Bankruptcy law Basri, Herlina; Santiago, Faisal; Zuwanda, Rifka; Yusuf, Hudi; Samiyono, Sugeng
Nagari Law Review Vol 7 No 3 (2024): Nagari Law Review
Publisher : Faculty of Law, Andalas University

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25077/nalrev.v.7.i.3.p.567-577.2024

Abstract

According to Law No. 37 of 2004, bankruptcy is the complete seizure of a bankrupt debtor's assets, with the curator managing and settling them under the watchful eye of a supervising judge. There are several conditions for a debtor to be declared bankrupt, including having two or more creditors and not being able to make payments of at least one debt that is due and collectible and can be at his request or the request of one or more creditors. This article discusses the principle of distributing the debtor's assets if a debtor is declared bankrupt. According to Bankruptcy Law Regarding creditor provisions, in bankruptcy, three creditors are guaranteed compensation; the first is a separatist creditor, namely the creditor holding a material guarantee, then the preferred creditor, who has the right to precede because of the nature of his receivables by law is given a special position, and the last is a concurrent creditor—specifically, creditors who do not fall under the categories of favored and separatist creditors. After Article 2 paragraph (1) is explained, it is determined that creditors are concurrent, separatist, and preferential. Separatist and preferred creditors can apply for a declaration of bankruptcy without losing collateral rights to their assets on the debtor's assets and their right to take precedence. The debtor’s assets will eventually be distributed by the portion of the amount of the creditor's credit. This bankruptcy principle means that the debtor's property is jointly guaranteed for all creditors divided according to the principle of balance or “Pari Pasu Prorata Parte”
Co-Authors Abdul Kadir Achmad, Suparji Aga Kurniawan Agus Supriyanto Ahmad Redi, Ahmad Ahmad Sahroni, Ahmad Alfianda, Jaka Tiwana Alfiani, Francisca Romana Nanik Aljawi, Muhammad Farid Apriani, Meni Ardiansyah, M. Filusi Ariany, Erry Arief Fakrulloh, Zudan Attidhira, Safira Widya Azis, Miftakul Bagus, Sujoko Bakir, Herman BAMBANG SUJATMIKO Barthos, Megawati Basri, Herlina Benjamin, Biem Triani Briando, Bobby Budianto, Azis Chandra, Joemarthine Christianty, Eva Nurlaelisa Daniel Balubun, Daud Darmawan, Andri Difa, Aulia Diantama Effendy, D. Andry Endriyana, Riza Enny Kristiani Fahrur Rozi, Agus Fathiyah, Shofa Fathony, Muhammad Fernando, Agung Fonda, Hanif Franata, Hugo S Guspitawaty, Elita Gusti Gede Maha Andika Jaya, I Gustryan, Muhammad Hamdi, Muhammad Arief Hedwin Hanggara, Lalu Hermawan, Didy Irawanto Israhadi, Evita Isretno Isretno Israhadi, Evita Iwansyah, Iwansyah Jasi, Askolani Karyono, Ario Lutrianto A., Indra M. Saleh M. Zahlan, M. Zahlan Mahmuddin Mahmuddin Mangunsong, Togi M. Marquez, Neilpon Yulinar Marwa, Muhammad Soffa Muchtarom, Achmad Muhamad Rizki Muhammad Hasyim, Muhammad Muhidin Muhidin Nai, Makkamadin Aras Nasution, Adhitya Anugrah Nasution, Izhar Zahri Netra, Ade Noval, Cepi Novelino, Romadu Nugroho Marsudianto, Dwi Palar, Hari PAngkey, DIcky Yulius Pasaribu, Fajar Ronal Harry Priyanto, Bambang Budi Puja Laksana, Andik Rika Santina Rizalni Kurniawan, Aan Ryandra, Reza S Franata, Hugo Sabungan Sibarani, Sabungan Sagalane, Andra Bani Saka, Risti Salamony, Jetter Wilson Samiyono, Sugeng Sapan, Heber Hombang Sari, Amalia Sarwono, Aditya Pratama Satoto, Endro Setiawan, Dwi Nur Setyawati, Niken Budi Sholih, Muhammad Abdurohman SIAGIAN, AMRIZAL Sirot Sirot, Sirot Soedirjo, Achmad Taufan Sri Inggriani, Sri Sudibyo, Andin Wisnu Sudradjat, Mohamad Adya Laksmana Sugiarto S Sulkiah Hendrawati Sumartono Sumartono Suparno Suparno Supriyanto Supriyanto Susanto, Robertus Hadi Syahputra, M Arif Taufan Soedirjo, Achmad Trihastuti S., Tuti Utami, Widya Wahyu Wijaya, Armen Wiraguna, Sidi Ahyar Wiraputra, Anindito Rizki Wulandari, Evita Vibriana Yanto, Sapta Eka Yudhistira, Dhieno Yudianto, Bambang Yusuf, Hudi Yuswanti, Adillah Yuwono, M. Sunandar Zakaria, Taufan Zudan Arif Fakrulloh Zuwanda, Rifka