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Kendry Tan
Universitas Internasional Batam, Indonesia
Law, Crime, Criminology & Criminal Justice

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Preventing Debtor Bankruptcy during the Covid-19 Pandemic: Benefits of Suspension of Debt Payment Obligations & Insolvency Test? Kendry Tan
Journal of Judicial Review Vol 24 No 2 (2022): December 2022
Publisher : Fakultas Hukum, Universitas Internasional Batam

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37253/jjr.v24i2.7363

Abstract

The Covid-19 caused a decline in the Indonesian economy, thus increasing bankruptcy cases in Indonesia. The number of bankrupt companies during the Covid-19 pandemic will result in further decline in the Indonesian economy. Postponement of Debt Payment Obligations is needed to reduce bankruptcy in Indonesia during this pandemic. This study aims to explain the benefits of Postponing Debt Payment Obligations and Insolvency Tests during the Covid-19 pandemic in maintaining Indonesia's economic stability. This research is using the method of juridical normative by using the data secondary as a reference in conducting research. The results of the research are that Postponement of Debt Payment Obligations has important benefits in avoiding bankruptcy for solvent debtors with good intentions during the pandemic to avoid individuals who take advantage of this condition to bankrupt their debtors and insolvency tests have an important role in reducing errors in determining bankruptcy case or Postponement of Debt Payment Obligations by stating their ability to pay.
Strategies for Preventing Bankruptcy: Adopting Insolvency Tests from the United States Perspective to Indonesia Kendry Tan; Yudhi Priyo Amboro; Elza Syarief
Journal of Judicial Review Vol 25 No 1 (2023): June 2023
Publisher : Universitas Internasional Batam

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37253/jjr.v25i1.7765

Abstract

Companies don't always make a profit and taking loans from banks or other companies to ensure smooth business operations can put a company's existence in danger. Failure to repay loans can lead to bankruptcy, declared by the competent commercial court upon request of the creditor or debtor. The ease with which bankruptcy requirements are regulated under Indonesian law can lead to economic problems. This study seeks to examine the differences between bankruptcy laws in Indonesia and the United States, the challenges in implementing an insolvency test in Indonesia, and the benefits of such a test. The research method used is normative-juridical, employing a conceptual and statutory approach to assess the benefits and obstacles of implementing insolvency tests in Indonesia. The findings suggest that applying insolvency tests can have a positive impact on economic growth, including reducing the number of bankrupt companies and decreasing unemployment, which contributes to development. As a result, it's necessary to modify Law Number 37 of 2004 concerning Bankruptcy and Suspension of Debt Payment Obligations to enable the use of insolvency tests in bankruptcy applications in Indonesia.
Co-Authors Elza Syarief, Elza FL. Yudhi Priyo Amboro, FL. Yudhi Priyo