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Herman Brahmana
Universitas Prima Indonesia
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A Legal Analysis of the Status and Protection of Unsecured Creditors in Bankruptcy Proceedings Under Law No. 37 of 2004 on Bankruptcy and Voluntary Debt Restructuring Marsaulina Br Siagian; Herman Brahmana
Eduvest - Journal of Universal Studies Vol. 6 No. 6 (2026): Eduvest - Journal of Universal Studies
Publisher : Green Publisher Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.59188/eduvest.v6i6.53213

Abstract

This research discusses the legal position and legal protection of concurrent creditors in bankruptcy proceedings under Law Number 37 of 2004 concerning Bankruptcy and Suspension of Debt Payment Obligations (Penundaan Kewajiban Pembayaran Utang/PKPU). Concurrent creditors are creditors who do not hold special guarantees or privileged rights and are therefore placed last in the order of bankruptcy asset distribution. In practice, concurrent creditors often suffer losses because the debtor's assets are insufficient to cover all debts after secured creditors and preferred creditors have been paid first. This research aims to analyse the legal position, normative protection, and the obstacles faced by concurrent creditors under Law No. 37 of 2004, along with proposed solutions. This research employs a normative legal research method incorporating statutory, conceptual, and case-based approaches. Legal materials were obtained from laws and regulations, books, journals, and court decisions related to bankruptcy. The results of the study show that the legal position of concurrent creditors is recognised under Articles 1131 and 1132 of the Indonesian Civil Code (Kitab Undang-Undang Hukum Perdata/KUHPerdata) and Law Number 37 of 2004. Concurrent creditors hold the right to submit claims, attend creditors' meetings, and receive a proportional distribution of bankruptcy assets. However, legal protection for concurrent creditors in practice remains ineffective due to the dominance of secured creditors, high bankruptcy costs, a lack of transparency in the management of bankruptcy assets, and inadequate supervision of kurator (bankruptcy trustees).
Co-Authors Agus Irawan Alendra Alendra Alfredo D.W Tarigan Aprilia Manurung Bastanta Kaban Bismar Nasution Edward Arifsandi Tarigan Elisabet Hana Agatha Sitorus Fadhilah Ramadhani Fernandez Manurung Hengki Turnaldo Buulolo Indah Qur'ani Br Ginting Intan Anastya Br Ambarita Irenia Eliansi Sianita Br Sidabutar Jeklyn Yenni Susi Purba Jessica Nathasya Malau Johan Iskandar Kevin Suhunan Purba MAHMUL SIREGAR Marsaulina Br Siagian Marthin Richardo Marpaung Michael Reynaldo C.S. Hasugian Novita Sari Ayu Simanjuntak Rahmat Hidayat Sidabutar Ridho Try Horas Tampubolon Rizki Rizki Suhaidi Suhaidi Susanto Susanto Tika Pertiwi TriIvama Melati Hutabarat Yessika Serefine Sitohang Yohannes Saputra Banurea Yolanda Irene Stefani Yong An