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All Journal Syntax Literate: Jurnal Ilmiah Indonesia Legal Standing : Jurnal Ilmu Hukum Unes Law Review Jurnal Ilmu Hukum KYADIREN Indonesian Journal of Law and Economics Review International Journal of Social Service and Research Jurnal Ilmu Hukum, Humaniora dan Politik (JIHHP) Riwayat: Educational Journal of History and Humanities
Adam, Richard C.
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Humanities Decision Sciences, Operations Research & Management Economics, Econometrics & Finance Education Environmental Science Languange, Linguistic, Communication & Media Law, Crime, Criminology & Criminal Justice Physics Public Health Social Sciences Other

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Journal : Indonesian Journal of Law and Economics Review

 1 
Developers' Immunity Rights in Debt Payment Deferrals for Legal Certainty: Hak Imunitas Pengembang dalam Penundaan Kewajiban Pembayaran Utang untuk Kepastian Hukum Heng, Richard Jemiel; Adam, Richard C.
Indonesian Journal of Law and Economics Review Vol. 20 No. 4 (2025): November
Publisher : Universitas Muhammadiyah Sidoarjo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21070/ijler.v20i4.1325

Abstract

General background: The property sector, as a key pillar of Indonesia’s national economy, frequently encounters complex legal disputes between developers and consumers, particularly regarding debt obligations. Specific background: The Debt Payment Obligation Deferral (PKPU) mechanism under Law No. 37 of 2004 is designed to ensure legal certainty in debt restructuring. However, the requirement of simple evidence often complicates its application in property-related disputes. The Supreme Court addressed this through Circular Letter (SEMA) No. 3 of 2023, which effectively excludes developers from PKPU eligibility. Knowledge gap: Despite this policy’s practical significance, limited research has analyzed its normative legality and procedural implications. Aims: This study examines the legal nature of developers’ procedural immunity and the juridical consequences of PKPU revocation at the cassation level. Results: Findings reveal that the immunity arises from judicial activism that transfers dispute resolution from commercial to general civil courts and that PKPU revocation has a retroactive effect (restitutio in integrum), nullifying all related settlements. Novelty: The research introduces a conceptualization of procedural immunity in insolvency law, reflecting judicial policy intervention beyond legislative text. Implications: The study underscores the urgency of legislative reform to define simple proof criteria and to establish adaptive dispute resolution mechanisms for the property sector. Highlights: Establishes procedural immunity for developers through SEMA No. 3 of 2023. Highlights retroactive legal effects of PKPU revocation by the Supreme Court. Urges legislative reform to clarify simple proof standards in insolvency law. Keywords: Immunity Rights, Developers, PKPU, Legal Certainty, Judicial Activism  
Debtors Deferring Debt Payment Obligations and Repeated Appeals in the Perspective of Legal Certainty: Debitor Penundaan Kewajiban Pembayaran Utang dan Kasasi Berulang dalam Perspektif Kepastian Hukum Ananda, Hauwra; Adam, Richard C.
Indonesian Journal of Law and Economics Review Vol. 20 No. 4 (2025): November
Publisher : Universitas Muhammadiyah Sidoarjo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21070/ijler.v20i4.1331

Abstract

General Background: The Suspension of Debt Payment Obligations (PKPU) serves as a preventive legal mechanism in Indonesian economic law, allowing debtors to restructure obligations and avoid bankruptcy. Specific Background: However, after the Constitutional Court Decision No. 23/PUU-XIX/2021, which opened the possibility of cassation against PKPU rulings, debtors began to exploit this right, filing multiple cassations that delay dispute resolution. Knowledge Gap: Law No. 37 of 2004 concerning Bankruptcy and PKPU does not explicitly regulate the frequency or limits of cassation filings, creating a normative void and inconsistency in judicial interpretation. Aims: This study aims to analyze legal obstacles and identify appropriate normative frameworks for regulating repeated cassation filings from the perspective of legal certainty. Results: The findings reveal that multiple cassations by debtors contradict the principles of procedural finality, efficiency, and fairness, undermining creditors’ rights and the integrity of commercial court processes. Novelty: The study highlights the urgent need for explicit legislative or Supreme Court guidelines limiting cassation frequency in PKPU to prevent abuse of process. Implications: Strengthening legal certainty in PKPU procedures through regulatory reform will ensure fairness, procedural clarity, and balance between debtor and creditor rights within Indonesia’s commercial justice system. Highlights:   Repeated cassation filings undermine the principle of legal finality. Lack of clear regulation in Law No. 37 of 2004 creates legal uncertainty. Reform is needed to limit cassation frequency and ensure procedural fairness. Keywords: PKPU, Cassation, Legal Certainty, Debtor-Creditor, Normative Gap  
Validity of Suspension of Debt Payment Petition Rejected Due to Claim Value: Permohonan Penangguhan Pembayaran Utang Ditolak karena Nilai Klaim Jonatan, Frangky; Adam, Richard C.
Indonesian Journal of Law and Economics Review Vol. 20 No. 4 (2025): November
Publisher : Universitas Muhammadiyah Sidoarjo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21070/ijler.v20i4.1332

Abstract

General Background: The Suspension of Debt Payment Obligation (PKPU) is an essential legal mechanism within Indonesia’s bankruptcy system that aims to provide debtors the opportunity to restructure their debts and avoid insolvency. Specific Background: However, in practice, several commercial courts have rejected PKPU applications based on the perceived small value of claims, even though Law No. 37 of 2004 on Bankruptcy and PKPU does not stipulate any minimum claim value as a prerequisite. Knowledge Gap: This inconsistency has created legal uncertainty and raised questions about the validity of such rejections in relation to the principles of justice and legal certainty. Aims: This study analyzes the legal basis and validity of PKPU rejections based on claim value and evaluates their conformity with the principles of justice and legal certainty in Indonesian law. Results: The normative legal analysis reveals that rejecting PKPU applications based solely on claim value lacks legal foundation, as it contradicts Article 222 of the Bankruptcy and PKPU Law, which only requires the existence of more than one creditor and a due and payable debt. Novelty: This research provides a comprehensive assessment of the normative gap causing judicial inconsistency in PKPU practices. Implications: The findings emphasize the need for regulatory reform or judicial guidelines to ensure that the PKPU mechanism is applied consistently, fairly, and in support of national legal and economic stability. Highlights:   Legal inconsistency arises from rejecting PKPU based on claim value. Such rejection contradicts Article 222 of the Bankruptcy and PKPU Law. Reform is needed to ensure fairness and consistency in commercial court practice. Keywords: PKPU, Bankruptcy Law, Legal Certainty, Justice, Claim Value    
Legal Uncertainty of Foreign Investors Before Company Ratification in Indonesia: Ketidakpastian Hukum bagi Investor Asing Sebelum Pengesahan Perusahaan di Indonesia Tanuwijaya, Jessica; Adam, Richard C.
Indonesian Journal of Law and Economics Review Vol. 20 No. 4 (2025): November
Publisher : Universitas Muhammadiyah Sidoarjo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21070/ijler.v20i4.1334

Abstract

General Background: Foreign investment plays a pivotal role in fostering Indonesia’s economic growth by enhancing technology transfer, employment, and national development. Specific Background: Despite the enactment of Law No. 25 of 2007 on Investment and Law No. 40 of 2007 on Limited Liability Companies, legal uncertainties persist, particularly when the Deed of Establishment of a Limited Liability Company (PT) has not been ratified by the Minister of Law and Human Rights. Knowledge Gap: Previous studies rarely examine the legal standing and protection of foreign investors during the transitional phase before company ratification, creating ambiguity in their legal recognition. Aims: This study aims to analyze the legal status and barriers to legal protection for foreign investors whose company’s deed of establishment has not been ratified, under Indonesia’s Investment Law. Results: The findings reveal that unratified companies lack legal personality and protection, rendering contracts voidable and exposing founders to personal liability. Legal uncertainty is further aggravated by regulatory disharmony, administrative inefficiencies, and unsynchronized digital systems between ministries. Novelty: This study elucidates the intersection between corporate ratification processes and investor protection, highlighting gaps in the registration-based system introduced by the Job Creation Law. Implications: The research underscores the necessity for harmonized regulations, streamlined digital governance, and stronger legal safeguards to promote investor confidence and ensure Indonesia’s economic resilience. Highlights:   Unratified companies lack legal standing and expose founders to personal liability. Regulatory disharmony and system inefficiencies hinder legal certainty for investors. Harmonized and transparent legal frameworks are vital to strengthen investor confidence. Keywords: Legal Status, Foreign Investors, Investment Law, Company Ratification, Legal Protection  
Co-Authors Ananda, Hauwra Anderson, Anderson Andinda, Chica Octa Chen, Zefanya Angellin Dwiandi Adam, Achmad Ricky Elfayet , Danitia Heng, Richard Jemiel Jessica Tanuwijaya, Jessica Jonatan, Frangky Leeland, Derryl Marrietta, Donita Marsha Nastity, Sally Dian Patricia, Tiara Valoka, Metta Wijaya, Chelsea Angellica