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All Journal Indonesia Private Law Review Journal of Law and Legal Reform
Siallagan, Sahat Poltak
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Law, Crime, Criminology & Criminal Justice

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Reorienting Investment Dispute Resolution in Indonesia: Towards a Fair and Efficient System Siallagan, Sahat Poltak; Wiwoho, Jamal; Suryono, Arief; Kurniawan, Itok Dwi; Fernandes, Acacio
Journal of Law and Legal Reform Vol. 5 No. 3 (2024): Various Issues on Law Reform in Indonesia and Beyond
Publisher : Universitas Negeri Semarang

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15294/jllr.v5i3.4367

Abstract

In the era of Industry 4.0, the surge in foreign investment and the proliferation of global trade agreements have intensified the need for more reliable dispute resolution mechanisms. While the Investor-State Dispute Settlement (ISDS) system has long been the standard, it faces widespread criticism for its lack of transparency, fairness, and absence of an appellate mechanism. In response, the Investment Court System (ICS) has emerged as a novel alternative, introducing significant reforms such as the appointment of more qualified arbitrators, greater neutrality, enhanced transparency, and, crucially, a structured appeals process that offers stronger legal certainty. Although no disputes have yet been resolved through ICS, raising questions about its efficiency, the system represents a promising advancement in creating a more equitable and trustworthy framework. The appellate mechanism of ICS, in particular, addresses a critical shortcoming of ISDS, where arbitration awards are often challenged in national courts, leading to legal uncertainty. By balancing investor protection with state sovereignty to regulate in the public interest, ICS has the potential to enhance legal clarity, foster public confidence, and create a more stable and inclusive global investment environment.
Semi-Public Restructuring: Good Faith and Business Continuity in Indonesian Go-Public Company Bankruptcies Kurniawan, Itok Dwi; Septiningsih, Ismawati; Subekti, Rahayu; Siallagan, Sahat Poltak; Fatimah, Fines
Indonesia Private Law Review Vol. 6 No. 1 (2025)
Publisher : Faculty of Law, Universitas Lampung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25041/iplr.v6i1.4498

Abstract

Indonesia’s insolvency framework is currently suboptimal in accomodating rapid creditor enforcement with preserving viable firms, particularly publicly listed companies where market signaling and minority interests are at stake. This article proposes the adoption of a semi-public restructuring regime that combines private negotiation (pre-packs) with structured judicial oversight similar to scheme procedures, including limited moratorium and cram-down powers. Using a normative juridical method supported by case analysis (including Garuda’s dual-track restructuring) and interviews with supervisory judges, the paper: (1) identifies legal and practical shortcomings of PKPU/Bankruptcy under Law No. 37/2004; (2) compares UK Part 26A, US Chapter 11, and regional moratorium models; and (3) formulates statutory reforms to operationalize semi-public restructuring in Indonesia. The proposal rests on three core pillars: a mandatory insolvency test, a time-bound moratorium to facilitate rescue, and judicially supervised cram-down with strengthened disclosure obligations to safeguard minority creditors.
Co-Authors Arief Suryono Fernandes, Acacio Fines Fatimah, Fines ITOK DWI KURNIAWAN Jamal Wiwoho Rahayu Subekti Septiningsih, Ismawati