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All Journal Cognitionis Civitatis et Politicae Journal of Multidisciplinary Sustainability Asean
Simanjuntak, Adolf Theodore B.
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Computer Science & IT Education Languange, Linguistic, Communication & Media Library & Information Science Social Sciences Other

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The Position of Bankruptcy Law and PKPU As a Legal Protection for Concurrent Creditors Simanjuntak, Adolf Theodore B.; Hoesein, Zainal Arifin
Cognitionis Civitatis et Politicae Vol. 1 No. 5 (2024)
Publisher : Yayasan Adra Karima Hubbi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/politicae.v1i5.1637

Abstract

The monetary crisis that hit almost all parts of the world in mid-1997 has devastated the joints of the economy. To overcome the problems that arise in the world of businesses that go bankrupt and will result in the fulfillment of obligations that are due, the government made changes in the legislation by revising the existing Bankruptcy Law. The system used in the amendment of the Bankruptcy Law is not to make total changes, but only to change certain articles that need to be changed and add various new provisions to the existing Law. With the development of time in this case, it is necessary to change the Law by improving, adding, and eliminating provisions that are no longer in accordance with the needs and legal developments in society, so the idea arose to change the existing Law into Law Number 37 of 2004 concerning Bankruptcy and Suspension of Debt Payment Obligations. The result of this research is that in principle, concurrent creditors also have the same position as other creditors on the debtor's bankruptcy assets, both existing and future, after previously deducting debt payment obligations to creditors holding security rights and creditors with special rights holders professionally according to the ratio of the number of receivables of each concurrent creditor.
The Position of Agreements and Arbitration Awards as A Legal Protection in Out-Of-Court Dispute Resolution Simanjuntak, Adolf Theodore B.; Hoesein, Zainal Arifin
Journal of Multidisciplinary Sustainability Asean Vol. 1 No. 6 (2024)
Publisher : Yayasan Adra Karima Hubbi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.70177/ijmsa.v1i6.1836

Abstract

Background. In the era of globalization, the speed of economic activities fosters free markets and intense competition. Agreements play a crucial role in facilitating transactions, but disputes often arise due to differing interpretations or alleged breaches. Resolving these disputes efficiently and justly is essential to maintain trust and economic stability. Purpose. This research aims to determine the legal certainty and position of arbitration awards as a means of legal protection in out-of-court dispute resolution. Method. The study employs normative legal research with a focus on statutory and conceptual approaches. It analyzes laws and regulations related to arbitration, particularly Article 60 and Article 70 of the Arbitration Law. Results. Arbitration awards, as regulated in Article 60, are considered final, binding, and have permanent legal force. However, Article 70 allows parties to challenge arbitration awards by filing annulment requests, which undermines their finality. This duality creates ambiguity in the enforcement of arbitration awards. Conclusion. Although arbitration awards are designed to be final and binding, the provision for annulment in Article 70 diminishes their definitive status. Legal reforms are needed to enhance the finality of arbitration awards to strengthen their role in dispute resolution.
Co-Authors Zainal Arifin Hoesein