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All Journal Indonesia Private Law Review
Wijayanta , Tata
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Law, Crime, Criminology & Criminal Justice

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A CROSS-JURISDICTIONAL COMPARISON OF MSME INSOLVENCY FRAMEWORKS IN INDONESIA AND SINGAPORE Hapsari, Recca Ayu; Wijayanta , Tata; Nurhayati, Irna; Mladenov, Stanislav Vladimirov
Indonesia Private Law Review Vol. 6 No. 2 (2025)
Publisher : Faculty of Law, Universitas Lampung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.25041/iplr.v6i2.4564

Abstract

Micro, Small, and Medium Enterprises (MSMEs) are central to Indonesia’s economy but remain highly vulnerable during financial crises, partly due to the absence of a dedicated insolvency regime under Law No. 37 of 2004. This study identifies structural gaps in Indonesia’s bankruptcy framework, particularly its misalignment with MSME characteristics under Law No. 20 of 2008, including unclear legal subject status and weak asset separation that expose owners’ personal assets to bankruptcy risks. Using a socio-legal approach that combines statutory analysis, court decisions, interviews with MSME stakeholders, and bankruptcy data from Indonesia and Singapore, the study finds that Indonesian MSMEs face slow procedures, high costs, limited institutional support, and low awareness of insolvency remedies, leading to underutilization of existing mechanisms. In contrast, Singapore’s simplified insolvency framework demonstrates how tailored, low-cost procedures can support MSME recovery and sustainability. The study argues for reforming Indonesia’s bankruptcy law to improve accessibility, efficiency, and legal certainty for MSMEs, thereby strengthening entrepreneurship and long-term economic stability.
Co-Authors Irna Nurhayati Mladenov, Stanislav Vladimirov Recca Ayu Hapsari