I Gede Agus Kurniawan
Fakultas Hukum, Universitas Pendidikan Nasional, Denpasar, Bali

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Comparison of Indonesian and US Bankruptcy Laws in the Protection of Creditors and Debtors : Perbandingan Hukum Kepailitan Indonesia dan Amerika Serikat dalam Perlindungan Kreditor dan Debitor Anisa Defbi Mariana; I Gede Agus Kurniawan
Academia Open Vol. 11 No. 1 (2026): June
Publisher : Universitas Muhammadiyah Sidoarjo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21070/acopen.11.2026.13061

Abstract

General Background Bankruptcy law functions as a collective debt resolution mechanism intended to balance legal certainty, economic stability, and fairness between creditors and debtors in modern business systems. Specific Background Indonesia regulates bankruptcy through Law Number 37 of 2004 on Bankruptcy and Suspension of Debt Payment Obligations, while the United States applies the U.S. Bankruptcy Code, particularly Chapters 7 and 11, reflecting different legal traditions and policy orientations. Knowledge Gap Despite extensive discussions on each system, systematic comparison focusing on creditor and debtor protection principles remains limited in highlighting structural and philosophical distinctions. Aims This study aims to compare the bankruptcy regimes of Indonesia and the United States with emphasis on mechanisms, principles, and legal protections afforded to creditors and debtors. Results The findings show that both systems recognize bankruptcy as a collective proceeding, apply creditor priority rules, and provide liquidation and reorganization pathways; however, Indonesia emphasizes procedural simplicity and creditor certainty, whereas the United States prioritizes debtor protection through automatic stay, debtor-in-possession, and reorganization-oriented frameworks. Novelty The study presents an integrated comparative analysis that links procedural design with underlying legal philosophy in both jurisdictions. Implications These findings offer a conceptual reference for bankruptcy law reform in Indonesia by identifying comparative elements that may support a more balanced protection structure for creditors and debtors within evolving economic conditions. Highlights: Both jurisdictions adopt collective debt settlement with structured creditor priority arrangements. Indonesia relies on simplified procedural thresholds, while the United States applies debtor-centered reorganization mechanisms. Divergent legal philosophies shape distinct institutional roles for courts, creditors, and debtors. Keywords: Bankruptcy, Creditor, Debtor, PKPU, Bankruptcy Law, Comparative Law
Aligning Business Law with Rapid Technological Innovation: Challenges and Regulatory Strategies in the Digital Economy: Menyesuaikan Hukum Bisnis dengan Inovasi Teknologi yang Pesat: Tantangan dan Strategi Regulasi dalam Ekonomi Digital Ida Ayu Anggun Tri Apsari; I Gede Agus Kurniawan
Indonesian Journal of Innovation Studies Vol. 27 No. 3 (2026): July
Publisher : Universitas Muhammadiyah Sidoarjo

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21070/ijins.v27i3.1878

Abstract

General Background: Rapid technological innovation has reshaped the digital economy and challenged the foundations of business law. Specific Background: Disruptive technologies, including artificial intelligence, blockchain, smart contracts, algorithmic platforms, and fintech ecosystems, increasingly operate beyond conventional legal assumptions rooted in static civil law frameworks. Knowledge Gap: Existing studies discuss dynamic competition, contract law disruption, and administrative regulatory theory separately, but they do not fully integrate these challenges into a holistic regulatory strategy for business law in the digital economy. Aims: This study aimed to examine theoretical and practical challenges in aligning business law with technological innovation and to formulate contemporary regulatory strategies through normative empirical legal research and comparative literature analysis of global standards, including the European Union, United Kingdom, and United States. Results: The findings identify three major legal challenges: dynamic competition in platform markets, disruption of contract law by autonomous agents and smart contracts, and fundamental rights risks related to algorithmic decision making, data governance, and cyber economic crime. The study also identifies Agile Governance, Regulatory Sandbox mechanisms, and Regulated Convergence as strategic responses to legal rigidity. Novelty: This study synthesizes adaptive law, agile regulation, sandbox governance, and regulated convergence into an integrated framework for digital economy business law. Implications: Regulators should move from prescriptive ex ante rule making toward continuous, risk based, iterative governance that balances innovation, consumer protection, market integrity, and legal certainty. Highlights: Static legal frameworks are unsuitable for fast moving digital ecosystems. Smart contracts and autonomous agents disrupt traditional contractual intent. Sandbox governance supports controlled innovation and risk mitigation. Keywords: Adaptive Law, Agile Regulation, Business Law, Digital Economy, Regulatory Sandbox