REFORMULATION IN THE BASIC OF LEGAL CONSIDERATIONS ABOUT THE BASIC IN FILING FOR BANKRUPTCY IN INDONESIAN COMMERCIAL COURT (THE LEGAL COMPARISON WITH MALAYSIA AND SINGAPORE)
Putu Eka Trisna Dewi, I.W.P Sucana Aryana

faculty of law Ngurah Rai University

Abstract

In the middle of 1997, monetary crisis in Indonesia. The business sector was the one that got the effects of the crisis the most. Many of the businesses went bankrupt. As the result, there were many obligations of debts and accounts receivable due that were not fulfilled. Considering those conditions, the quick, open, and effective regulations are needed in order to give the chance for both creditors and debtors to attempt the fair settlement. The attempts can be done through the bankruptcy law. However, in the formulation of Article 2 paragraph 1 Law number 37 of 2004 about the Bankruptcy and Suspension of Obligation for Payment of Debts (UUK-PKPU) can be identified that how easy a debtor that is an individual or a company is declared bankrupt. Although the debtor has done default of risk in which there is a debt due and has not been paid yet that is detrimental to the creditor, it does not mean that in the requirements of filing for bankruptcy ignore the rights of the debitor who does default of risk. It will be unfair when the debtors that still have good business prospects and ability to pay the debt are easily declared bankrupt. The neglect of their rights in the regulation of UKK-PKPU is the important thing that needs to be considered. The debtors rights, although they do default of risk, must be protected bacause their rights are the constitutional rights of every citizen.

Keywords: default of risk, bankruptcy, rights of citizens

Topic: Strategic Management, Entrepreneurship and Contemporary Issues