Legal Review of Bankruptcy Requirements for Limited Companies in Indonesia

Yasser Arafat; Marilang; Ashar Sinilele

doi:10.24252/aldev.v8i2.46729

Authors

Yasser Arafat Universitas Islam Negeri Alauddin Makassar
Marilang Universitas Islam Negeri Alauddin Makassar
Ashar Sinilele Universitas Islam Negeri Alauddin Makassar

DOI:

https://doi.org/10.24252/aldev.v8i2.46729

Keywords:

Bankruptcy, Limited Liability Company, Companies

Abstract

This research aims to analyze the bankruptcy requirements for limited companies and the urgency of implementing the insolvency test in Indonesia. This research uses a type of library research. The results indicate that Law No. 37 of 2004 regulates bankruptcy requirements, stating that a debtor must have more than one creditor and fail to pay a debt when it is due. This shows an easy and simple bankruptcy procedure. Apart from that, bankruptcy laws and regulations in Indonesia do not yet have provisions regarding the insolvency test. Without regulations regarding insolvency tests, limited liability companies which in practice are still able to pay debts (solvent) could experience bankruptcy, which would have far-reaching impacts and prevent foreign investors from investing their capital in Indonesia.

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