PERLINDUNGAN KREDITOR DALAM STRUKTUR PERSEROAN TERBATAS: STUDI KRITIS TERHADAP PRINSIP LIMITED LIABILITY

Abstrak

Abstrak

Penelitian ini bertujuan untuk menganalisis perlindungan hukum bagi kreditor dalam struktur Perseroan Terbatas serta mengkaji penerapan prinsip limited liability dalam kasus kepailitan PT Sri Rejeki Isman Tbk (Sritex). Penelitian menggunakan metode yuridis normatif dengan pendekatan studi kasus melalui analisis terhadap peraturan perundang-undangan, doktrin hukum, putusan pengadilan, dan literatur terkait. Hasil penelitian menunjukkan bahwa perlindungan hukum bagi kreditor di Indonesia diberikan melalui dua mekanisme utama, yaitu perlindungan preventif dalam Undang-Undang Perseroan Terbatas dan perlindungan represif melalui hukum kepailitan. Namun, penerapan prinsip limited liability menyebabkan tanggung jawab pemegang saham terbatas hanya pada modal yang disetorkan, sehingga kreditor hanya dapat menagih pelunasan dari aset perseroan yang masuk ke dalam boedel pailit. Dalam kasus kepailitan Sritex, ketidakseimbangan antara total aset dan liabilitas perusahaan mengakibatkan tidak seluruh hak kreditor dapat dipenuhi, khususnya kreditor konkuren. Penelitian ini menyimpulkan bahwa prinsip limited liability belum sepenuhnya menciptakan keseimbangan perlindungan hukum antara pemegang saham dan kreditor karena sistem hukum Indonesia masih lebih menitikberatkan perlindungan terhadap kepastian hukum korporasi dibandingkan perlindungan substantif bagi kreditor. Oleh karena itu, diperlukan penguatan regulasi dan perluasan penerapan doktrin piercing the corporate veil guna menciptakan keseimbangan perlindungan hukum yang lebih adil.

Kata Kunci: Perlindungan Kreditor, Perseroan Terbatas, Limited Liability, Kepailitan, Piercing the Corporate Veil, Sritex.

Abstract

This study aims to analyze legal protection for creditors within the structure of Limited Liability Companies and to examine the application of the limited liability principle in the bankruptcy case of PT Sri Rejeki Isman Tbk (Sritex). The research employs a normative juridical method with a case study approach through the analysis of laws and regulations, legal doctrines, court decisions, and relevant literature. The findings indicate that legal protection for creditors in Indonesia is provided through two main mechanisms, namely preventive protection under Company Law and repressive protection through bankruptcy law. However, the implementation of the limited liability principle restricts shareholders’ liability only to the capital they have contributed, causing creditors to rely solely on corporate assets included in the bankruptcy estate for debt repayment. In the Sritex bankruptcy case, the imbalance between the company’s total assets and liabilities resulted in the inability to fully satisfy creditors’ claims, particularly those of concurrent creditors. This study concludes that the limited liability principle has not fully created a balanced legal protection between shareholders and creditors because the Indonesian legal system still prioritizes corporate legal certainty over substantive protection for creditors. Therefore, strengthening regulations and expanding the application of the piercing the corporate veil doctrine are necessary to establish a fairer balance of legal protection.

Keywords: Creditor Protection, Limited Liability, Limited Liability Company, Bankruptcy, Piercing the Corporate Veil, Sritex.