Reconstruction of Concurrent Creditor Rights in Bankruptcy Law and Suspension of Debt Payment Obligations in the Framework of Legal Development

Simbolon, Timotius Tumbur and Tumanggor, M. S and Widiarty, Wiwik Sri and Nainggolan, Bernard (2024) Reconstruction of Concurrent Creditor Rights in Bankruptcy Law and Suspension of Debt Payment Obligations in the Framework of Legal Development. Seybold Report Journal (TSRJ), 19 (2). pp. 388-400. ISSN 1533 9211

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Abstract

Debt payment obligation is the principle of justice as stated by Aristoteles, and is one of the important aspects in business transactions. If a debtor fails to fulfill his obligations, legal problem will arise that must be resolved. This research aims to examine and reconstruct the rights of Concurrent Creditors in the Bankruptcy law for the purpose of legal development so as to provide justice to all parties. This research used normative legal research methods. Data collection techniques used in this research are literature studies and law research. The data analysis technique used in this research is qualitative analysis. The results show that the rights of Concurrent Creditors in the Bankruptcy Law need to be reconstructed in the context of the purpose of legal development. The reconstruction of Concurrent Creditors rights can be made by increasing the understanding and awareness of Concurrent Creditors, improving adequate facilities and infrastructure, and strengthening law enforcement with a new paradigm. Keywords: Reconstruction, Concurrent Creditor, Bankruptcy, and Determinor.

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