Application of Cross Border Insolvency in bankruptcy from the Legal Perspective of Indonesian Civil Procedure Law

Pandiangan, Hendri Jayadi (2019) Application of Cross Border Insolvency in bankruptcy from the Legal Perspective of Indonesian Civil Procedure Law. International Journal of Innovation, Creativity and Change, 10 (3). pp. 169-184. ISSN 2201 1323

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The legal provisions concerning cross border insolvency or other terms, namely cross-border bankruptcy law, are only regulated in three articles. These are Article 212, 213 and 214 in Law No. 37 of 2004 concerning bankruptcy and postponement of obligations of debt payments. The definition of cross border insolvency in Indonesian bankruptcy Law is based on Article 212 of Law No. 37 of 2004, which deals with bankrupt assets that are located outside the territory of the Republic of Indonesia. Bankruptcy law in Indonesia does not regulate detailed mechanisms of law if there is cross border insolvency in the debtor's bankruptcy settlement. What legal action should be taken if the debtor's assets are outside the Indonesian jurisdiction in the legal procedural perspective? The procedural law used in bankruptcy proceedings is the Civil Procedure Code based on Het Herziene Inlandsch Reglement. The difference is only in the event of proof, where in the case of bankruptcy the payment of debt proof is simply referring to the provisions of Article 8, paragraph (4) of Law No. 37 of 2004. Can the legal provisions of the civil procedure in bankruptcy be applied in a cross-border insolvency? How can the application of civil procedural law in a cross-border insolvency apply internationally? The legal concept of civil procedures regarding cross border insolvency is a form of legal protection against creditors obtaining their rights to the distribution of bankrupt assets, especially concurrent creditors.

Item Type: Article
Subjects: LAW
Depositing User: Mr. Admin Repository
Date Deposited: 23 Nov 2020 07:22
Last Modified: 02 Dec 2020 10:32

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