Exploring Business Opportunities in the Postponement of Debt Payment Obligations (PKPU) under Law No. 37 of 2004 on Bankruptcy

Nainggolan, Bernard (2022) Exploring Business Opportunities in the Postponement of Debt Payment Obligations (PKPU) under Law No. 37 of 2004 on Bankruptcy. JURNAL AKTA, 9 (4). pp. 552-560. ISSN 2581-2114

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Abstract

This research explores the impact of strict time limits for Postponement of Debt Payment Obligations (PKPU) based on the Bankruptcy Law and Postponement of Debt Payment Obligations (UUK-PKPU) in Indonesia. PKPU aims to help debtors overcome financial problems and prevent bankruptcy by restructuring debt. However, the short time limit in the UUK-PKPU hampers the debtor’s ability to reach a peace agreement with creditors. Using normative legal research methods, this research analyzes the PKPU process, the time limits set, and the factors that influence the success or failure of peace efforts. Research findings show that while time limits aim to provide legal certainty, they often hinder the peace process and the achievement of PKPU objectives. This research underscores the need to adjust the time limits in the UUK-PKPU to better enable successful peace efforts and prevent PKPU failure. This provides important insights for policy makers and legal practitioners in efforts to increase the effectiveness of PKPU in dealing with corporate financial problems. Keywords: Legal Protection, Debtors, Creditors, UUK-PKPU, Peace Efforts

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