BALANCED LEGAL PROTECTION, DEBTORS, CREDITORS, AND INTERESTED PARTIES IN BANKRUPTCY

Nainggolan, Bernard (2020) BALANCED LEGAL PROTECTION, DEBTORS, CREDITORS, AND INTERESTED PARTIES IN BANKRUPTCY. PalArch’s Journal of Archaeology of Egypt / Egyptology, 17 (4). pp. 1799-1808.

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Abstract

The background of the bankruptcy institution's presence was mainly due to the purity of the economy after the monetary crisis. The bankruptcy cannot actually be regarded as a death knell for bankrupt debtors and loses everything for creditors and other stakeholders. This hypothesis is an ideal desire from the Bankruptcy Law that applies in a country. Finally, it is necessary to find a fundamental cause, namely whether the legislator has seriously considered all aspects on its development. The principle of legal protection is not necessarily realized in the substance, Creditors, Debtors, and other parties who do not achieve an adequate protection. The economic actors does not necessarily assume that the bankruptcy institutions are the best solution in solving debt problems. This resulted with low bankruptcy requests being submitted to the Commercial Court compared to the number of problems with debts or bad loans that occurred in the community

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