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VOL. 7, ISSUE 3 (2021)
Suspension of debt payment obligations as a peace option and debtor’s debt restructuring
Authors
Teguh Handoko, Arief Suryono
Abstract
Suspension of Debt Payment Obligations (in Indonesia abbreviated as PKPU) is a certain period given to debtors who are unable to pay debts that are due and can be collected, to submit a peace plan and negotiate with creditors. PKPU peace negotiations have occurred at Duniatex which was proposed by one of the concurrent creditors, namely PT Shine Golden Bridge. Duniatex has debts to concurrent creditors and separatist creditors. This research includes normative research because the law is conceptualized as positive norms in the national legal system of legislation. The source of data comes from primary legal materials, namely Law Number 37 of 2004 concerning Bankruptcy and PKPU (UUK-PKPU), Jurisprudence or Judges' Decisions, and secondary legal materials, namely books, research results and scientific papers from legal circles. This study aims to analyze the principle of providing benefits and balanced protection between creditors and debtors in Article 222 of UUK-PKPU regarding PKPU requirements, especially in the review of the PKPU Duniatex decision and how should the provisions of Article 222 of UUK-PKPU regarding PKPU requirements in order to provide balanced benefits and protection between creditors and debtors. The application submitted by PT Shine Golden Bridge is in accordance with the requirements of the PKPU application, namely Article 222 Paragraph 1 and 3 of the UUK-PKPU and the peace proposed by Duniatex in accordance with Article 281 UUK-PKPU. Through PKPU, the debtor can submit a peace plan to his creditors and if this plan is approved by the majority of creditors, the debtor can continue his business and pay debts to creditors, so in this case PKPU is a peace option and a means of debt restructuring for debtors against its creditors. The protection provided by the Bankruptcy Law for the benefit of creditors must not be detrimental to the interests of the other business community, namely the debtor and the stakeholders concerned, especially if the debtor is still in a solvent state.
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Pages:06-12
How to cite this article:
Teguh Handoko, Arief Suryono "Suspension of debt payment obligations as a peace option and debtor’s debt restructuring ". International Journal of Law, Vol 7, Issue 3, 2021, Pages 06-12
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