The Effectiveness of Suspension of Debt Payment Obligations (Penundaan Kewajiban Pembayaran Utang or PKPU) to Avoid the Debtor’s Bankruptcy (Law Number 37 of 2004)

International Journal of Research and Innovation in Social Science (IJRISS) | Volume III, Issue II, February 2019 | ISSN 2454–6186

The Effectiveness of Suspension of Debt Payment Obligations (Penundaan Kewajiban Pembayaran Utang or PKPU) to Avoid the Debtor’s Bankruptcy (Law Number 37 of 2004)

Sherly Nelsa Fitri1, Adi Sulistiyono2, Yudho Taruno Muryanto3

1Master Program of Law, Sebelas Maret University Surakarta, Surakarta, Indonesia
2, 3Lecturer Master Program of Law Sebelas Maret University, Surakarta, Indonesia
Corresponding Author: Sherly Nelsa Fitri

Abstract: – This study has purpose to determine the effectiveness of PKPU in avoiding the bankruptcy of debtors. This legal study was included in a normative legal research with perspective method. The legal material used in this study were primary legal materials, and secondary legal materials, through the documentation study (literature studies), and analyzed by using deduction techniques. The results of the study showed that Law Number 37 of 2004 concerning Bankruptcy and Delaying Obligations of Debt Payments (UUK-PKPU) has not been very effective to avoid the debtor bankruptcy, this is one of the form of imbalance in the position between debtors and creditors in PKPU.

Keywords: Effectiveness, PKPU, Bankruptcy

I. INTRODUCTION

The development of the global economy requires bankruptcy law to solve the problem of corporate debt, which is useful to meet the legal needs of business people in resolving the problems of accounts payable. Legal globalization follows economic globalization, in the sense of the substance of various laws and agreements that spread across national borders . Bankruptcy problems always have an effect, both for creditors and for debtors and also employees of a company related to termination of employment. Bankruptcy of a company is something that is not desired by various parties. In general, bankruptcy has an adverse effect on the national economy.

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