The law politics of bankruptcy decision execution against debtor's assets abroad

Unggul Wibawa Widhayaka; Sonyendah  Retnaningsih; Sufiarina

doi:10.20525/ijrbs.v13i6.3756

Authors

Unggul Wibawa Widhayaka Universitas Pancasila https://orcid.org/0009-0006-9514-0250
Sonyendah Retnaningsih Universitas Pancasila
Sufiarina Universitas Tama Jagakarsa

DOI:

https://doi.org/10.20525/ijrbs.v13i6.3756

Keywords:

Law Politics, Debtor Assets, Sovereignty, Bankruptcy Law, International Bankruptcy, Model Law

Abstract

The purpose of this study is to examine and analyze law politics related to the execution of bankruptcy decisions against debtor assets abroad. The research method used is normative legal research with a qualitative descriptive analysis method approach, based on comparative law, with prescriptive analytical specifications. The research findings conclude that sovereignty is interpreted as the responsibility to improve and protect all national and international community interests, manifested in the form of the state's ability to interact and establish relations with countries in the world, as well as cooperate and coordinate bilaterally, multilaterally and in international organizations. The provisions on international bankruptcy in Law of the Republic of Indonesia Number 37 of 2004 concerning Bankruptcy and Suspension of Debt Payment Obligations or Undang-Undang Republik Indonesia Nomor 37 Tahun 2004 tentang Kepailitan dan Penundaan Kewajiban Pembayaran Utang (Bankruptcy Law) are similar to the Dutch Bankruptcy Law, there are no comprehensive regulations related to international bankruptcy. To ensure legal certainty, a legal policy is needed in the form of changes and updates to the Bankruptcy Law by adding articles to apply the principles of international bankruptcy in the Model Law, namely the Principle of Access, the Principle of Recognition, the Principle of Assistance and the Principle of Cooperation and Coordination, as applied in the US Bankruptcy Code Chapter 15. Article 299 of the Bankruptcy Law also needs to be amended so that the procedural law applied is the special procedural law for international bankruptcy.

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