Legal update: The Differences Between Bankrupcty and Suspension of Debt Payment Obligation

The Differences Between Bankruptcy and Suspension of Debt Payment Obligation 

   

    Today, pandemic of Covid-19 that started on medieval December 2019 create any dangerous impact in the 21th century for human being, include on economics issue. We can see that many developed countries  which are Singapore, America, South Korea, and other developed contries who especially hang up their economy foundation on international trade are face the step into recession of economy. In the other hand the pandemic have vairous impact toward business activities that held by any company include any company who do business activity in Indonesia. The company that couldn't pay their debt toward the creditor on the period that have been agreed by each parties face the challenge to rearrange their debts to find the best resolution with creditor. Unfortunately the company that couldn't paid up their debt and couldn't got a peace agreement with creditor must be ready with the bankruptcy lawsuit from the creditor.

    Based on the reality above, its very important to understand the provision of bankruptcy and suspension of debt payment obligation as the way by debtor to paid up their debts toward the creditor. The provision of bankruptcy and suspension of debt payment obligation have been regulated on Law Number 37 Year 2004 concerning Bankruptcy and Suspension of Debt Payment Obligation (Law No 37/2004). Basically any creditor could make a lawsuit toward debtor who doesnt  paid up the debt that arranged on the agreement. The existance of bankruptcy rule is very important to prevent all creditors to fight over the assets of debtor and impact on the weakness creditor couldn't have the payment by the debtor. Here is the explanation about the differences between bankruptcy and suspension of debt payment obligation:

1. Bankruptcy

    Bankruptcy is the one of the way to settle the loan of debtor who doesnt paid up their debt toward all creditors.  Based on article 1 point 1 Law No 37/2004 explained that bankruptcy is a general statuary attachment encompassing all the assets of the debtor and the settled by curator under supervisiory by judge controler. The proof mechanism of bankruptcy is use the easy proof that based on the debtor should have less two creditors and doesnt paid up less one debt that have been out of the date and billable. The bankruptcy could submitted by creditor or debtor and obligate to use an advocate to submitte the lawsuit toward comercial court. In Indonesia only have five comercial court where located in Medan, Jakarta, Semarang, Surabaya, and Makassar. There is no an appeal in the process examination of bankruptcy, each party who want to submit a bankruptcy lawsuit must submit the lawsuit toward comercial court and the examination in the first level court took a time maximum 60 days, in the cassation court maximum 60 days and the judicial review level took a time maximum 30 days. furthermore, the decision of comercial court about bankruptcy matters will have a legally binding each party when the decision is read by the judges (uitvoerbar bijj voorraad) despite there is legal effort by any parties toward the decision. Its mean that although the parties doesnt satisfied with the decision, the decision will be execute by the court. The person who obligate to do a settlement and arrangement toward the assets of debtor who stated bankrupt by the comercial court decision is namely curator. In the settlement and arrangement of bankrupt assets, the curator is under watched by the supervisory judge.

2. Suspension of Debt Payment Obligation

   Either bankruptcy, a legal person or company who couldn't paid up their debt could choice Suspension of Debt Payment Obligation (SDPO) to settle up their debts. There is no a certain definiton about SDPO in Law No 37/2004, but from various literature SDPO could explain as a way from debtor or creditor toward comercial court that intended to submit the peace plan which cover the offering payment in part or all over the loan's debtor toward creditor. Its mean that the debtor or creditor offer the extension of payment period toward all creditors to settle up his debts and the peace plan that have agree by all creditor got an endorsement decision by comercial court judges. The tolerance extension that give to debtor to pay his debt maximum 270 days since the SDPO decision is read by the comercial court judge. In generally, the examination process of SDPO are like bankruptcy, but the difference is only about the any party who doesnt satisfy with the SDPO decision by comercial court couldn't do legal effort toward the higher court and the decision is legally binding the parties at the time when decision is read by the judges. 

Comments

Post a Comment

Popular posts from this blog

PAHAMI PROSES EKSEKUSI PUTUSAN ARBITRASE INTERNASIONAL DI INDONESIA

Image
P AHAMI PROSES EKSEKUSI PUTUSAN ARBITRASE INTERNASIONAL DI INDONESIA sumber gambar:  https://smartlegal.id/galeri-hukum/perlindungan-konsumen/2021/04/13/ini-5-persyaratan-agar-putusan-arbitrase-internasional-berlaku-di-indonesia/ oleh: Muhammad Kharisma Bayu Aji, S.H.   Seiring dengan adanya kemajuan teknologi maka mendorong globalisasi dalam bidang ekonomi yang dibuktikan dengan adanya perdagangan internasional, baik yang dilakukan oleh pemerintah dalam suatu Negara dengan pemerintah di Negara lain ( Government to Government ) maupun badan usaha dari satu negara dengan badan usaha di negara lain ( Business to Business ). Dalam hal demikian maka dibutuhkan adanya sarana hukum yang komprehensif untuk melindungi kepentingan hukum para pihak yang berkepentingan dalam lalu lintas perdagangan internasional tersebut. Salah satu sarana hukum yang diperlukan adalah perjanjian internasional. Dalam pelaksanaannya, suatu perjanjian tidak selalu sesuai seperti yang diharapkan, bahka...
Read more

Kekuatan Mengikat SEMA dalam Penanganan Perkara di Pengadilan

  Kekuatan Mengikat SEMA dalam Penanganan Perkara di Pengadilan   Mahkamah Agung RI sebagai lembaga peradilan tertinggi di empat lingkungan peradilan mempunyai kewenangan untuk memastikan agar peradilan yang berada dibawahnya dapat mengakomodir kebutuhan masyarakat terhadap akses keadilan dengan tetap berpedoman pada peraturan perundang-undangan yang berlaku. Hal ini sebagaimana diatribusikan dalam Pasal 35 jo. Pasal 79 U ndang- U ndang No. 14 Tahun 1985 tentang Mahkamah Agung yang pada intinya mengatur bahwa Mahkamah Agung dapat memberikan petunjuk kepada pengadilan di semua lingkungan peradilan dibawahnya sebagai bentuk pelaksanaan dari fungsi pengaturan dari Mahkamah Agung terhadap lembaga peradilan yang berada dibawahnya . Sebagai tindak lanjut atas fungsi pengaturan tersebut , maka sejak tahun 2012 Mahkamah Agung RI rutin melakukan rapat pleno untuk menginventarisir permasalahan  yang timbul dalam pelaksanaan proses peradilan di Mahkamah Agung RI dan ba...
Read more

Legal update: SYARAT DAN TATA CARA PENDIRIAN PERSEORAN TERBATAS

SYARAT DAN TATA CARA PENDIRIAN PERSEORAN TERBATAS (Oleh: Muhammad Kharisma Bayu Aji) Sumber gambar: https://www.maxmanroe.com/vid/bisnis/pengertian-pt.html Pembangunan ekonomi merupakan salah satu aspek terpenting dalam pembangunan sebuah Negara, termasuk Negara Indonesia yang menegaskan dalam konstitusinya yaitu pasal 33 ayat (4) UUD NRI 1945 yang menyatakan bahwa perekonomian nasional diselenggarakan berdasar atas demokrasi ekonomi dengan prinsip kebersamaan, efisiensi berkeadilan, berkelanjutan, berwawasan lingkungan, kemandirian, serta dengan menjaga keseimbangan kemajuan dan kesatuan ekonomi nasional. Dalam pembangunan ekonomi nasional tidak dapat dilepaskan dengan keberadaan Perseroan Terbatas (selanjutnya disebut dengan perseroan) yang berperan untuk meningkatkan Produk Domestik Bruto (PDB), meningkatkan lapangan kerja, dan berkontribusi terhadap pendapatan Negara berupa pajak. Mengenai pengertian perseroan sudah dijelask...
Read more