The Cross-Border Insolvency in the Execution of Bankrupt Assets Outside Indonesian Jurisdiction: A Comparative Study with Malaysia, Singapore, and the Philippines

https://doi.org/10.22146/ikat.v5i1.64157

Putu Eka Trisna Dewi(1*)

(1) Graduate Program, Ngurah Rai University
(*) Corresponding Author

Abstract


Insolvency institutions have an important role in realizing legal certainty in the settlement of debt and credit disputes, which is one of the risks that arise from the rapid development of international business transactions. Bankruptcy cases containing foreign elements are called cross-border insolvency. The problems that arise in cross-border insolvency are more complex, especially regarding the execution of assets of bankrupt debtors situated outside Indonesia's jurisdiction. This study uses a doctrinal legal research method with a statutory approach. Bankruptcy in Indonesia is regulated in Law Number 37 of 2004 concerning Bankruptcy and Postponement of Debt Payment Obligations. In this law, the execution of assets of bankrupt debtors outside the jurisdiction of Indonesia has not been regulated so that the curator as the body appointed to carry out the execution cannot carry out the task as mandated by the law. The non-executable assets of the bankrupt debtor outside the jurisdiction of Indonesia have caused the bankruptcy estate (de boedel) ineffective; therefore, creditors do not receive a maximum payment related to debtor's debt. For this reason, Indonesia needs to adopt the UNCITRAL model of law on cross-border insolvency or to make bilateral and/or multilateral agreements that are reciprocal in nature related to the execution of bankrupt debtors' assets located outside Indonesia's jurisdiction.             


Keywords


Bankruptcy, Execution, Cross Border Insolvency

Full Text:

PDF


References

References

Amalia, J. (2019). Urgensi Implementasi UNCITRAL Model Law on Cross-Border Insolvency di Indonesia: Studi Komparasi Hukum Kepailitan Lintas Batas Indonesia Dan Singapura. Jurnal Hukum Bisnis Bonum Commune, 2(2), 162-172.

Aminah, A. (2019). Pilihan Hukum dalam Kontrak Perdata Internasional. Diponegoro Private Law Review, 4(2), 1-9.

Aritonang, P. P. (2012). The Impact of Jurisdiction Principles and Legal Tradition to Adopt of UNCITRAL Cross Border Insolvency in Japan, South Korea, Indonesia, Thailand, Malaysia, Singapore, Phillipine, USA and European Union. Retrieved from University of Tokyo: http://www.pp.u-tokyo.ac.jp/graspp-old/courses/2012/documents/5140143_2b.pdf

Asnil, D. M. (2018). UNCITRAL Model Law on Cross Border Insolvency Sebagai Model Pengaturan Kepailitan Lintas Batas Indonesia dalam Integrasi Ekonomi ASEAN. Undang: Jurnal Hukum, 1(2), 323-346.

Chand, M. (2018, September 25). Cross Border Insolvency: "From Teritorialism to Universalism to Modified Universalism". Retrieved from Live Law: https://www.livelaw.in/cross-border-insolvency-from-teritorialism-to-universalism-to-modified-universalism/

Commonwealth of Australia. (2002). Cross-Border Insolvency Promoting International Cooperation and Coordination.Australia: Corporate Law Economic Reform Program.

Gautama, S. (2013). Hukum Perdata Internasional Indonesia: Jilid III Bagian 2 Buku ke-8, Cetakan Ke-3. Bandung: Alumni.

Haman, E. A. (2005). How To File Your Own Bankruptcy (or How To Avoid It). Clearwater: Sphinx Publishing.

Hannan, N. (2017). Cross-Border Insolvency: The Enactment and Interpretation of the UNCITRAL Model Law. Singapore: Springer.

Hutchinson, T. (2002). Researching and Writing in Law. Australia: Lawbook Co.

Imanullah, N., Latifah, E., & Ratri, P. D. (2018). International and Domestic Law Aspects of Cross-border Insolvency in Order to Establishing Cross-border Insolvency Regulation in ASEAN: Indonesian Perspective. Indonesia Law Review, 8(2), 190-202.

Jackson, T. H. (1986). The Logic and Limits of Bankruptcy Law. Cambridge: Harvard University Press.

Jackson, T. H., & Scott, R. E. (1989). On The Nature Of Bankruptcy: An Essay On Bankruptcy Sharing And The Creditors’ Bargain. Virginia Law Review, 75(2), 155-204.

Jonifianto, H. E., & Wijaya, A. (2018). Kompetensi Profesi Kurator & Pengurus: Panduan Menjadi Kurator & Pengurus Yang Profesional dan Independent. Jakarta: Sinar Grafika.

Marzuki, P. M. (2017). Penelitian Hukum: Edisi Revisi. Jakarta: Prenada Media Group.

Mason, R. (1999). Implication of the UNCITRAL Model Law For Australian Cross Border Insolvencies. International Insolvency Review, 8(2), 83-108.

Minjee, K. (2019). Cross-Border Insolvency and Debt Restructuring Law Reform in Singapore: Reflections on the Hanjin Shipping Case. Australian Journal of Asian Law, 19(2), 233-245.

Mohan, S. C. (2012). Cross-border Insolvency Problems: Is the UNCITRAL Model Law the Answer? International Insolvency Review, 21(3), 199-223.

Omar, P. J. (2008). Cross-Border Jurisdiction and Assistance in Insolvency: The Position in Malaysia and Singapore. Potchefstroom Electronic Law, 11(1), 158-211.

Pillai, P., & Koh, J. (2017, June 20). Singapore Implements The UNCITRAL Model Law On Cross-Border Insolvency. Retrieved from Mondaq: https://www.mondaq.com/insolvencybankruptcy/603442/singapore-implements-the-uncitral-model-law-on-cross-border-insolvency

Simanjuntak, R. (2015). Aspek Komparisi dari Kepailitan (Cross-Border Bankrupty) dan Studi Kasus. Jakarta: Pusat Pengkajian Hukum tentang Undang-Undang Kepailitan dan Perkembangannya.

Sjahdeini, S. R. (2016). Sejarah, Asas, dan Teori Hukum Kepailitan (Memahami undang-undang No. 37 Tahun 2004 tentang Kepailitan dan Penundaan Kewajiban Pembayaran). Jakarta: Kencana.

Stepanova, S. V., & Shlapeko, E. A. (2018). Trends in the development of cross-border trade in the Russian-Finnish borderlands. The Baltic Region, 10(4), 103-117.

Sudjana, S. (2019). Akibat Hukum Wanprestasi dan Tanggung Jawab Para Pihak dalam Transaksi Anjak Piutang. Veritas et Justitia, 5(2), 374-398.

Torrijos, M. L. (2012). Conflicts in Implementing the UNCITRAL Model Law on Insolvency as Adopted By the FRIA. Ateneo Law Journal, 56(4), 996-1013.

Ventura, J. (2004). The Bankruptcy Kit, Third Edition. Chicago: Dearborn Trade Publishing.

Wijayanta, T. (2016). Undang-Undang dan Praktik Kepailitan: Perbandingan Indonesia dan Malaysia. Yogyakarta: Gadjah Mada University Press.



DOI: https://doi.org/10.22146/ikat.v5i1.64157

Article Metrics

Abstract views : 5429 | views : 4745

Refbacks

  • There are currently no refbacks.


Copyright (c) 2021 Putu Eka Trisna Dewi

Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

View My Stats