PROBLEMS AND THE EFFECTIVENESS OF BANKRUPTCY IN INDONESIA

Abstract

ABSTRACT :

The Global Economic growth greatly influences the development of the law, especially commercial law which is the driving force of the economy. Globalization of law will lead to developing countries regulations on investment, trade, services and other economic sector approach developed countries. To adapt to the global economy, Indonesia to revise the entire legal economy. changes to the law of Indonesian economy performed well due to pressure from world bodies like the WTO, IMF, and the World Bank. The areas of law that were revised include bankruptcy law which is a legacy from In Indonesia, currently economic law is heavily influenced by the Anglo Saxon legal system. The problems is when a company as a debtor ot party who has debt due to an agreement or law whose repayment can be billed in court, cannot pay off the debt from the creditor or party who owes the agreement or law that can be billed, charged in court payments. Therefore, to guarantee justice for both parties, the government issued a bankruptcy law. Bankruptcy arrangement has existed since the Dutch colonial in era. To ensure legal certainty more certain then on April 22, 1998 was issued Regulation No. 1 of 1998 which was adopted by Act 1 of 1998. To ensure legal certainty more certain then on April 22, 1998 was issued Regulation No. 1 of 1998 which was adopted by Act 1 of 1998. Act 1 of 1998 are repaired and replaced by Act No. 37 of 2004 on Bankruptcy and Suspension of Payment of Debts

Keywords: Bankruptcy Law, Bankruptcy Principle, Curator, Supervisory Judge, Act 37 of 2004