Settlement of Bankruptcy Petition Through Insolvency Test Instrument As Legal Protection For Related Parties In Bankruptcy
DOI:
https://doi.org/10.29303/ulrev.v9i2.397Keywords:
Bankruptcy, Insolvency Test, Debtor.Abstract
The bankruptcy law regulation in Indonesia has undergone several revisions, but with the various revisions, according to the author, it has not provided maximum legal protection and legal certainty to the parties involve in bankruptcy law itself, on the other hand, the Indonesian bankruptcy law regulation is more likely to favor the interests of creditors, this can be proven that the bankruptcy law regulation in Indonesia does not require a minimum amount of receivables and does not regulate insolvency requirements. Regarding the non-regulation of insolvency requirements in bankruptcy applications, this will harm debtors who are still solvent because they can be filed for bankruptcy, thus the need for an insolvency test to measure whether the debtor is solvent or insolvent. With the implementation of the insolvency test, of course, it makes the bankruptcy legal regime appropriate because basically in the bankruptcy legal regime only debtors who are truly unable to pay debts can be terminated by bankruptcy considering that in the principles of bankruptcy law universally there is the principle of insolvency. Therefore, the implementation of the insolvency test in the regulation of bankruptcy law in Indonesia will provide legal certainty to debtors and protection to debtors who are still solvent. In conducting this legal research, normative juridical methodology was used by using statute approach, conceptual approach, and comparative approach.
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