Author(s): Alexander Imanuel Korassa Sonbai, Gde Made Swardhana and Ni Nengah Adiyaryani

Abstract: In bankruptcy practice, the stay provision regulated by the KPKPU Law is often interpreted as a provision that injures the rights of Separate Creditors and contradicts the law of security, especially with regard to the exercise of parate executie rights over collateral. Therefore, the stay provision cannot be eliminated from the KPKPU Law, but it must be emphasized when the stay comes into effect so that debtors and creditors do not abuse the bankruptcy situation by embezzling bankruptcy assets. Based on this background, this paper will further discuss (1) the automatic stay in the current KPKPU Law (ius constituendum); (2) the automatic stay in the KPKPU Law in the future. This research is a normative legal research with a legislative approach, legal concept analysis and comparison. This research uses primary, secondary, and tertiary legal materials. The technique of collecting legal materials using the card system technique. Technical analysis of legal materials using description, comparative, systematic, evaluation and argumentation techniques. From the discussion of the research results, the following conclusions are obtained: 1). The stay provisions stipulated in the KPKPU Law are currently not a stay with the aim of preventing transfers that can harm the bankruptcy estate, but have a vision to maximize bankruptcy assets and facilitate the verification process of bankruptcy assets. 2). The stay provision cannot be eliminated in the KPKPU Law, but it must be emphasized when it comes into effect so that debtors and creditors do not misuse or manipulate the bankruptcy condition by embezzling bankruptcy assets. With regard to the idea of emphasizing the start of the stay period in bankruptcy, it is very appropriate if the KPKPU Law in the future (ius constituendum) regulates the automatic stay and applies it since the application for bankruptcy declaration is registered with the Commercial Court.

DOI: 10.22271/27899497.2024.v4.i2b.102

Pages: 140-145 | Views: 113 | Downloads: 45

Download Full Article: Click Here