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West Science Law and Human RightsWest Science Law and Human RightsThis study examines the bankruptcy of PT Sri Rejeki Isman Tbk (PT Sritex) within the framework of Law Number 37 of 2004 concerning Bankruptcy and Suspension of Debt Payment Obligations (UU Kepailitan). Employing a normative juridical approach, it analyzes the legal provisions, procedural implementation, and implications of the case. The findings reveal compliance with the statutory criteria for bankruptcy but also expose significant procedural inefficiencies, particularly in asset valuation and the Suspension of Debt Payment Obligations (PKPU) process. The study highlights the need for reforms to streamline court procedures, enhance transparency, and strengthen corporate governance practices. These measures are crucial for improving the effectiveness and equity of Indonesias bankruptcy system while safeguarding the rights of creditors and debtors.
The bankruptcy of PT Sritex, while adhering to formal legal requirements, revealed critical shortcomings in Indonesias bankruptcy framework.Procedural inefficiencies, particularly in asset valuation and PKPU implementation, hindered a fair and timely resolution.Addressing these challenges necessitates legal reforms, institutional strengthening, and enhanced corporate governance to ensure a more reliable and equitable bankruptcy system.
Further research should investigate the effectiveness of alternative dispute resolution mechanisms, such as mediation, in resolving conflicts between creditors during bankruptcy proceedings, potentially reducing court backlogs and fostering more amicable settlements. Additionally, a comparative study analyzing the insolvency test mechanisms adopted in jurisdictions like the Netherlands and the United States could inform potential amendments to Indonesian bankruptcy law, aiming to prevent premature bankruptcy declarations and prioritize viable business restructuring. Finally, research is needed to explore the development of standardized guidelines for asset valuation in bankruptcy cases, incorporating independent expert assessments and transparent methodologies to enhance fairness and minimize disputes among stakeholders, ultimately bolstering confidence in the bankruptcy process.
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