The Role Of Special Bankruptcy Civil Law In The Global Business Legal System Yapiter Marpi
University of Jakarta
Abstract
The world of law and the Indonesian economy was shaken when the bankruptcy of several large companies which were solvent in the district court occurred. Some of these companies eventually can be saved but there are also those who are but bankrupt. Bankruptcy law is a branch of business law which is currently experiencing a very significant development in line with the current legal and economic developments, where the settlement of debt-receipt relationships between debtors and creditors is currently no longer resolved through civil lawsuits, but is settled through commercial court. Therefore, bankruptcy law has a very strategic position in the national business law system. In addition, bankruptcy law as part of the national business law system cannot stand alone, but has relationships and links with other areas of law, among the areas of law that are closely related to bankruptcy law include contract law, guarantee law, and company law. The existence of bankruptcy law can provide a mechanism in which creditors can jointly determine whether the debtor^s company should continue as a going concern or not, and can force minority creditors to participate in a scheme due to voting procedures.
Keywords: bankruptcy law, national business law system
Topic: Law on Business, Business Competition, and Prohibition of Monopoly
