| dc.description.abstract | The protection of creditors right during the bankruptcy can be in the form of
regulation of time frame on assets settlement or what is called asset seizure. Debt
must still be repaid to the creditors using the debtor’s assets with the help of a
curator. This ensures that that the bankruptcy settlement process is carried out
quickly, fairly, transparently, efficiently, effectively, and professionally. In relation
to research methodology, this study uses a normative juridical method, which is a
statute approach by using a descriptive-evaluative method as a data analysis
method. Based on the analysis of the data, it can be concluded that Law No. 37 of
2004 on Bankruptcy in Indonesia does not provide a clear time frame for the
curator to complete the settlement of bankrupt assets. This lack of explicit
regulation regarding the completion period can contribute to delays in the
management and settlement of bankruptcy cases. Such delays may have detrimental
effects, worsening the debtor's financial situation and prolonging uncertainty for
creditors awaiting repayment, ultimately hindering the efficiency and fairness of
the bankruptcy process. Although no regulations explicitly stipulate these
principles, several articles in the Bankruptcy Law reflect the values of these
principles. The debtor has the right to file a petition for a suspension of debt
payment obligations before being declared bankrupt by the Commercial Court. In
addition, the debtor has the right to participate in discussions related to settlement
agreements. | en_US |
