Detail Application of territorial principles and universal principles in settlement of execution of debtor’s bankruptcy (cross border insolvency) Bibliografi Author: Rahardhini, Halida ; Emirzon, Joni ; Purba, Hasim ; Harianto, Dedi Topik: Territorial principle; Universal principle; Bankruptcy property Bahasa: (EN )    ISBN: 9782384762187     Penerbit: Atlantis Press     Tahun Terbit: 2024     Jenis: Article - diterbitkan dalam Proceeding Internasional Fulltext: Application of territorial principles.pdf (401.87KB; 0 download) Abstract The problems in cross-border bankruptcy is regarding the implementation of asset confiscation as debtor’s bankruptcy assets located outside the jurisdiction of Indonesia. This is related to the application of the two principles in private international law, namely universal and territorial principles adopted by Law Number 37 of 2004 concerning Bankruptcy and Suspension of Debt Payment Obligations, precisely in Article 21 and Article 264. These two principles are used in the settlement of cross-border bankruptcy cases, considering that there are foreign elements in it that require the principles in private international law to be applied. However, the problem is, the two principles contradict each other where Article 264 explains that the character of the territorial principle only has legal consequences on objects or assets of bankruptcies within the territory of the State of Indonesia, while Article 21 explains that the assets of executed debtors are not limited to territory. This certainly creates legal uncertainty in the settlement of cross-border bankruptcy cases, especially for the execution of debtors’ bankruptcy assets abroad. The research method used is normative juridical with analytical descriptive specifications. There is an alternative in the problem of applying territorial and universal principles in the execution of debtors’ assets abroad. First, the settlement is carried out in cooperation with the State where the assets of the bankrupt company or the bankrupt assets are located, with border insolvency agreements both bilateral and multilateral in the nature of regional agreements. Second, if the cooperation interferes with the commercial court process, it must be reviewed or stopped so that the commercial court process (bankruptcy) continues to run as it should. Kajian editorial Article from : Proceedings of the International Conference On Law, Economic & Good Governance (IC-LAW 2023) Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Lihat Sejarah Pengadaan  Konversi Metadata   Kembali

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