IMPLEMENTATION OF GENERAL BANKRUPTCY SEIZURE

Abstract

Based on the above understanding, bankruptcy is a seizure of assets. In these assets there is a legal relationship between creditors and debtors. Regarding seizures, it was initially placed in Article 1131 and Article 1132 of the Civil Code (KUHPerdata), with the intention of preventing creditors from carrying out seizures or executions themselves (eigenrichting). As long as the decision on the bankruptcy statement application has not been determined, each creditor and even the Attorney General can file a request to the court to place a security attachment on some or all of the debtor's assets. Or by appointing a temporary curator to carry out the settlement of the bankruptcy estate, including also playing a role in supervising the management of the debtor's business, payments to creditors, transfer or collateral of the debtor's assets in bankruptcy are the authority of the curator. Based on Law Number 37 of 2004 concerning Bankruptcy and Suspension of Debt Payment Obligations, hereinafter referred to as (Bankruptcy Law), specifically in Article 1 number 1, it explains that bankruptcy is a general seizure of all assets of a Bankrupt Debtor, the management and settlement of which is carried out by the Curator under the supervision of the Supervisory Judge as regulated in this Law