LEGAL CERTAINTY OF BANKRUPTCY ESTATE EXECUTION IN TRANSNATIONAL BANKRUPTCY

Abstract

Transnational insolvency (Cross-Border Insolvency) is a situation where a bankruptcy case crosses the territorial boundaries of a country, in which there are foreign elements, namely creditors and their wealth. In accordance with the times, transnational bankruptcy (Cross-Border Insolvency) often occurs in Indonesia, but in Law Number 37 of 2004 concerning Bankruptcy and Suspension of Debt Payment Obligations, the provisions regarding transnational bankruptcy have not provided a clear definition of cross-border bankruptcy settlement. The issue of transnational insolvency (Cross-Border Insolvency) is closely related to international civil law in relation to foreign elements across national borders. Related to the issue of transnational bankruptcy (Cross-Border Insolvency), the bankruptcy law has included provisions regarding the procedures for implementing the decisions of Indonesian courts and foreign court decisions. However, these provisions are considered to be contrary to the territorial principle of a country, and in the end, the administration of bankruptcy assets in transnational bankruptcy cases (Cross-Border Insolvency) will be difficult to achieve. This situation will certainly cause concern for business actors in running their business, due to the absence of legal certainty regarding the settlement of transnational bankruptcy (Cross-Border Insolvency) in Indonesia.