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This research aims to analyze the juridical mechanism and implementation of canceling unilateral actions by bankrupt debtors through the actio pauliana lawsuit, providing legal protection for creditors. Debtors often transfer assets before bankruptcy, reducing the value of the bankruptcy estate and harming creditors. Using a normative legal research method with statutory and conceptual approaches, this study explores the legal basis of Article 1341 of the Indonesian Civil Code, as elaborated by Articles 41 to 50 of Law Number 37 of 2004 concerning Bankruptcy and Suspension of Debt Payment Obligations (UUKPKPU). The analysis shows that canceling unilateral actions, such as asset transfers, grants, or debt waivers, requires evidence of bad faith and awareness of potential losses by both debtors and third parties. This lawsuit serves as a claw-back provision to retrieve assets that were wrongfully removed from the bankruptcy estate, ensuring the pari passu pro rata parte principle. The main obstacle is proving the subjective element of "knowledge" and the conflict of interest with protecting third parties acting in good faith. In conclusion, strengthening the curator’s role and aligning the interpretation of commercial court judges is crucial to protect creditors' economic rights from manipulative actions by debtors.

Bankruptcy is a legal mechanism used to resolve a debtor's inability to fulfill debt obligations collectively, orderly, and fairly through a court decision. In the Indonesian bankruptcy system, the curator has a central role in managing and settling bankrupt assets to protect the interests of creditors while providing legal certainty for debtors. This study aims to analyze the regulation of the curator's authority in managing and settling bankrupt assets and to examine its implications for the protection of creditors’ and debtors’ rights from a business law perspective. The research method employed is normative legal research with statutory and conceptual approaches, conducted through a literature review of various relevant primary, secondary, and tertiary legal materials. The results indicate that the curator’s authority is expressly regulated in Law Number 37 of 2004 concerning Bankruptcy and Suspension of Debt Payment Obligations, which provides a legal basis for the curator to manage, secure, sell, and distribute bankrupt assets to creditors in accordance with legal provisions. However, in practice, several obstacles remain, such as difficulties in tracking assets, potential conflicts of interest, and a lack of transparency, which may affect the effectiveness of legal protection. Therefore, the professionalism of the curator and the supervision of the supervising judge are crucial factors in ensuring legal certainty, fairness, and efficiency in the bankruptcy process.

The increasing intensity of business competition requires companies to maintain strong financial conditions to avoid financial distress that may disrupt business continuity. This study aims to assess the financial stability and predict the potential bankruptcy of PT Sido Muncul Tbk for the 2022–2024 period using the Altman Z-Score model. A descriptive quantitative approach was applied, utilizing secondary data obtained from annual reports published by the Indonesia Stock Exchange and the company’s official website. Five key ratios in the Altman model were used as indicators to evaluate the company’s financial position and resilience. The results show Z-Score values of 4.74 in 2022, decreasing slightly to 4.66 in 2023, and rising again to 4.79 in 2024. These scores are significantly above the safe threshold of 2.675, indicating that the company is in a healthy financial state with a very low risk of bankruptcy. Overall, PT Sido Muncul Tbk demonstrates stable financial performance, supported by a strong capital structure and consistent operational results. The Altman Z-Score model also proves to be an effective early-warning tool for identifying potential financial problems.

The development of digital banks and the operational losses still experienced by PT Bank Aladin Syariah Tbk necessitate a financial health analysis to assess the potential for financial distress. This study aims to assess the potential bankruptcy level of Bank Aladin for the period 2021–2024 using the Modified Altman Z-Score model. The research method is descriptive quantitative with secondary data from annual financial reports and OJK publications, which are analyzed through four main ratios, namely working capital, retained earnings, earnings before taxes, and equity value to total debt. The results show that the Z-Score values are well above the safety threshold, with the highest value of 17.764 in 2021 and the lowest of 9.422 in 2022, mainly driven by high liquidity and equity strength. Thus, it can be concluded that PT Bank Aladin Syariah Tbk is in the Safe Zone category and does not show any potential for bankruptcy during the research period, although an increase in profitability is still needed.

In social life, buying and selling are fundamental mechanisms for transferring rights, beginning with an agreement. According to Articles 1313 and 1338 of the Indonesian Civil Code, agreements are legally binding acts with the force of law for the parties involved. One high-value transaction is the sale and purchase of apartment units, which involves developers as sellers. In practice, developers often fail to deliver units within the agreed timeframe. This study examines (1) the developer’s responsibility toward buyers when units are not delivered and (2) the legal protection available for buyers under such circumstances. The research applies Hans Kelsen’s Theory of Responsibility and Satjipto Rahardjo’s Theory of Legal Protection, using a normative juridical method based on library research. Primary, secondary, and tertiary legal materials were analyzed through statutory, conceptual, analytical, and case approaches, employing grammatical and systematic interpretation, legal analogy, and legal refinement. Findings reveal that developers are primarily responsible for delivering fully paid units. Failure to fulfill this obligation, due to breach of contract or negligence, triggers legal liability in the form of performance or compensation. Legal protection for buyers ensures their rights are safeguarded, and even in cases of developer negligence or bankruptcy, consumers are legally entitled to receive the apartment units they have purchased.

The Heritage Center (BHP) is a government institution under the Ministry of Law and Human Rights of the Republic of Indonesia that has a strategic role in civil law, especially related to the management of heritage property. Rooted in colonial regulations and regulated in the Civil Code, BHP is authorized to represent and protect the legal interests of individuals whose whereabouts are unknown, immature, or legally incompetent. This study aims to analyze the implementation of BHP's duties in managing heritage assets based on the provisions of the Civil Code and identify supporting and inhibiting factors for its implementation. The method used is normative legal research with a legislative approach and literature study. The results of the study show that BHP's position is as a subject of public law that carries out private legal functions. BHP's authority includes the management of unmanaged legacies, acting as a guardian or guardian, and acting as a curator in bankruptcy cases. Despite having a strong legal basis, the effectiveness of the implementation of BHP's duties in the field has not been optimal. The obstacles faced include limited resources, lack of public understanding, and coordination between agencies that has not been maximized. Therefore, systematic improvement efforts are needed through institutional capacity building, legal socialization, and strengthening regulations and cross-sector synergy to support the effective and sustainable implementation of BHP's tasks.

the duties and authorities of the Balai harta peninggalan as regulated in law Number 37 of 2004 concerning bankrupty and the civil code are to carry out a settlement of the debtor’s bankrupty assets. The main problem and this research is How the duties and authority of the Balai Harta Peninggalan in carrying out bankrupty astate clearance and what are the obstacles faced when carrying out bankrupty estate clearance?. The method used is the normative juridical-empirical method, where the data and also the information studied in this study are based on laws, books and also based on the results and discussions obtained are where the duties and authority of the Balai harta peninggalan in center in carrying out bankrupty assets are by dividing the proceeds from the sale of bankrupty assets that have been sold and distributed to creditors bassed on the possition of the creditors starting from highest to lowest, and also the obstacles faced in dealing with debtor bankrupty assets.

Business entities often face bankruptcy risks due to various factors, including accounting errors, limited experience, or small-cap transactions. The COVID-19 pandemic exacerbated financial conditions for many companies, such as PT Garuda Indonesia (Persero) Tbk., which experienced a significant revenue decline. Additionally, individuals may face bankruptcy due to reasons like job termination or business failures. The primary cause of bankruptcy lies in the imbalance between debt and income, often worsened by poor financial planning. Government regulations can help mitigate bankruptcy risks, such as through health insurance and credit restrictions. The bankruptcy process aims to provide fair resolutions between debtors and creditors while safeguarding public interests. Bankruptcy can also offer debtors the opportunity to restructure their debt, maintain economic stability, and prevent social loss. In practice, bankruptcy involves the management of the debtor's assets by a trustee and the proportional distribution of proceeds to creditors. The application of freedom of contract and legal certainty principles in debtor-creditor relationships is crucial to ensuring a transparent, efficient, and equitable process.

This research aims to examine the influence of firm size, operating capacity, and sales growth on financial distress, with profitability serving as a moderating variable. The study employs a purposive sampling technique and selects 96 companies from the primary consumer sector listed on the Indonesia Stock Exchange (IDX) during the 2020–2024 period. The data are analyzed using multiple linear regression and Moderated Regression Analysis (MRA) with the assistance of SPSS version 22. The findings reveal that firm size does not have a significant impact on financial distress, indicating that larger firms do not necessarily experience lower financial risk. In contrast, operating capacity and sales growth have a significant and positive influence on financial distress, suggesting that higher capacity utilization and increased sales activities may heighten financial vulnerability. Furthermore, profitability effectively moderates the relationships between firm size, operating capacity, and sales growth with financial distress. This result highlights the vital role of profitability in strengthening a company’s financial stability and mitigating potential financial distress or bankruptcy.  

This study aims to compare and analyze the accuracy levels of four financial distress prediction models—Altman Z-Score, Springate, Grover, and Zmijewski—in anticipating the potential bankruptcy of companies subjected to delisting from the Indonesian Stock Exchange (IDX). The delisting phenomenon, which is strongly linked to severe financial deterioration, provided the core motivation for identifying the most reliable predictive instrument, utilizing secondary data from the annual financial reports of delisted companies during the 2019-2023 observation period. Descriptive analysis techniques were employed to calculate the accuracy rate and Type Error for each model. The comparative results consistently indicate that the Springate Model is the most effective, consistent, and accurate model for predicting financial distress in delisted firms, achieving an accuracy rate of 89% in both the first and second years prior to delisting, while the Altman Z-Score model exhibited lower accuracy (68.75% and 62.50%). This key finding emphasizes the superiority of the Springate Model as a crucial diagnostic tool for investors and regulatory bodies in assessing corporate bankruptcy risk.

Indonesia is a country with a high level of labor-related issues, particularly in relation to the protection and fulfillment of workers’ rights. Common problems include termination of employment, unpaid wages, and inadequate severance payments. One such case is the bankruptcy petition filed against PT. Setiaji Mandiri, which serves as the focus of this study. The objective of this research is to analyze the legal considerations behind the Commercial Court’s decision to grant the bankruptcy request and its implications for labor rights. This study employs a normative juridical method by analyzing relevant legislation and court rulings, particularly referring to Law No. 37 of 2004 on Bankruptcy and Suspension of Debt Payment Obligations, and Law No. 2 of 2004 on Industrial Relations Dispute Settlement. The findings show that PT. Setiaji Mandiri had indeed made efforts to settle its financial obligations, but these efforts were deemed insufficient by the court, leading to the acceptance of the bankruptcy petition. However, a key issue that emerged was the absence of debt registration with the Industrial Relations Court (PHI), which is mandated by law in cases involving employment disputes. According to the prevailing labor laws, the PHI must first determine the amount of severance pay owed to employees, which can then be used as a reference in bankruptcy proceedings. The study concludes that there was a procedural oversight in the handling of labor claims in this bankruptcy case. It emphasizes the importance of adhering to legal mechanisms that protect workers’ rights and recommends stricter coordination between commercial and labor courts to prevent similar issues in the future.

Financial distress refers to a condition where a company experiences financial difficulties and if it is not resolved immediately, it will lead to bankruptcy. Several models can be used to measure financial distress, one of which is the Zmijewski model. This study aims to analyze the influence of financial ratios and macroeconomic factors on financial distress among technology companies listed on the Indonesia Stock Exchange. The research was conducted at technology companies listed on the IDX for the 2020–2024 period, with a sample size of 44 companies selected using a purposive sampling method. The study employed secondary data derived from company financial statements obtained through the official IDX website and analyzed using SPSS version 27. The findings reveal that financial ratios specifically, profitability (ROE) have a significant negative effect on financial distress, while leverage (DER) has a significant positive effect. Meanwhile, macroeconomic factors such as inflation and interest rates have no effect on financial distress.

This study aims to analyze the bankruptcy prediction of PT Matahari Department Store Tbk using the Zmijewski method. The Zmijewski method, developed in 1984, is one of the most widely used approaches to predict corporate financial distress through the use of financial ratios. The study covers the period from 2019 to 2023 and applies a quantitative research design. The data used in this study are secondary data obtained from the company’s financial reports. Data collection techniques include documentation and literature study, while the data analysis technique applied is the Zmijewski model, which employs three main ratios: return on assets (X1), debt to assets ratio (X2), and current ratio (X3). The results show that in 2019, 2021, and 2022, the X values were -1.92, -0.29, and -0.25, respectively, indicating that PT Matahari Department Store was not predicted to face potential bankruptcy, as the values were below 0. However, in 2020 and 2023, the X values were 1.51 and 0.85, respectively, suggesting that the company had the potential to go bankrupt, as the results exceeded 0. These findings highlight the financial fluctuations experienced by PT Matahari Department Store during the study period, emphasizing the importance of continuous financial performance evaluation and the use of bankruptcy prediction models as an early warning tool for stakeholders and decision makers.

This study aims to analyze the prediction of financial distress using the Altman Z-Score, Springate, and Zmijewski methods at PT Sri Rejeki Isman Tbk in 2019-2023. This type of research is descriptive research with a quantitative approach. Using secondary data with documentation techniques and literature studies in the form of related company financial reports, books, articles, journals and other publications related to the research topic. The sampling technique was carried out using a purposive sampling method. The sample in this study was obtained using a purposive sampling technique and obtained as many as 5 financial reports from the company PT Sri Rejeki Isman Tbk for the period 2019-2023. The results of the study show that the results of calculations using the Altman Z-Score method indicate that in 2019-2023 PT Sri Rejeki Isman Tbk experienced fluctuations in the company consistently still in the category of bankruptcy, the Springate method shows that the company experienced a decline in its financial performance, and the Zmijewski method shows that companies that experience fluctuations in financial performance conditions, Although there are fluctuations in the X-Score value and improvements in certain years.

Unstable financial conditions in insurance companies can serve as an early indicator of potential bankruptcy, which may have wide-ranging impacts on policyholders, shareholders, and the overall stability of the financial sector. Therefore, early detection of bankruptcy risk is critically important. This study aims to evaluate the effectiveness of the Springate model in identifying potential bankruptcy among insurance companies listed on the Indonesia Stock Exchange during the 2022–2024 period. The Springate model was chosen due to its simplicity and its ability to provide quantitative insights into a company's financial condition. Data were collected from the annual financial statements of 16 companies selected through purposive sampling based on the completeness and consistency of their financial reporting. The model applies the S-Score calculation as the basis for classifying companies into financial distress or non-financial distress categories. The analysis revealed that six companies consistently exhibited signs of financial difficulty, with three of them identified as being in a state of financial distress for three consecutive years. Meanwhile, the other ten companies demonstrated stable and healthy financial conditions throughout the observation period. These findings indicate that the Springate model is reasonably practical as an early detection tool for bankruptcy risk, particularly in the insurance sector, which is influenced by various internal factors such as risk management, as well as external factors like economic fluctuations and government regulations. Therefore, this model can be utilized as a decision-support tool for both management and investors in making strategic financial decisions.

This research is motivated by significant fluctuations and a decline in profits for companies in the clothing and luxury goods subsector listed on the IDX for the period 2021-2023, indicating potential financial difficulties. This research aims to evaluate the company's condition using four prediction models, namely Altman-ZScore, Springate, Fulmer, and Taffler, and to determine the most suitable model for the sector. The method applied is quantitative comparative with a purposive sample of 11 companies, using financial statement data from 2021-2023 and analyzed using the formulas for each predictive model. The research findings indicate that the four models produce different predictions regarding the company's financial condition. Additionally, there are differences in the accuracy levels of the four models. The Springate and Taffler models achieved the highest accuracy rate of 85%, followed by Altman at 67% and Fulmer at 64%. The findings of this study confirm that the Springate model is the most reliable tool for early warning for companies and stakeholders, enabling faster preventive measures to prevent bankruptcy.

This study explores the legal consequences of bankruptcy on reciprocal agreements made prior to the debtor’s declaration of bankruptcy, as governed by Law Number 37 of 2004 on Bankruptcy and Suspension of Debt Payment Obligations. In the event of bankruptcy, control and management of the debtor's assets are transferred to a curator, which can alter the implementation of reciprocal agreements that have not been fully or partially fulfilled. According to Article 36 of Law No. 37/2004, parties who have agreements with the debtor can request confirmation regarding the continuation of the agreement from the curator within a specified period. If the curator decides not to continue, the agreement is terminated, and the other party has the right to claim compensation and will be recognized as a concurrent creditor. This study also examines the legal protection available to the parties involved, as well as the practical implications for legal and business relationships after a bankruptcy decision is made. The findings demonstrate that bankruptcy significantly affects the performance of reciprocal agreements, necessitating adjustments to the rights and obligations of all parties based on the provisions of the Bankruptcy Law. These adjustments are essential to ensuring justice and legal certainty for all parties involved in such agreements, balancing the interests of creditors, debtors, and other stakeholders. Ultimately, the study emphasizes the importance of understanding the legal framework surrounding bankruptcy and its consequences on ongoing contractual relationships, as well as the need for a fair and transparent process in dealing with claims and obligations post-bankruptcy.

Research on national banking using the Altman’s Z-Score analysis technique has been relatively extensive, but studies focusing specifically on banks indexed to SRI-KEHATI remain limited. The SRI-KEHATI Index is known as a benchmark for companies with strong sustainability, social responsibility, and good governance practices. This study aims to analyze the health trends of banks listed in the SRI-KEHATI Index during the 2015–2024 period by applying the second modified Altman’s Z-Score model (1993), which is widely recognized as a reliable indicator for assessing a company’s financial stability and risk of bankruptcy. The findings indicate that the overall Altman’s Z-Score trend of major banks within the SRI-KEHATI Index shows stability and a consistently healthy financial condition throughout 2015–2023. However, in 2024 there is a notable decline that requires further examination to determine whether it is caused by market fluctuations, structural challenges, or accounting adjustments. Despite this decrease, the overall financial health of the banks remains categorized as very good according to Altman’s model. The average Z-Score for all four banks analyzed is 6.457, which is well above the threshold of 2.6, indicating no significant bankruptcy risk. When evaluated individually, BMRI stands out as the healthiest with a Z-Score of 13.879, followed by BBNI with 5.971, BBRI with 3.175, and BBCA with 2.801. These results confirm that all four banks remain in a safe financial zone during the 2015–2024 period. Furthermore, the study’s four hypotheses are proven, reinforcing the argument that SRI-KEHATI indexed banks maintain strong financial resilience even amid post-Covid-19 challenges.

The bankruptcy of a major company like PT Sri Rejeki Isman Tbk (Sritex) not only reflects a financial crisis but also opens a significant debate about legal fairness for stakeholders, particularly laborers and company owners. This research examines the impact of the bankruptcy on the fulfillment of laborers' normative rights and the legal protection afforded to company owners. Using a juridical-normative approach and a case study method, the findings reveal that the bankruptcy process still presents imbalances in legal protection, especially for laborers who, despite being legally recognized as preferential creditors, are often disregarded in practice. This article recommends regulatory reform and strengthening the state's role in ensuring justice throughout the bankruptcy proceedings.

Financial distress refers to a company’s persistent inability to meet financial obligations, signaling severe monetary strain that precedes formal bankruptcy or liquidation proceedings. This study investigates the impact of intellectual capital (VAICTM), operational capacity (TATO), capital structure (DER), and operating cash flow (OCF) on financial distress (Altman Z-Score), with profitability (ROA) serving as a mediating variable. The theoretical framework of this research is grounded in signaling theory, agency theory, and resource-based view theory. The study focuses on basic materials companies listed on the Indonesia Stock Exchange (IDX) between 2019 and 2023. The study utilized criterion-based sampling to select qualified respondents. Secondary datasets were analyzed through panel regression and path analysis, with Eviews 12 as the computational tool. Key findings include: (1) intellectual capital and operating capacity demonstrate a statistically significant positive influence on profitability; (2) capital structure exerts a significant adverse impact on profitability; (3) operating cash flow exhibits no statistically discernible impact on profitability; (4) both operating cash flow and profitability are positively and significantly associated with increased financial distress; (5) capital structure displays a significant inverse relationship with financial distress severity; (6) intellectual capital and operating capacity show no statistically significant associations with direct financial distress prediction; (7) profitability partially mediates the influence of intellectual capital, operating capacity, and capital structure on financial distress; and (8) profitability does not serve as a mediating variable between operating cash flow and financial distress.