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This study aims to analyze the bankruptcy process of PT Sri Rejeki Isman Tbk (Sritex) according to Law Number 37 of 2004. In addition, the legal impact on its subsidiary, PT Primayudha Mandirijaya in Boyolali, including legal protection for affected employees, will also  yang be reviewed. The research method used is normative legal research with a statutory approach and a conceptual approach. Data were obtained through a literature review of relevant regulations and legal literature. The results of the study indicate that although PT Sri Rejeki Isman Tbk has been declared bankrupt by the commercial court, legally, the assets of PT Primayudha Mandirijaya as a subsidiary do not immediately become part of the bankruptcy estate of its parent company. This is based on the principle that the legal entity is independent (separate legal entity) and its responsimerupakan bilities are limited (limited liability), which separates the assets in question from the parent company and the subsidiary, unless there is evidence indicating a guarantee from the company (corporate guarantee). Furthermore, the legal study on labor protection emphasizes that the rights of PT Primayudha Mandirijaya employees need to be legally protected in accordance with national labor regulations and bankruptcy law to mitigate the social and economic impacts in the Boyolali region. The study concludes that the legal existence of the subsidiary remains independent despite the bankruptcy of its parent company. However, it is crucial to prioritize contractual risk reduction and worker rights security during the curator's handling.

Bankruptcy can no longer be understood solely as a mechanism for liquidating assets to meet debtor obligations, but has evolved into a restructuring instrument that directly impacts corporate governance and stakeholder protection. This study aims to analyze how bankruptcy functions as a corporate restructuring mechanism, how this process influences the redistribution of power in corporate governance, and the extent to which the bankruptcy legal system provides balanced protection for various stakeholders. The research method used is normative legal research with a statutory, conceptual, and limited comparative approach. The analysis is conducted on the provisions of Law Number 37 of 2004 concerning Bankruptcy and PKPU (Investment Suspension) and regulations related to corporate governance, combined with theoretical studies on fiduciary duty, stakeholder theory, and the corporate rescue paradigm. The results illustrate that bankruptcy functions as a governance restructuring mechanism that transfers control from the board of directors to the curator and creditor forum, thereby creating a redistribution of power within the company. The dominant creditor primacy orientation has the potential to create an imbalance in protection for non-creditor stakeholders, including workers and other economically impacted parties. These conditions indicate the need for normative reconstruction, including redefining fiduciary obligations during the insolvency phase, strengthening stakeholder protection, and harmonizing corporate governance principles with the insolvency law regime. This research is expected to contribute academically to the development of a bankruptcy model that is not solely focused on debt resolution but also considers aspects of business sustainability and substantive justice in modern corporate governance.

This research aims to analyze the legal protection of workers' rights during Termination of Employment (PHK) due to company bankruptcy, as well as assessing the conformity between applicable legal provisions and practice in the field. The method used is normative legal research with a statutory and factual approach. The research examines various legal regulations related to employment and bankruptcy, as well as the implementation of these regulations in resolving employment disputes. The research results show that the regulation of layoffs according to Law Number 6 of 2023 concerning Job Creation emphasizes that layoffs are the termination of the employment relationship due to certain things which result in the end of the rights and obligations between workers and employers which is a last resort. In practice, however, workers often experience difficulties in obtaining their normative rights, especially when companies face financial instability or insolvency. Then the responsibilities that can be carried out by companies to realize fair legal protection for workers are divided into 2 (two) efforts, namely preventive and repressive. Preventive efforts include compliance with labor regulations and transparent communication, while repressive efforts are carried out through dispute settlement and fulfillment of workers’ compensation rights. This research confirms the existence of a gap between legal norms and practice in the field. Therefore, it is necessary to increase legal awareness and strengthen regulatory enforcement to ensure the fulfillment of the rights of workers affected by layoffs.

Marriage is a very strong contract (mistaqan ghalidan) to obey Allah's commands and carrying it out is an act of worship. The goal is to realize a household life that is sakinah, mawaddah, and rahmah. In the realization of a household with the bonds of marriage there are components that cover it, both in terms of regulations and legal concepts. Basically, a marriage agreement is a form of protection or protection if in the future there are things that are not desired by both parties such as death, divorce or bankruptcy, the legal basis regarding the marriage agreement itself has been regulated in the Compilation of Islamic Law and the Marriage Law Number 1 of 1974 and the Constitutional Court Decision No. 69 / PUU-XII / 2015, After the birth of the Constitutional Court Decision Number 69 / PUU / XII / 2015, the marriage agreement has changed both in terms of the time of creation and the institution that has the authority to ratify the marriage agreement.

This qualitative literature review examines the strategic role of liquidation during financial crises, with a focus on the externalities it generates and the design of optimal insolvency interventions. Synthesizing recent empirical and theoretical research, the study highlights how liquidation decisions—particularly in systemic downturns—affect broader economic stability through credit disruption, asset fire sales, and employment losses. The review finds that while prompt liquidation of non-viable firms can facilitate recovery, poorly structured interventions risk perpetuating inefficiencies and moral hazard. Comparative insights from diverse institutional contexts emphasize the need for hybrid insolvency regimes that balance liquidation with restructuring flexibility. This synthesis contributes to ongoing debates on how to enhance crisis responsiveness in insolvency law and policy design.

Debt restructuring and Suspension of Debt Payment Obligations (PKPU) are legal instruments in the Indonesian bankruptcy system aimed at providing legal protection and maintaining a balance of interests between debtors and creditors. In practice, the PKPU process is not only related to the settlement of debts but also involves business continuity, legal certainty, and the stability of the business world. This research aims to analyze the position and optimization of the role of advocates in debt restructuring and the PKPU process in Indonesia, as well as to examine their role in providing legal protection for both debtors and creditors. The research uses a normative juridical method with a legislative and conceptual approach thru the analysis of Law Number 37 of 2004 concerning Bankruptcy and PKPU, Law Number 18 of 2003 concerning Advocates, the Civil Code, as well as various regulations related to the resolution of commercial disputes. The research results show that lawyers hold a strategic position not only as legal representatives in Commercial Courts but also as legal advisors, negotiators, and debt restructuring facilitators who play a role in maintaining the balance of legal protection for the parties involved. The optimization of the role of lawyers is necessary thru the strengthening of professionalism, integrity, business competence, and a business rescue approach so that the PKPU and bankruptcy processes are not misused as tools of business pressure, but rather become means of fair, effective, and legally certain commercial dispute resolution.

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 financial crisis experienced by PT Garuda Indonesia Tbk prompted the company to enter into a Debt Payment Suspension (PKPU) process as a legal measure to avoid bankruptcy and restructure its finances. The complexity of debt, liquidity pressures, and post-pandemic operational challenges have made PKPU a strategic instrument for obtaining debt payment deferrals and formulating a settlement plan that is acceptable to creditors. This study aims to analyze how the implementation of PKPU affects Garuda's rescue efforts from the threat of bankruptcy and assess the extent to which the debt restructuring resulting from PKPU in 2021–2023 effectively improves the company's financial condition. The method used is normative legal research with a legislative, conceptual, and case study approach to the homologation decision and Garuda Indonesia's official financial reports. The results of the study show that PKPU provides legal certainty for debtors and creditors through a collective postponement mechanism, and debt restructuring has been proven to significantly reduce the company's liabilities from around US$10.1 billion to around US$4.6 billion, while improving financial and operational stability in the short to medium term. In conclusion, PKPU serves as an effective corporate rescue instrument, while post-PKPU debt restructuring provides a strong foundation for Garuda Indonesia's financial recovery, although long-term sustainability still depends on the consistent implementation of the peace plan and the company's operational performance.

This research examines the implementation of the curator’s role in the bankruptcy process following the Postponement of Debt Payment Obligations (PKPU) based on Law Number 37 of 2004 concerning Bankruptcy and Postponement of Debt Payment Obligations. The main objective of this study is to analyze the role, authority, and challenges faced by curators in carrying out their duties in accordance with Indonesia’s positive legal framework. This research employs a normative juridical approach combined with an empirical juridical approach, incorporating a review of legal literature, court rulings, and statutory regulations, as well as interviews with curators and supervising judges in commercial courts. The findings reveal that curators play a central role as administrators and liquidators of bankrupt estates, with the authority to inventory, secure, manage, and liquidate the debtor’s assets to protect creditors’ interests. Pursuant to Law Number 37 of 2004, curators are also responsible for overseeing the bankruptcy process, preparing reports, and ensuring that the distribution of liquidation proceeds is conducted transparently and equitably. However, the implementation of this role often faces obstacles such as limited curator competence and resources, external interference, the complexity of bankruptcy laws, and inadequate judicial supervision. This study emphasizes the importance of legal reform, professional capacity building, and the adoption of digital technology to enhance the effectiveness of Indonesia’s bankruptcy system. A professional, accountable, and integrity-driven curator is essential to achieving the fundamental objectives of bankruptcy law—ensuring fair, efficient, and transparent debt settlement for all parties involved.

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.

This study aims to analyze the financial distress condition of PT Indofarma Tbk during the period of 2022-2024 using the Modified Altman Z-Score Model. The research employs a quantitative approach and utilizes secondary data obtained from the company's annual financial reports published by the Indonesia Stock Exchange. Four key ratios in the Modified Altman Z-Score Model are used to assess the level of financial distress risk, namely: working capital to total assets (X1), retained earnings to total assets (X2), earnings before interest and taxes to total assets (X3), and book value of equity to total debt (X4). The results show that PT Indofarma Tbk's Z-Score value has been well below the threshold of 1.1 for three consecutive years, at -4.97 in 2022, -21.40 in 2023, and -27.19 in 2024. These values indicate that the company is in a serious financial distress condition, with a high risk of bankruptcy. Contributing factors include negative working capital, continuous operational losses, increasing debt levels, and a decline in the company's equity.

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.

Debt disputes often occur in business relationships. Sometimes debtors do not pay their debts, causing problems regarding debt repayment. One of the legal steps taken by creditors is to file a petition for bankruptcy with the Commercial Court. The requirements for bankruptcy in Indonesia are relatively straightforward, making it easy for debtors to be declared bankrupt. This is detrimental to debtors, as bankruptcy has significant implications for the sustainability of their businesses. This situation raises questions about how debtors can obtain justice in bankruptcy cases. Supreme Court Decision No. 1714 K/Pdt.Sus-Pailit/2022 serves as the case study for this research. In that decision, the judge rejected the bankruptcy petition despite it meeting the requirements of Article 2(1) of the Bankruptcy Law, as the judge believed there were still options for a simple lawsuit and the impact of bankruptcy was not proportional to the value of the debt in question. This paper was written using the normative legal research method. This study will use a regulatory approach, a conceptual approach, and a case approach. The results of this study show that debtors who are petitioned for bankruptcy

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.  

One of the organs of a Limited Liability Company that often becomes a guarantor of a company’s debt is the Board of Directors. In practice, when a company can no longer carry out its obligations to pay debts, the guarantor is often bankrupted together with the debtor. Article 2 paragraph (1) jo. Article 8 paragraph (4) of the Bankruptcy and PKPU Law states that if the Debtor has two or more Creditors and has debts that are due and collectible, then the request for a bankruptcy statement must be granted if there are facts or circumstances that are proven simply. This research was conducted to examine the legal considerations of judges regarding the application of simple proof in Decision Number 20/Pdt.Sus-Bankruptcy/2022/PN.Niaga.Smg and what the implications are for the Directors of the company who act as a personal guarantee for their company’s debt. The results showed that the legal consideration of the majority of the Panel of Judges examining the case are not entirely in accordance with the Bankruptcy and PKPU Law, as the panel of judges only focused on fulfilling formal requirements without considering the principles of bankruptcy, which will have a broad impact on the parties involved. In addition, the juridical implications arising from the decision are that the Directors of the company as a personal guarantee remains personally responsible for the company’s debt, thus causing bankruptcy for him and the company.