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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.

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.

Licensing gave the insurance company right to conduct its business activity, insurance company need to comply with provisions, one of the provision is corporate financial health. Failure to comply with the provisions will result in sanction in the form of company dissolution and liquidation. Shareholder conduct General Meeting of Shareholder (RUPS) to determine liquidation team. The company assets were blocked and seized by the state due to connection with other criminal cases. Failure in payment caused by the seizure made policy holder conduct litigation and non-litigation effort. This study aim to know and analyse the provisions regulation and supervision of the liquidation process that conducted by the company which license had been provoked. The second objectives are to know and analyse the impact to policy holders caused by the liquidation of  PT Ausransi Jiwa Adisarana Wanaartha which had its business license revoked. The methodology that had been used in this study is normative legal research with approach based on legal principal, approach based on systemic approach to law, and approach based on synchronization to law. The result of this study is the legal basic regarding liquidation had not regulated adequately. Policyholders as the party that got the impact of the liquidation will be placed in a disadvantage condition due to the small return of payment from company asset, especially when insurance fund is not sufficient to cover all the obligated payment to policyholders.

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.

This research examines the legal responsibility of corporate guarantors declared bankrupt for their obligations to creditors in loan agreements, analyzing Court Decision No. 318/Pdt.Sus-PKPU/2022/PN Commercial Court Jakarta Central. The study addresses the legal complexities arising when a corporate guarantee becomes insolvent before the principal debtor defaults, creating jurisdictional conflicts between bankruptcy law and guarantee obligations. Using normative legal research methodology with a juridical normative approach, this study analyzes the application of Article 229(2) in conjunction with Article 278(6) of Law No. 37/2004 on Bankruptcy and Suspension of Debt Payment Obligations (K-PKPU) and Article 1381 of the Civil Code. The research reveals that the curator's action in obstructing and rejecting PT KawanCicil Teknologi Utama's claim registration against the bankrupt guarantor without proper judicial determination constitutes conduct not based on applicable laws and regulations. The findings demonstrate that when a guarantor is declared bankrupt and the debtor is in default, the Supervisory Judge and Curator must accept PT KawanCicil Teknologi Utama as a creditor with rights to the debtor's assets during asset liquidation proceedings. The study concludes that bankruptcy declaration of a guarantor does not automatically terminate guarantee obligations under Article 1381 of the Civil Code, as bankruptcy is not enumerated among the causes of contract termination. This research contributes to legal certainty in corporate guarantee enforcement within Indonesia's bankruptcy framework and provides recommendations for legislative harmonization between conflicting provisions in bankruptcy law.

This study aims to compare the implementation of liquidation law for Limited Liability Companies (PT) by the General Meeting of Shareholders (GMS) in Indonesia and Malaysia. In Indonesia, the regulation is governed by Law Number 40 of 2007 in conjunction with Law Number 11 of 2020, while in Malaysia, it is governed under the Companies Act 2016. Although both legal systems share the fundamental principle of protecting creditors and shareholders, their approaches differ significantly. Indonesia’s civil law system emphasizes procedural formalism, while Malaysia’s common law system focuses more on solvency and active creditor involvement. This comparative study finds that Malaysia's practices offer greater administrative efficiency and accountability, which could serve as a model for corporate law reform in Indonesia. The findings aim to support the development of more adaptive, transparent regulations aligned with good corporate governance principles.

The implementation of financial risk management policies and principles is a critical aspect of managing the banking sector, non-profit organizations, and business environments in Indonesia. The adoption of International Financial Reporting Standards (IFRS) has significantly altered accounting practices in Indonesia, yielding both opportunities and challenges for companies. Furthermore, credit restructuring, encapsulated in the "3R" principle, has emerged as a strategic solution to address non-performing loans, particularly during the COVID-19 pandemic, as regulated in POJK 11/POJK.03/2020.In the legal domain, corporate reorganization is increasingly recognized as a vital strategy to prevent bankruptcy, emphasizing the need for more comprehensive and transparent legal frameworks. In the Islamic banking sector, liquidity risk management is paramount to ensure economic stability and maintain public trust. Meanwhile, non-profit organizations, such as AIESEC Indonesia, face distinct challenges in implementing effective internal control systems, with a focus on enhancing financial transparency and accountability.This article also highlights the importance of organizational change management as a driver of operational efficiency and adaptability to external challenges. Employing a descriptive and normative approach, it explores the intersection of economic policies, legal frameworks, and management practices in addressing the complexities of globalization, economic crises, and efficiency demands.In conclusion, sustainable practices in risk management, legal adaptation, and internal system strengthening are pivotal to achieving resilience and success across financial and organizational sectors.

The liquidation of a subsidiary in the banking sector is a strategic step with a significant impact on the financial performance, reputation, and sustainability of the parent company. This study aims to analyze the factors that drive liquidation, both internal such as financial performance, mismanagement, and legal compliance, as well as external such as market changes, natural disasters, and globalization pressures. Data were collected through academic literature review using qualitative approaches and data triangulation to improve the reliability of the results. The results of the study show that poor liquidity management, both due to internal and external factors, is the main cause of liquidation. The impact on the reputation of the parent company is dualistic: on the one hand it increases operational efficiency, but on the other hand it risks creating negative perceptions, such as management failures or employee losses. Therefore, companies must strengthen financial management, utilize technology to monitor cash flow in real-time, and develop flexible risk policies. Transparent communication with stakeholders is also important to minimize reputational impact. This study shows that effective liquidity management supports operational efficiency and increases public confidence, customers, and regulators, relevant for both Islamic and conventional banking in dealing with market dynamics.

Debtor bankruptcy is a critical issue that has a significant impact on the performance of credit payments in the banking sector, especially at the BRI Batam Branch Office. This study aims to analyze the juridical impact of debtors' bankruptcy on credit payment performance in BRI Batam, focusing on the direct influence of bankruptcy on bank liquidity, asset quality, and bank operations. In the legal context, debtor bankruptcy is regulated by Law Number 37 of 2004 concerning Bankruptcy and Suspension of Debt Payment Obligations, which provides a framework for the bankruptcy process and its settlement. The research method used is normative juridical, with a case approach to collect empirical data from the BRI Batam Branch Office. Data was collected through interviews with bank management, analysis of bankruptcy documents, and literature review related to bankruptcy laws and regulations. Data analysis was carried out in a descriptive analytical way to understand the legal implications and operational impact of debtor bankruptcy on credit payment performance.The results of the study show that debtor bankruptcy significantly affects the liquidity and credit payment performance in BRI Batam, with direct consequences in the form of an increase in bad loans and a decrease in interest income. Delays in legal proceedings and asset liquidation also add to the bank's operational burden. Based on these findings, it is recommended that BRI Batam should improve its credit risk monitoring system and adopt a more effective risk management strategy to anticipate and overcome potential bankruptcy. The government is expected to accelerate the legal process related to bankruptcy to minimize the negative impact on the banking sector and the economy as a whole.    

This research examines the accounting analysis of partnership liquidation due to changes in membership, both from the entry of new members and the departure of existing members. The main focus of the study is to understand the concept of partnership liquidation, the procedures involved, and the required accounting records.The research background emphasizes the importance of accounting in providing accurate financial information for decision-making. This study also discusses conditions that can lead to the dissolution of partnerships, such as the death of a member or changes in membership composition.The research methodology includes analysis of literature related to partnership liquidation. The main objectives of the research are to explain the definition of partnership liquidation, outline the liquidation procedures, and describe the accounting recording process in the context of partnership liquidation.This research aims to provide a comprehensive understanding of the partnership liquidation process and its implications for accounting practices, as well as contribute to the development of student competencies in the field of accounting.  

Ownership of company shares entitles shareholders to do a number of things, such as attending and voting at GMS, receiving dividend payments and liquidation results; as well as. other rights pathways according to law. So that the ownership of the rights to shares is important to be able to have these rights, of course there must be proof of ownership of the rights to these shares. And if at any time the shares owned want to be sold or or transferred to the hands, a deed of transfer of rights over shares is required to be carried out with a deed of transfer rights. The deed of transfer of rights can be made in the form of a notarized deed or private deed. The deed of transfer of rights or compensation is submitted in writing to the Company. Which then records the transfer by the director.    

Company dissolution and legal protection of shareholder rights are regulated based on Law Number 40 of 2007 concerning Limited Liability Companies in Indonesia. The journal discusses the procedure for dissolving a company, the reasons for dissolving, and options for filing a lawsuit against the court for dissolving a company when a dispute arises between shareholders. The author emphasizes the importance of legal protection for shareholders and the need for clear regulations in the Indonesian Limited Liability Company Law. Normative legal research methods (normative legal research). The results of this study indicate that the procedure for dissolving a company based on Law Number 40 of 2007 concerning limited liability companies can apply for the dissolution of a company through a district court. There are shareholder rights that must be protected and shareholders must exercise their rights through adequate procedures that have been determined by the company.

Bankruptcy occurs when a debtor is unable to pay his debts to creditors. Countries can also experience financial difficulties leading to bankruptcy. The purpose of the bankruptcy process in a limited company is to speed up the liquidation process and distribution of company assets to creditors. As a corporation that has characteristics like private law, a limited company separates its assets from the management of the company. However, if the limited company goes bankrupt and disbands, can the management of the company still be held accountable or not?

This study aims to find out perspectives on the role and authority of the Financial Services Authority in bankruptcy cases at insurance companies in Indonesia. OJK is an independent body that is free from government interference in its duties, functions and authority to supervise, inspect and conduct investigations in the financial services sector so as to create a good national economy. Within the scope of supervision in the insurance sector, the Financial Services Authority has the authority relating to submitting bankruptcy declaration requests to insurance companies in order to protect the interests of insurance policy holders. Arrangements regarding the authority of the Financial Services Authority in submitting requests for bankruptcy statements against insurance companies are regulated in Law no. 21 of 2011 concerning the Financial Services Authority. The research uses a qualitative descriptive approach using secondary data obtained through library research. The role of the Financial Services Authority in the bankruptcy of an insurance company is to oversee the course of the insurance company's bankruptcy until liquidation and to ensure that the insurance company has paid all its obligations to creditors.

AbstractBankruptcy is a situation where the debtor is unable to make payments against the debts of the creditors. State can not afford the usual due to financial difficulties (financial distress) of the debitor who has suffered a setback. The main purpose of bankruptcy proceedings against the Limited Liability Company is to acceleratethe process of liquidation in the context of the distribution of company assets to pay debts that the company has experienced financial difficulties that caused the insolvency.Company Limited as a corporation having characteristics such as private law, including the separation of assets between the management company with Limited Liability, if a limited company into bankruptcy so that the company broke up how the management responsibilities of a Limited Liability Company? whether the management company can still be held liable or not Keywords: Company Limited, Bankruptcy.