•  
  •  
 

Abstract

The increases in cross-border trade has resulted in more companies with assets, business, and presence in multiple jurisdiction. When any of these companies face debt restructuring or insolvency, it confronts a myriad of complex issues in coordinating rescue proposals or winding up the businesses across jurisdictions. Prior to the 1997 economic crisis, insolvency laws in most state economies were generally out of date and irrelevant to the modern commercial needs, particulary the cross-border insolvency matters that has not been well regulated. ASEAN has initiated an integrated economy regional by launching an ASEAN Economic Community on late 2015. It aimed to establish a deeply integrated and highly cohesive ASEAN economy that would support sustained high economic growth and resilience in the face of global economic shocks and volatilities within ASEAN members. Unfortunately, ASEAN member has not prepared a regulation regarding cross-border insolvency matters which could restrains its aim to establish a fully integrated economy regional. Each state members has its own national insolvency laws and proceedings, but none have the schemes that could surpassed the national borders and simplified the procedures. The aspects of cross-border insolvency from both the international law and domestic law of Indonesia is already prepared to deal with foreign proceedings. Both could be adjusted to establish a cross-border regulation in ASEAN. Hence, there should be an in-depth harmonization of cross-border insolvency should be another priority upon ASEAN Economic Community to achieve a fully-integrated economy in ASEAN.

Bahasa Abstract

Peningkatan perdagangan lintas batas telah menghasilkan lebih banyak keberadaan perusahaan dengan aset dan bisnis di beberapa yurisdiksi. Ketika salah satu dari perusahaan-perusahaan ini menghadapi restrukturisasi utang atau kebangkrutan, akan muncul pula beberapa masalah yang lebih kompleks dalam mengkoordinasikan proposal penyelamatan atau penutupan usaha di seluruh wilayah hukum yang bersangkutan. Sebelum krisis ekonomi tahun 1997, undang-undang kepailitan di sebagian besar negara pada umumnya sudah tidak sesuai dan tidak relevan dengan kebutuhan komersial modern, khususnya hal-hal kepailitan lintas batas yang belum diatur dengan baik. ASEAN telah memulai ekonomi terintegrasi di dalam wilayahnya dengan meluncurkan Komunitas Ekonomi ASEAN (AEC) pada akhir tahun 2015. Hal ini bertujuan untuk membangun ekonomi ASEAN yang lebih terintegrasi dan sangat kohesif, yang akan mendukung pertumbuhan ekonomi yang berkelanjutan tinggi dan ketahanan dalam menghadapi guncangan ekonomi global dan fluktuasi dalam anggota ASEAN . Sayangnya, anggota ASEAN belum menyiapkan regulasi mengenai hal kepailitan lintas batas yang bisa menahan tujuannya untuk membangun ekonomi terintegrasi regional. Setiap negara anggota memiliki undang-undang kepailitan nasional sendiri dan prosesnya masing-masing, tetapi tidak memiliki skema yang bisa melampaui batas-batas nasional dan menyederhanakan prosedur yang ada. Aspek kepailitan lintas batas baik dari segi hukum internasional dan hukum nasional di Indonesia sudah siap melakukan prosedur terhadap hasil persidangan asing. Keduanya dapat disesuaikan untuk membentuk peraturan lintas batas di ASEAN. Oleh karena itu, harus ada harmonisasi yang lebih baik dalam perkara kepailitan lintas batas di wilayah ASEAN dan harus menjadi prioritas lain setelah Masyarakat Ekonomi ASEAN, tentunya hal ini juga untuk mencapai ekonomi terintegrasi di ASEAN.

References

Bibliography Legal Documents Convention Abolishing the Requirement of Legalization for Foreign Public Documents. The Hague, 5 October 1961. UNTS Vol. 527. Convention on the Recognition and Enforcement of Foreign Judgments in Civil and Commercial Matters. The Hague, 1 February 1971. UNTS Vol. 249. Convention on the Taking of Evidence Abroad in Civil or Commercial Matters. The Hague, 18 March 1970. UNTS Vol. 847. European Union. Council Regulation on Solvency Proceedings. EC No. 1346/2000, 29 May 2000. Indonesia. Undang-undang tentang Kepailitan dan Penundaan Kewajiban Pembayaran Utang(Law on the Bankruptcy and the Suspensions of Payments). UU No. 37 tahun 2004, LN No. 131 tahun 2004, TLN No. 4443 (Law No. 37 of 2004, SG No. 2004). The Supplementary Protocol of 1 February 9 to the Hague Convention on Recognition and Enforcement of Foreign Judgements in Civil and Commercial Matters (1971) United Nations Commission on International Trade Law. Model Law on Insolvency and Guidance to Enactment. 1997. Books Beeson, Mark. Encyclopedia of Public Policy: Governance in a Global Age – Philip O’hara Editio.London: Routledge, 2004. Freeman, Michael. Current Legal Problems. Oxford: Oxford University Press, 2003. Hoff, Jerry.Undang-undang Kepailitan di Indonesia [Indonesian Bankruptcy Law]. Jakarta: Tatanusa, 2000. Istanto, F. Sugeng.StudiKasus Hukum Internasional [Case Study on International Law]. Jakarta: Tatanusa, 1998. Keay, Andrewand Peter Walton,Insolvency Law - 2nd ed. London: Jordans, 2011. Omar, Paul J. Insolvency Law Themes and Perspectives. Burlington: Ashgate Publishing, 2008. Ramusen, Bob.Where are all the Transnational Bankrupcies? American Law and Economics Annual Meetings.California: The Berkeley Electronic Press, 2007. Simanjuntak, Ricardo.Dispute Settlement Mechanisms Under The ASEAN Legal Frameworks: A Collective Commitment Creating The Ruled Based ASEAN Economic Community. Jakarta: Kontan Publishing, 2015. Suryana.Hukum Kepailitan: Kepailitan Terhadap Badan Usaha Asingoleh PengadilanNiaga Indonesia [Bankruptcy Law: Bankruptcy on the Foreign Business Entity by the Indonesian Commercial Court]. Bandung: Pustaka Sustra, 2007. Tomasic, Roman.Insolvency Law in The East Asia.London: Ashgate Publishing, 2007. Wood, Phillp R.Principle of International Insolvecny. London: Thomson Sweet and Maxwell, 2007. ~ 202 ~ IMANULLAH, LATIFAH & RATRI Volume 8 Number 2, May - August 2018 ~ INDONESIA Law Review Articles Gross, Mark. “Foreign Creditor’s Rights: Recognition of Foreign Bankruptcy, Adjudications in United States and The Republic of Singapore.” Pennsylvania Journal of International Business Law 12, no. 1 (1991): 125-152. LoPucki, Lynn. “Cooperation in International Bankruptcy: A Post-Universalist Approach.” Cornell Law Review 86 (1999): 686-762. Male, Julian. “Cross-Border Insolvency Harmonizing Treaties Becoming Important.” Asia Pacific Housing Journal 13 (2010): 79-83. Omar. Paul J. “Cross-border Jurisdiction and Assistance in Insolvency: the Position of Malaysia and Singapore” , Potchefstroome Elektroniese Regsblad 11 (JanuaryMarch 2008): 40-55. Westbrook, Jay. “Global Solution to Multinational Default.” Michigan Law Review 98 (2000): 2276-2328 2 Websites Amindoni, Ayo ,.“Public Awareness of AEC Remains L” .” http://www.thejakartapost. com/news/2015/12/02/public-awareness-aec-remains-low.ht, .accessed 5 December 201. The Brunei Tim, .“ASEAN Economic Community Launch” .” http://www.bt.com.bn/ business-asia/2015/11/23/asean-economic-community-launch, aAccessed5 December 2016 Deloit, .”The ABC of AEC. To 2015 and beyond”,http://www2.deloitte.com/content/ dam/Deloitte/my/Documents/about-deloitte/sea-about-the-abc-of-aecnoexp.p d Accesse on1 November 201. Kawai, , and K. Naknoi. “ASEAN Economic Integration through Trade and Foreign Direct Investment: Long-Term Challenges.”ADBI Working Paper 54, http:// www.adb.org/publications/asean-economic-integration-through-trade-andforeign-direct-investment-long-term/ aAccessed 28 November 2016

Download

Share

COinS