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Abstract

Indonesia’s bankruptcy law, as regulated by Law No. 37 of 2004, allows debtors to be declared bankrupt based solely on the existence of two creditors and one unpaid debt, without requiring a substantive assessment of their financial health, raising concerns about fairness, legal certainty, and economic impact. This thesis investigates whether predictive financial models such as the Altman Z-Score can be integrated into Indonesia’s legal framework to improve early detection and prevention of corporate insolvency. The central question is how these models can be legally recognized and implemented, and what challenges or reforms are necessary to facilitate their use. Employing a normative juridical method and comparative study with jurisdictions like Germany, the UK, and Singapore, the research finds that financial models could have foreseen cases like PT Sritex’s bankruptcy and enabled earlier intervention. The study concludes that integrating such models would create a more balanced, preventive, and transparent bankruptcy process, while recommending specific regulatory and institutional reforms.

Bahasa Abstract

Undang-Undang Kepailitan Indonesia, yang diatur oleh Undang-Undang Nomor 37 Tahun 2004, memungkinkan debitur dinyatakan pailit hanya berdasarkan adanya dua kreditor dan satu utang yang belum dibayar, tanpa memerlukan penilaian substantif terhadap kesehatan keuangan mereka, yang menimbulkan kekhawatiran tentang keadilan, kepastian hukum, dan dampak ekonomi. Tesis ini menyelidiki apakah model keuangan prediktif seperti Altman Z-Score dapat diintegrasikan ke dalam kerangka hukum Indonesia untuk meningkatkan deteksi dini dan pencegahan kebangkrutan korporasi. Pertanyaan utama adalah bagaimana model-model ini dapat diakui secara hukum dan diimplementasikan, serta tantangan atau reformasi apa yang diperlukan untuk memfasilitasi penggunaannya. Dengan menggunakan metode yuridis normatif dan studi perbandingan dengan yurisdiksi seperti Jerman, Inggris, dan Singapura, penelitian ini menemukan bahwa model keuangan dapat memprediksi kasus seperti kebangkrutan PT Sritex dan memungkinkan intervensi lebih awal. Studi ini menyimpulkan bahwa integrasi model-model tersebut akan menciptakan proses kebangkrutan yang lebih seimbang, preventif, dan transparan, sambil merekomendasikan reformasi regulasi dan institusional spesifik.

References

  1. A. Regulations

Law concerning Bankruptcy and Suspension of Debt Payment Obligations. Law Number 37 of 2004, Gazette Year 2004 No. 131. Additional Gazzete No. 4443.

Law concerning Limited Liability Companies. Law Number 40 of 2007. Gazette Year 2007 No. 106. Additional Gazzete No. 4756.

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Semarang District Court. Decision No. 2/Pdt.Sus-Homologasi/2024/PN Niaga Smg. Pt. Indo Bharat Rayon Vs. Pt. Sri Rejeki Isman, Tbk, Et Al. (2024).

Central Jakarta Commercial Court. Decision No. 48/PAILIT/2012/PN.NIAGA.JKT.PST. PT. Telekomunikasi Selular vs PT. Prima Jaya Informatika (2012).

Supreme Court. Cassation Decision No. 704 K/Pdt.Sus/2012. PT. Telekomunikasi Selular vs PT. Prima Jaya Informatika (2012).

  1. C. International Documents

Singapore, Insolvency, Restructuring, and Dissolution Act 2018 (IRDA).

Section 15a, Division 1 Conditions and Procedure for Opening of Proceedings, Part 2 Opening of Insolvency Proceedings, Insolvency Code (Insolvenzo,nung – InsO), Insolvency Code of 5 October 1994 (Federal Law Gazette I, p. 2866), as last amended by Article 2 of the Act of 7 May 2021 (Federal Law Gazette I p. 850).

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