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Legal Frameworks and Advocacy in Bankruptcy Restructuring: A Comparative Analysis of Financial Service Authorities in Indonesia and the United States

Indonesian Journal of Advocacy and Legal Services · Vol. 7 No. 1 (2025) · hlm. 255–290

DOI
10.15294/ijals.v7i1.13909
ISSN
2686-2611, 2686-2085
Terbit
2025-07-20
Penerbit
Universitas Negeri Semarang
Bahasa
eng
Lisensi
creativecommons.org/licenses/by-nc-sa/4.0

Abstrak

Bankruptcy is one of the options available for debtors to resolve financial difficulties when the debtor is unable or is estimated to be unable to pay the obligations owed to the debtor's creditors which are due and billed. Everyone seeking justice must follow certain procedures, including bankruptcy and suspension of debt repayment obligations. The application for bankruptcy and suspension of debt payment obligations is the first step, followed by a decision to declare bankruptcy and suspension of debt payment obligations, as well as all legal remedies. OJK has issued a Credit Restructuring Policy based on Financial Services Authority Regulation Number 11/POJK.03/2020 concerning Economic Stimulus as a Countercyclical Policy for the Impact of the 2019 Coronavirus. This procedure will require debtor restructuring to avoid bankruptcy, either through debt restructuring or corporate restructuring. The purpose of this study is to obtain an overview of the implementation of restructuring in the process of bankruptcy and payment delays, as well as a reference for maximizing debtor restructuring plans. This study finds that debt restructuring and deferred payments are mostly debt restructuring and begin with a settlement plan. Rescheduling consists of selling assets, acquiring new equity, and engaging in debt-to-equity swaps. When the debtor arranges a plan restructuring, fixation begins. Some of the main causes are debtors' misunderstandings about how to use the restructuring plan. Furthermore, in other situations, the implementation of the restructuring may fail due to the debtor's inability to manage the business and its obligations.

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  • Sebelas Maret University
  • Universidade de Díli
  • Universitas Slamet Riyadi
  • Institut Sains dan Teknologi Al-Kamal
  • Universidade da Paz
  • Universiti Utara Malaysia
  • Islamic University of Riau
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Rekan penulisOrganisasiArtikel bersama
Ismawati SeptiningsihSebelas Maret University5
Jose Gama SantosUniversidade da Paz4
Dara Pustika SukmaSebelas Maret University2
Hari PurwadiSebelas Maret University2
Arsyad AldyanSebelas Maret University2
Muhammad RustamajiSebelas Maret University2
Heri Kristianus HartantoSebelas Maret University1
Zakki AdlhiyatiSebelas Maret University1
Acácio FernandesUniversidade de Díli1
Bambang SantosoSebelas Maret University1
Bambang SantosoSebelas Maret University1
Umi Khaerah PatiSebelas Maret University1
Mohamad Hanapi MohamadUniversiti Utara Malaysia1
Samuel Bintang RobbySebelas Maret University1
Acacio FernandesUniversidade de Díli1
Sahat Poltak SiallaganSebelas Maret University1
Jamal WiwohoSebelas Maret University1
Arief SuryonoSebelas Maret University1
Jaco BarkhuizenUniversity of Limpopo1
Rian SaputraUniversitas Slamet Riyadi1
Tiara TiolinceUniversitas Slamet Riyadi1
M ZaidIslamic University of Riau1
Emmy LatifahSebelas Maret University1
Muhammad SyaifulAl-Mustafa International University1
Ismail RumadanNational Research and Innovation Agency1
Triyono Adi SaputroMuhammadiyah University of Surakarta1
Abdul Kadir JaelaniSebelas Maret University1
Mulyanto MulyantoSebelas Maret University1
Dinda ApriliaSebelas Maret University1
Isharyanto IsharyantoSebelas Maret University1
Hartiwiningsih HartiwiningsihSebelas Maret University1
Novi Rizka PermatasariSebelas Maret University1
Yapiter MarpiSebelas Maret University1
Rini YanuartiAfiliasi tidak diketahui1
Dwi Citra SeptianaInstitut Sains dan Teknologi Al-Kamal1
Nurfitriyana NurfitriyanaInstitut Sains dan Teknologi Al-Kamal1

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Sumber metadata: OAI-PMH (metadata jurnal) https://journal.unnes.ac.id/journals/ijals/oai, pertama di-harvest 5 Nov 2026, terakhir terlihat 8 Nov 2026.
Metadata asli (oai_dc) 
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	<dc:title xml:lang="en">Legal Frameworks and Advocacy in Bankruptcy Restructuring: A Comparative Analysis of Financial Service Authorities in Indonesia and the United States</dc:title>
	<dc:creator xml:lang="en">Kurniawan, Itok Dwi</dc:creator>
	<dc:creator xml:lang="en">Suwadi , Pujiyono</dc:creator>
	<dc:creator xml:lang="en">Soehartono , Soehartono </dc:creator>
	<dc:creator xml:lang="en">Fernades, Acacio</dc:creator>
	<dc:subject xml:lang="en">Debt Restructuring</dc:subject>
	<dc:subject xml:lang="en">Bankruptcy</dc:subject>
	<dc:subject xml:lang="en">Debt Payment Delay</dc:subject>
	<dc:description xml:lang="en">Bankruptcy is one of the options available for debtors to resolve financial difficulties when the debtor is unable or is estimated to be unable to pay the obligations owed to the debtor's creditors which are due and billed. Everyone seeking justice must follow certain procedures, including bankruptcy and suspension of debt repayment obligations. The application for bankruptcy and suspension of debt payment obligations is the first step, followed by a decision to declare bankruptcy and suspension of debt payment obligations, as well as all legal remedies. OJK has issued a Credit Restructuring Policy based on Financial Services Authority Regulation Number 11/POJK.03/2020 concerning Economic Stimulus as a Countercyclical Policy for the Impact of the 2019 Coronavirus. This procedure will require debtor restructuring to avoid bankruptcy, either through debt restructuring or corporate restructuring. The purpose of this study is to obtain an overview of the implementation of restructuring in the process of bankruptcy and payment delays, as well as a reference for maximizing debtor restructuring plans. This study finds that debt restructuring and deferred payments are mostly debt restructuring and begin with a settlement plan. Rescheduling consists of selling assets, acquiring new equity, and engaging in debt-to-equity swaps. When the debtor arranges a plan restructuring, fixation begins. Some of the main causes are debtors' misunderstandings about how to use the restructuring plan. Furthermore, in other situations, the implementation of the restructuring may fail due to the debtor's inability to manage the business and its obligations.</dc:description>
	<dc:publisher xml:lang="en">Universitas Negeri Semarang</dc:publisher>
	<dc:date>2025-07-20</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
	<dc:type>info:eu-repo/semantics/publishedVersion</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://journal.unnes.ac.id/journals/ijals/article/view/13909</dc:identifier>
	<dc:identifier>10.15294/ijals.v7i1.13909</dc:identifier>
	<dc:source xml:lang="en">Indonesian Journal of Advocacy and Legal Services; Vol. 7 No. 1 (2025): The Global Challenges on Advocacy and Law Enforcement; 255-290</dc:source>
	<dc:source>2686-2611</dc:source>
	<dc:source>2686-2085</dc:source>
	<dc:source>10.15294/ijals.v7i1</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://journal.unnes.ac.id/journals/ijals/article/view/13909/5025</dc:relation>
	<dc:rights xml:lang="en">Copyright (c) 2025 Itok Dwi Kurniawan, Pujiyono Suwadi , Soehartono  Soehartono , Acacio Fernades (Author)</dc:rights>
	<dc:rights xml:lang="en">https://creativecommons.org/licenses/by-nc-sa/4.0</dc:rights>
</oai_dc:dc>