Provisions for Separatist Creditors in Executing Rights and Obligations After an Insolvention Situation
Abstract
Implementation of the execution rights of separatist creditors from the perspective of the Bankruptcy Law and PKPU, as well as the application of time limits for the implementation of the execution rights of separatist creditors based on Article 59 paragraphs (1) and (2) of the Bankruptcy Law and PKPU. The object of special collateral held by separatist creditors is part of the bankruptcy assets starting from the time the bankruptcy declaration decision is pronounced, so that its execution is not unaffected by the bankruptcy process. Separatist creditors must begin implementation within two months of insolvency. When the execution has been completed, the separatist creditor is obliged to provide an accountability report to the curator. If there are remaining proceeds from the sale of material collateral, then this portion must be handed over to the curator to be distributed to other creditors. Determining the start and completion of separatist creditors' rights of execution is strictly regulated in the Bankruptcy Law and PKPU, however, when separatist creditors are deemed to have stopped or no longer exercise their rights, there is no definite benchmark.
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DOI: http://dx.doi.org/10.18415/ijmmu.v11i6.5836
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