Research Paper
Year: 2018 | Month: November | Volume: 5 | Issue: 11 | Pages: 61-69
Legal Politics of Establishment of Letters and Delivery Laws of Debt Payment Liabilities
Ida Nadirah1,2, Bismar Nasution1, Sunarmi1, Budiman Ginting1
1Faculty of Law, University of Sumatera Utara, Jalan Universitas Kampus USU, Medan, Indonesia 20155
2Faculty of Law, University of Muhammadiyah Sumatera Utara, Jalan Mukhtar Basri, Medan, Indonesia
Corresponding Author: Ida Nadirah
ABSTRACT
This research aims to explain the legal policy in the formation of bankruptcy laws and the postponement of debt payment obligations. Based on the normative approach using secondary data it can be concluded that before the Law No. 34 of 2007 concerning bankruptcy and postponement of the obligation to pay debts, the problem of bankruptcy in the company is regulated in Law No. 4 of 1998 and Perpu No. 1 of 1998 which is a mere translation of faillisementverordening (S. 1905 No. 217 jo S. 1906 No. 348) the Dutch bankruptcy law of bankruptcy law which is less popular among Indonesian society because of its dualism meaning it originally only applies to European and Eastern groups; foreigners are not for the natives, the bankruptcy process which takes a long time, is complicated and expensive. The occurrence of the monetary crisis in Indonesia in 1998 caused many private and state companies to experience bankruptcy. To overcome the monetary crisis and at the urging of the international world, especially the International Monetary Fund (IMF), a new Bankruptcy Law was formed in addition to overcoming bankruptcy problems, protecting foreign investors in Indonesia as well as anticipating free markets in the era of economic globalization in order to achieve justice and prosperity for all Indonesians as mandated by the 1945 Constitution.
Key words: Legal Politics, Bankruptcy Law and Delaying Debt Payment Obligations
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