Legal Protection for Creditors in Suspension of Debt Payment Obligations (PKPU): A Critique of the Implementation of Law Number 37 of 2004 on Bankruptcy

Abstrak

Ideally, the process of Suspension of Debt Payment Obligations (PKPU) within the Indonesian legal system functions as a fair mechanism to protect the rights of creditors while providing debtors with an opportunity to settle their debts without undergoing bankruptcy. However, in reality, the implementation of the PKPU mechanism often results in an imbalance of power between creditors and debtors, thereby posing serious challenges to the legal protection of creditors. This article aims to critically examine the effectiveness of legal protection for creditors in the PKPU process and to evaluate the implementation of Law Number 37 of 2004 on Bankruptcy and Suspension of Debt Payment Obligations in ensuring legal certainty and justice. This research is categorized as a literature-based study using a qualitative approach, and the methodology employed is normative legal research. The findings conclude that legal protection for creditors in the PKPU process remains suboptimal, as indicated by the weak bargaining position of creditors in PKPU forums, the lack of objective standards for assessing the feasibility of peace plans, and ineffective oversight of court decision enforcement. The implementation of Law Number 37 of 2004 is deemed unresponsive to the dynamics of the modern economy, as it still suffers from normative gaps and institutional weaknesses that lead to legal uncertainty and significant potential losses for creditors.