Author
Mr Muhammad Rizqi Alfarizi Ramadhan
Organisation/Institution
University of Malaya, Faculty of Law
Country
MALAYSIA
Panel
Bankruptcy
Title
DUTIES AND AUTHORITIES OF THE CURATOR IN THE SETTLEMENT OF CROSS BORDER INSOLVENCY ASSETS
Abstract
Effective from the date the bankruptcy decision is issued, the curator is authorized to manage and/or liquidate the bankrupt estate, even if the decision is subject to cassation or judicial review (Article 16 paragraph (1) of the Bankruptcy and Suspension of Debt Payment Obligations Law). According to Article 69 paragraph (1), the duties and authority of the curator are to manage and/or settle bankrupt assets, which include: salvaging, managing, securing, and selling bankrupt assets. In principle, the duties and authority of the curator in managing and/or settling bankrupt assets are divided into three stages: the inventory stage, the verification stage, and the settlement stage of bankrupt assets. As for the bankrupt estate assets located outside the territory of the Republic of Indonesia, they are regulated in Part Two, Chapter Ten of the KPKPU Law on International Provisions. When a bankrupt debtor has assets located outside the jurisdiction of Indonesia, cross-border bankruptcy applies. Curators often encounter obstacles related to the settlement of bankrupt estates located abroad, because the provisions in the KPKPU Law have not clearly, detailedly, and comprehensively regulated cross-border bankruptcy arrangements. Cross-border bankruptcy issues are constrained by the principle of territorial jurisdiction, as each country has full sovereignty to apply jurisdiction related to property and persons, as well as civil and criminal legal matters within its territorial boundaries. Provisions of Article 436 of the Reglement Burgelijke Rechtverordering (RV), foreign court decisions cannot be enforced within the territory of the Republic of Indonesia, likewise, decisions of district courts or commercial courts in Indonesia cannot be enforced outside the jurisdiction of Indonesia. The absence of a bilateral agreement between Indonesia and foreign countries regarding cross-border bankruptcy, create difficulties for the curator in managing and settling the bankrupt estate assets located outside the territory of the Republic of Indonesia.
Biography
Rizqi is a Ph.D. of Law student in Faculty of Law, University of Malaya, his dissertation focuses on “The Legal Politics of The Protection on Mining and Natural Resources Digital and Artificial Intelligence Data: A Foundation for the National Security Law of Indonesia”. His research focused on Privacy and Data Protection Law, Cyber Law, Information and Technology Law, and Natural Resources Law. In past 5 years, Rizqi involved in several research programs. The topics are Application of Positive Fictitious as Objects of State Administration Disputes after the Enforcement of the Job Creation Act 2021 (2021), Expansion of State Administrative Court Competencies and Objects of State Administration Dispute After Enactment of Government Administrative Act and Supreme Court Rules 2 of 2019 (2020), Implementation of E-Court in Online Case Registration in District Courts According to PERMA Number 3 of 2018 Concerning Administration of Cases in Courts Electronically and E-Litigation According to PERMA Number 1 of 2019 (Studies in District Courts in Indonesia) (2019). His internasional publications are Urgency of Legal Arrangement Procedure For Objection Application of The Third-Party Assets Confiscated by The State In The Criminal Acts of Corruption (2023), Comparison of Implementation Electronic Mediation In Indonesia And Malaysia (2023), and Expansion of The Objects of State Administrative Disputes after the Enactment of Law Number 30 of 2014 Concerning Government Administration and Supreme Court Resolution Number 2 of 2019 Concerning Guidelines for the Resolutions and Authority to Adjudicate Unlawful Conducts by Government Agencies or Officials (Onrechtmatige Overheidsdaad) (2021).
