TITLE:
The Curator’s Role and Expertise in Managing Bankrupt Estates Amid Conflict
AUTHORS:
Markoni , Willy Arafah
KEYWORDS:
Bankruptcy Reform, Business Continuity, Curator Role, Debt Restructuring
JOURNAL NAME:
Open Journal of Social Sciences,
Vol.12 No.10,
October
18,
2024
ABSTRACT: This study investigates legal reforms in bankruptcy, focusing on the principle of business continuity in debt restructuring cases. By applying this principle, debtors can restructure their debts, facilitating peaceful settlements that enhance the economic value of the debtor companies. The increase in economic value benefits both debtors and creditors. Financial difficulties have become a significant global challenge, often resulting in corporate bankruptcies that disrupt financial institutions and economic stability. The 1997 Asian financial crisis underscored the need for improved bankruptcy procedures. Early detection of financial distress can help stakeholders prevent future losses. The curator is responsible for collecting, securing and managing all assets belonging to the debtor who has been declared bankrupt. This research also explores the curator’s role in resolving bankruptcy cases and reducing conflicts in accordance with existing laws. Additionally, it examines how corporate governance, ownership structures, and risk management influence bankruptcy outcomes. A comprehensive approach is essential to ensure fair asset distribution during bankruptcy, especially in complex cases involving disputed assets, such as land. The curator’s actions, guided by Indonesia’s Law No. 37 of 2004 on Bankruptcy, play a key role in ensuring transparency, fairness, and legal compliance throughout the process. The study concludes with recommendations to enhance mediation and legal procedures for effectively resolving land disputes in bankruptcy cases, ensuring a fair resolution for all stakeholders involved.