Challenges in Implementing PKPU

Oct 13, 2025 by windailys.com 68 views

Implementation of Postponement of Debt Payment Obligations (PKPU) and its Benefits for Debtor and Creditors: Case Study at the Central Jakarta Commercial Court

Introduction

Bankruptcy of a company is often a scourge that is not desirable by many parties. Not only debtors and creditors who feel their impact, but also various elements of society such as distributors, retailers, and buyers, both from within and outside the country. In addition, the termination of employee employment (layoffs), loss of products for consumers, and state income losses from the tax sector are the continued impact of bankruptcy. Thus, bankruptcy can trigger greater economic problems, and not just a matter of bokedel and debtor rehabilitation.

The Role of Bankruptcy Law in Indonesia

Bankruptcy Law in Indonesia, both in the form of Faillisement Verordening STB. 1905 No. 217 and Perpu No. 1 of 1998 which was amended to Law No. 4 of 1998 and finally amended by Law No. 37 of 2004, not only regulates bankruptcy but also delay of debt payment obligations (PKPU). PKPU functions as a moratorium that gives the debtor time to postpone debt payments, so the company does not directly enter bankruptcy.

The Importance of PKPU in Preventing Bankruptcy

In the context of the economic crisis that hit Indonesia since mid-1997, many companies are predicted to experience bankruptcy. Therefore, it is important to examine the extent to which PKPU can play a role as an effort to save companies from bankruptcy and in restructuring and reorganizing the company so that no party is harmed. Commercial Court, which was formed based on Perpu No. 1 of 1998, played an important role in this dispute resolution mechanism with the aim of carrying out a fair, fast, and transparent process.

Methodology

In this study, the method used was normative juridical with a case study of several PKPU submissions in the Central Jakarta Commercial Court. Interviews with the curator and management involved in PKPU were also carried out to get a deeper perspective. From the data analysis conducted, it was found that the PKPU submission was quite useful to prevent bankruptcy. However, there are several challenges that must be faced, including:

Challenges in Implementing PKPU

1. Debtor Commitment

Often, there are problems related to good faith from the debtor in applying for PKPU. This commitment is very important so that the PKPU process runs effectively and can achieve restructuring goals.

2. Formulation of Peace Plan

Difficulty in reaching an agreement between the debtor and the creditor regarding the peace plan (composition plan) is one of the obstacles. This plan must be approved by the Commercial Court to be implemented.

3. Understanding the Principle of Restructuring

There is still a lack of understanding of the principles of restructuring and reorganization in the company. This can cause companies that submit PKPU to remain in the bankruptcy decision.

Conclusion

In conclusion, although PKPU has significant benefits in an effort to prevent the company's bankruptcy, the challenges that must be overcome with a strong commitment from all parties involved. With a good understanding of the restructuring process, it is expected that PKPU can be more effective in maintaining the sustainability of the company and protecting the interests of various related parties.

Recommendations

Based on the findings of this study, the following recommendations are made:

Improving Debtor Commitment: The debtor must demonstrate good faith in applying for PKPU, and the Commercial Court must ensure that the debtor's commitment is met.
Enhancing Formulation of Peace Plan: The debtor and creditor must work together to formulate a peace plan that is acceptable to both parties, and the Commercial Court must ensure that the plan is implemented effectively.
Increasing Understanding of Restructuring Principles: The Commercial Court, debtor, and creditor must work together to increase understanding of the principles of restructuring and reorganization in the company.

By implementing these recommendations, it is expected that PKPU can be more effective in preventing bankruptcy and maintaining the sustainability of the company.
Frequently Asked Questions (FAQs) about Postponement of Debt Payment Obligations (PKPU)

Q: What is Postponement of Debt Payment Obligations (PKPU)?

A: PKPU is a moratorium that gives the debtor time to postpone debt payments, so the company does not directly enter bankruptcy. It is a mechanism provided by the Bankruptcy Law in Indonesia to help companies in financial difficulties.

Q: What are the benefits of PKPU?

A: The benefits of PKPU include:

Preventing Bankruptcy: PKPU can help prevent a company from entering bankruptcy, which can have severe consequences for the company, its employees, and its creditors.
Reorganizing the Company: PKPU can provide the company with time to reorganize its finances and operations, which can help it recover from financial difficulties.
Protecting the Interests of Creditors: PKPU can help protect the interests of creditors by ensuring that they receive a fair share of the company's assets.

Q: Who can apply for PKPU?

A: Any company that is experiencing financial difficulties and is at risk of bankruptcy can apply for PKPU. The company must demonstrate that it is unable to pay its debts and that PKPU is necessary to prevent bankruptcy.

Q: What is the process of applying for PKPU?

A: The process of applying for PKPU involves the following steps:

Filing a Petition: The company must file a petition with the Commercial Court to apply for PKPU.
Providing Financial Information: The company must provide financial information to the Commercial Court, including its balance sheet, income statement, and cash flow statement.
Developing a Restructuring Plan: The company must develop a restructuring plan that outlines how it will reorganize its finances and operations.
Obtaining Approval from the Commercial Court: The company must obtain approval from the Commercial Court to implement the restructuring plan.

Q: What are the challenges of implementing PKPU?

A: The challenges of implementing PKPU include:

Debtor Commitment: The debtor must demonstrate good faith in applying for PKPU, and the Commercial Court must ensure that the debtor's commitment is met.
Formulation of Peace Plan: The debtor and creditor must work together to formulate a peace plan that is acceptable to both parties, and the Commercial Court must ensure that the plan is implemented effectively.
Understanding the Principle of Restructuring: The Commercial Court, debtor, and creditor must work together to increase understanding of the principles of restructuring and reorganization in the company.

Q: What is the role of the Commercial Court in PKPU?

A: The Commercial Court plays a crucial role in PKPU by:

Reviewing the Petition: The Commercial Court reviews the petition to determine whether the company is eligible for PKPU.
Approving the Restructuring Plan: The Commercial Court approves the restructuring plan and ensures that it is implemented effectively.
Monitoring the Company's Progress: The Commercial Court monitors the company's progress and ensures that it is meeting its obligations under the restructuring plan.

Q: What are the consequences of failing to implement PKPU?

A: The consequences of failing to implement PKPU include:

Bankruptcy: If the company fails to implement PKPU, it may enter bankruptcy, which can have severe consequences for the company, its employees, and its creditors.
Loss of Assets: If the company fails to implement PKPU, it may lose its assets, which can have severe consequences for the company and its creditors.
Damage to Reputation: If the company fails to implement PKPU, it may damage its reputation, which can have severe consequences for the company's future prospects.