Going Concern Assessment Reform in Bankruptcy: Preventing Premature Liquidation and Protecting Employment
DOI:
https://doi.org/10.15294/jphi.v9i2.59494Keywords:
Suspension of Debt Payment Obligations, Going Concern Assessment System, Legal Framework, Poverty Eradication, Business ContinuityAbstract
Bankruptcy and postponement of debt repayment obligations in Indonesia face problems in the application of the going concern principle because the debtor's business sustainability has not been the basis for an objective assessment in determining restructuring or liquidation. The PKPU system, which relies on creditor voting weighted by receivable value, has the potential to entrench majority-creditor dominance and disregard the commercial viability of a debtor whose business is still worth preserving. This study aims to analyze the weaknesses of the regulation of the principle of going concern in the bankruptcy system and PKPU and formulate a reform model through the application of Going Concern Assessment System. This study uses normative legal research methods with a legislative, conceptual, and comparative legal approach through a study of settings in Indonesia, The Netherlands, Germany, the United States, and the United Kingdom. The findings indicate that Indonesian bankruptcy law has not provided an independent and objective assessment mechanism to distinguish debtors who are experiencing temporary financial difficulties from debtors who are structurally no longer fit to maintain their businesses. Therefore, it is necessary to integrate the Going Concern Assessment System within the PKPU framework based on financial condition, business prospects, recovery capabilities, and professional supervision. The reforms are expected to prevent premature liquidation, protect workers and supply chains, maintain economic value, and support the achievement of the Sustainable Development Goals.
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