Rethinking Indebtedness according to the Principles of Justice and Equality
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Dec 20, 2022
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Abstract
The law's objective is to uphold the principle of justice. Contractual debts, interest-bearing debts, unsecured debts, and debts with payment terms are all included in restructuring plans. All debts must be accompanied by a contract. If the business defaults, the contract serves as proof of debt. This research focuses on Indonesia's bankruptcy law. This study employs an empirical qualitative legal method. The study recommends categorizing debt according to its source, duration, function, and collateral. Debts classified as restructuring must waive their collateral rights. This debt grouping is consistent with finance's capital structure theory. This research will revolutionize the current concept of debt restructuring. The study will serve as a resource for all business actors who have documented debt. Debt is uncommon in developing countries such as Indonesia. Entrepreneurs in developing countries have established business relationships based on mutual trust. The study's limitation is that it does not take industry type into account. Additionally, this research has implications for a firm's total cost of capital as a result of changes in the risk model and creditor roles, particularly in developing countries. This study proposes a system of debt classification based on principles of justice and equity. This classification is made not only on the basis of the guarantee's type, but also on the basis of the agreement's duration and financial principles. The purpose of this study is to examine bankruptcy law in developing countries. Knowledge of bankruptcy law will add value to investors and banks on a global scale.
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Johan, S., Sudiro, A., Gunadi, A., & Luo, Y. Y. (2022). Rethinking Indebtedness according to the Principles of Justice and Equality. Lex Scientia Law Review, 6(2), 443-478. https://doi.org/10.15294/lesrev.v6i2.55011
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Calcagnini, G, and F Farabullini G Giombini. “Loans , Interest Rates and Guarantees : Is There a Link ?,” 2009. https://www.researchgate.net/profile/Giorgio-Calcagnini/publication/46476976_Loans_Interest_Rates_and_Guarantees_Is_There_a_Link/links/09e4150b7132b3d339000000/Loans-Interest-Rates-and-Guarantees-Is-There-a-Link.pdf.
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Chen, Xia, Zhe Ma, Jiayu Shi, Binyang Tu, and Songtao Xu. “Corporate Social Responsibility and Financial Statement Comparability: Evidence from China.” Journal of Asian Finance, Economics and Business 7, No. 11 (2020): 001–011. https://doi.org/10.13106/jafeb.2020.vol7.no11.001.
Christiano, Thomas. “Equality, Fairness and Agreements.” Journal of Social Philosophy Special Is (2013). https://www.tse-fr.eu/sites/default/files/medias/stories/sem_12_13/IAST/paper_christiano.pdf.
Ciongaru, Emilian. “The Principle of Separatio of Powers - Contitutional.” Challenge of the Knowledge Society, PUblic Law, 2017, 411–15. https://www.bib.irb.hr.
Fortune. “Companies Filing Bankruptcy during COVID: List of Top Companies That Filed for Chapter 11 amid Coronavirus Pandemic.” Fortune, 2020. https://fortune.com/2020/08/04/companies-filing-bankruptcy-2020-due-to-covid-list-filed-chapter-11-coronavirus-pandemic/.
García-Santillán, Arturo. “An Algorithm to Renegotiate Debt through Equivalent Equations and Transaction Costs: A Proposal for the Field of Financial Education.” International Electronic Journal of Mathematics Education 14, No. 1 (2019): 123–36. https://doi.org/10.12973/iejme/3981.
Halim, Henry. “Asas Keadilan dalam Syarat Sahnya Perjanjian Dalam Pasal 1320 KUH Perdata.” Jurnal Ilmu Administrasi Negara & Bisnis 3, No. 2 (2018): 1–12. http://jurnal.stiaindragiri.ac.id/site/index.php/jiaganis/article/view/93.
Hapsari, Dwi Ratna Indri, and Kukuh Dwi Kurniawan. “Consumer Protection in the Banking Credit Agreement in Accordance with the Principle of Proportionality under Indonesian Laws.” Fiat Justisia: Jurnal Ilmu Hukum 14, No. 4 (2020): 337. https://doi.org/10.25041/fiatjustisia.v14no4.1884.
Haqqi, Ty. “15 Biggest Companies That Went Bankrupt,” 2021. https://finance.yahoo.com/news/15-biggest-companies-went-bankrupt-094001224.html.
Hunter, Richard Jr, and John H Shannon. “Managing Financial Stress for Debtors and Creditors in the Midst of a Pandemic Part II: Bankruptcy.” International Journal of Business Management and Commerce 5, No. 3 (2020): 11–20. http://ijbmcnet.com/images/Vol5No3/1.pdf.
Hussain Shah, Mumtaz, and Atta Ullah Khan. “Factors Determining Capital Structure of Pakistani Non-Financial Firms.” International Journal of Business Studies Review (IJBSR) 2,No. 1 (2017): 46–59.
Imanullah, M. Najib. “Equalizing the Bank Position and Businesses in Credit Agreement With TheGuarantee of Mortgage.” Yustisia 7, No. 1 (2018): 173–89. https://pdfs.semanticscholar.org/f8a8/f7742ceb721f288a9d4d40c70c259b9ca89d.pdf.
Irayadi, Muhammad. “Asas Keseimbangan dalam Hukum Perjanjian.” Jurnal HERMENEUTIKA 5, No. 1 (2021): 1–6. https://doi.org/10.33603/hermeneutika.v5i1.4910.
Johan, Suwinto. “Potential Systemic Risk Effects of Credit Relaxation in The Financial Industry as The Effect The COVID-19.” Jurnal Manajemen Bisnis Dan Kewirausahaan 4, No. 4 (2020): 87–93. https://doi.org/10.24912/jmbk.v4i4.8661.
———. “Sanctions in Financial Services, Developing A Conducive Financial Industry In Indonesia.” Humaniora 13, No. 1 (2022): 9–15. https://doi.org/10.21512/humaniora.v10i3.5874.
———. “Separatist Creditors Problems on Postponement of Debt Payment Obligations Based on the Supreme Court’s Decree Number 30/KMA/SK/I/2020.” Fiat Justisia: Jurnal Ilmu Hukum 15, No. 3 (2021): 207–20. https://doi.org/10.25041/fiatjustisia.v15no3.1956.
Johan, Suwinto, and Ariawan. “Consumer Protection In Financial Institutions.” Legality : Jurnal Ilmiah Hukum 29, No. 2 (2021): 173–83. https://doi.org/10.22219/ljih.v29i2.16382.
Johan, Suwinto, and Ariawan Ariawan. “Keterbukaan Informasi UU Pasar Modal Menciptakan Asymmetric Information Dan Semi Strong Form.” Masalah-Masalah Hukum 50, No. 1 (2021): 106–18. https://doi.org/10.14710/mmh.50.1.2021.106-118.
Kupita, Weda. “State Administrative Court as a Means to Realize Justice.” SHS Web of Conferences 54 (2018): 03007. https://doi.org/10.1051/shsconf/20185403007.
Le, Chau H.A., and Hieu L. Nguyen. “Collateral Quality and Loan Default Risk: The Case of Vietnam.” Comparative Economic Studies 61, No. 1 (2019): 103–18. https://doi.org/10.1057/s41294-018-0072-6.
Marzuki, Mahmud. Penelitian Hukum: Edisi Revisi - Prof. Revisi. Jakarta: Kencana Prenada Media Grup, 2017. https://www.google.co.id/books/edition/Penelitian_Hukum/CKZADwAAQBAJ?hl=id&gbpv=1&dq=Penelitian+Hukum:+Edisi+Revisi&printsec=frontcover.
Mcalinden, Sean P, and Yen Chen. “After the Bailout: Future Prospects for the U.S. Auto Industry.” Center for Automotive Research, no. December 2012 (2012). http://www.cargroup.org/wp-content/uploads/2017/02/AfterˇtheˇBailoutˇFutureˇProspectsˇforˇtheˇU.S.ˇ-AutoˇIndustry.pdf.
Nasution, Bahder Johan. “Kajian Filosofis Tentang Hukum Dan Keadilan Dari Pemikiran Klasik Sampai Pemikiran Modern.” Al-Ihkam: Jurnal Hukum & Pranata Sosial 11, No. 2 (2017): 247. https://doi.org/10.19105/al-ihkam.v11i2.936.
Nasyiah, Iffaty. “Potential Criminal Action in Shadow Banking Practice.” Proceedings of the International Conference on Engineering, Technology and Social Science (ICONETOS 2020) 529, No. Iconetos 2020 (2021): 128–33. https://doi.org/10.2991/assehr.k.210421.020.
Ngala, Justus, Nazeem Ansary, and Olanrewaju Abdul. “Determinants of Bridging Loan among Small and Medium Sized Enterprises in the South African Construction Industry.” University of Johannesburg, 2017. https://doi.org/10.15224/978-1-63248-131-3-67.
Nurudin, Agus. “Bankruptcy and Postponement of Debt Payments for Large Companies.” International Journal of Economics and Business Administration VIII, No. Issue 2 (2020): 388–95. https://doi.org/10.35808/ijeba/469.
Pandise, Emily. “One Year into Pandemic, Main Street Bankruptcies Continue.” NBC News, 2020. https://www.nbcnews.com/business/consumer/which-major-retail-companies-have-filed-bankruptcy-coronavirus-pandemic-hit-n1207866.
Payne, Jennifer. “The Role of the Court in Debt Restructuring.” Cambridge Law Journal 77, No. 1 (2018): 124–50. https://doi.org/10.1017/S0008197318000016.
Prasnowo, Aryo Dwi, and Siti Malikhatun Badriyah. “Implementasi Asas Keseimbangan Bagi Para Pihak Dalam Perjanjian Baku.” Jurnal Magister Hukum Udayana (Udayana Master Law Journal) 8, No. 1 (2019): 61. https://doi.org/10.24843/jmhu.2019.v08.i01.p05.
Pribadi, Deny Slamet. “Penerapan Asas Proporsionalitas/Berimbang Dalam Perjanjian Kemitraan.” Yuriska : Jurnal Ilmiah Hukum 10, No. 1 (2018): 29. https://doi.org/10.24903/yrs.v10i1.265.
Rahmatullah, Indra. “Filsafat Realisme Hukum ( Legal Realism ):” Adalah Buletin Hukum & Keadilan 5, No. 3 (2021): 11–22. https://doi.org/10.15408/adalah.v5i3.21395.
Ralws, John. Justice as Fairnessp. (London, Routledge, 1970).
Ramon, Tiar. “Kriteria Keseimbangan Dalam Perjanjian Kredit Bank Untuk Mewujudkan Keadilan Komutatif.” Jurnal Hukum Ius Quia Iustum 26, No. 2 (2019): 372–90. https://doi.org/10.20885/iustum.vol26.iss2.art8.
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