Legal Literacy - This article discusses the Overlap of Confiscation of Bankruptcy Assets Based on the Bankruptcy Law and PKPU with the Criminal Procedure Code. Let's take a look!

Bankruptcy based on Law of the Republic of Indonesia Number 37 of 2004 concerning Bankruptcy and Suspension of Debt Payment Obligations is a general confiscation of all the assets of the bankrupt Debtor, the management and settlement of which is carried out by the Curator under the supervision of the supervisory judge. Meanwhile, bankruptcy is a situation where the Debtor is unable to make payments on the debts of his Creditors. The inability to pay is usually caused by the difficult financial condition (financial distress) of the Debtor's business which has experienced a decline.

Bankruptcy is a step or method taken by the Creditor in requesting accountability from the Debtor in terms of paying off debts through general confiscation. After the bankruptcy decision is handed down, the bankrupt immediately loses the right to manage and control over his assets, all of his assets will become Confiscated Bankruptcy Assets.

Confiscated Bankruptcy Assets can also be referred to as bankruptcy assets, as defined above, are the assets of a person or organization that has been declared bankrupt. In the end, these assets are controlled by the State Assets Office. Furthermore, these bankruptcy assets will be settled by the curator under the supervision of the supervisory judge.

Settlement can only be carried out after the bankrupt debtor is truly unable to pay after a bankruptcy declaration decision or known as insolvency.

In Article 21 of the Law of the Republic Indonesia Number 37 of 2004 concerning Bankruptcy and Suspension of Debt Payment Obligations, it is stated that bankruptcy includes all of the debtor's assets at the time the bankruptcy declaration decision is pronounced and everything acquired during the bankruptcy. Thus, bankruptcy assets also include everything (assets) acquired during the bankruptcy.

Referring to Article 16 of the Law of the Republic of Indonesia Number 37 of 2004 concerning Bankruptcy and Suspension of Debt Payment Obligations, the curator's authority to manage and/or settle begins from the date the bankruptcy decision is pronounced, even if the decision is appealed or reviewed by interested parties.

Law of the Republic of Indonesia Number 37 of 2004 concerning Bankruptcy and Suspension of Debt Payment Obligations does not define what is meant by confiscation or seizure, but Law of the Republic of Indonesia Number 37 of 2004 concerning Bankruptcy and Suspension of Debt Payment Obligations regulates two forms of confiscation, namely guarantee confiscation and general confiscation.