Legal Literacy - This article discusses the legal consequences of State-Owned Enterprises (BUMN) not being registered in the list of receivables of bankrupt companies by implementing existing laws and regulations. Despite the updates Law Number 37 of 2004 concerning Bankruptcy and Suspension of Debt Payment Obligations in reality, it is not sufficient to regulate protection in bankruptcy, thus creating loopholes that can be exploited by irresponsible parties to pursue unilateral profits.

This article also explains the requirements for bankruptcy and the position of creditors in bankruptcy. Furthermore, it describes the position of State-Owned Enterprises (BUMN) and the legal consequences of not being registered in the list of receivables of bankrupt companies.

What is Bankruptcy?

Bankruptcy is a general seizure of all the assets of a bankrupt debtor, the management and settlement of which is carried out by a curator under the supervision of a supervisory judge as regulated in Law Number 37 of 2004 concerning Bankruptcy and Suspension of Debt Payment Obligations. In bankruptcy, there is a stage of registering receivables as material for consideration in a debt reconciliation meeting. However, currently, bankruptcy has become a loophole for debtors to release responsibility for their own benefit by not cooperatively coordinating with the curator regarding the identity of the creditors. As a result, there are creditors who do not register their claims, which causes their right to receive bankrupt assets to be lost.