Position of Creditors in Bankruptcy

Creditors in bankruptcy are classified into 3 different positions, including the first, Preferred Creditors, namely creditors who have special rights by law for their receivables to be prioritized over other creditors. As regulated in Article 1139 of the Civil Code regarding special privileges and Article 1149 of the Civil Code regarding general privileges. Second, Separatis Creditors are creditors who have the right to security over the debtor's assets for their receivables as regulated in Article 55 of the Bankruptcy Law and explicitly regulated in Article 1134 paragraph (2) of the Civil Code, and Concurrent Creditors are creditors who do not have security over property and their receivables are not prioritized by law but still have the right to fulfill their receivables.

Position of State-Owned Enterprises

Contained in Article 1137 of the Civil Code, which regulates that claims on the rights of state treasuries, auction offices, and other legal entities formed by the government can be prioritized in their implementation, the duration of which concerns these matters. Article 1 Number 2 of Law Number 19 of 2003 concerning State-Owned Enterprises explains that a limited liability company or state-owned enterprise whose capital is at least 51% (fifty-one percent) of its shares is owned by the state with the aim of pursuing profits.

Even though BUMN is not registered in the list of receivables of bankrupt companies, its status as a state-owned enterprise fulfills Article 1137 of the Civil Code as receivables that can be prioritized by law. Without special guarantees, it does not eliminate the right of BUMN to have its receivables prioritized by fulfilling the provisions of a general body formed by the government whose capital is at least 51% from the state. Therefore, the position of BUMN on its receivables is a preferred creditor who has fulfilled the provisions of Article 1137 of the Civil Code.

After the bankruptcy decision is pronounced by the judge, starting at 00.00 local time, the debtor loses his right to manage his assets. After the decision has permanent legal force, the bankruptcy decision can be executed so that a general seizure can be carried out as an initial step in settling the bankrupt assets.

In this stage, the debtor loses his right to manage his assets. This can be an advantage and disadvantage for the creditor. One of them is if BUMN does not know about the bankruptcy of the debtor company and does not receive a daily report on the determination of the deadline for submitting claims from the curator, it has an impact that the creditor cannot register his receivables and cannot even attend the receivables reconciliation meeting. The receivables reconciliation meeting or verification stage is the strongest guarantee to protect the rights of bankrupt creditors for the fulfillment of their receivables and has permanent legal force.

Even though State-Owned Enterprises (BUMN) are positioned as preferred creditors, but are still not included in the list of receivables, as a result, they still cannot get settlement assets from the bankrupt debtor company. Considering that most of BUMN's capital comes from the state with the aim of pursuing profits, if its receivables are not registered in the list of receivables of bankrupt companies, it has the potential to cause state financial losses.