Legal Protection of Creditors in Implementing Bankruptcy Redemption

Bankruptcy is a general confiscation of all the assets of a bankrupt debtor where the curator acts in its management and settlement and is under the supervision of a supervisory judge as stipulated in Law no. 37 of 2004. Namely, creditors who are not included in separatist creditors and preferred creditors. The elucidation of Article 2 paragraph (1) confirms that loan bosses are simultaneous leasers, dissident lenders and particular banks. In particular, in regard to dissenter loan bosses and favored leasers, they can apply for a statement of chapter 11 without losing the security privileges to the resources they have on the debt holder's resources and their entitlement to come first. Chapter 11 resources will ultimately be dispersed as per the part of the size of the lender's requests. This chapter 11 rule implies that the indebted person's property is mutually ensured for all lenders which is partitioned by the standard of equilibrium or "Pari Pasu Prorata Parte". One of the objectives of this research is to prevent debtors from taking actions that are detrimental to creditors, with the normative juridical writing method so that bankruptcy law can be reformed in the future to settle debts between debtors and creditors. fast, effective, efficient, and fair, but this law also creates many problems in its implementation.