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Equivalence of Protection for Foreign and Domestic Creditors in Debt Restructuring Based on Positive Indonesian Law

Dikha Anugrah(1email), Suwari Akhamddhian(2), Sri Mulyani(3), Uche Nnawulezi(4)


(1) Faculty of Law, Universitas Kuningan, Kuningan, Indonesia
(2) Faculty of Law, Universitas Kuningan, Kuningan, Indonesia
(3) Faculty of Law, Universitas Kuningan, Kuningan, Indonesia
(4) College of Law, Bowen University, Iwo Osun State, Nigeria orcid
email Corresponding Author
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Abstract


Introduction: This article analyzes the legal implications of excluding foreign creditors in corporate debt restructuring in Indonesia. The study highlights the challenges faced by foreign creditors in securing their rights within the Indonesian legal framework, particularly in bankruptcy and Suspension of Debt Payment Obligation (PKPU) proceedings. The case of PT Visi Media Asia serves as a reference to illustrate these challenges and their legal consequences.

Purposes of the Research: The purpose of this study is to examine the legal impact of excluding foreign creditors in debt restructuring processes and to compare their legal position with domestic creditors under Indonesian law. By identifying regulatory gaps and inconsistencies, this study aims to provide recommendations for improving creditor protection and ensuring equal treatment in debt resolution mechanisms.

Methods of the Research: This research employs a normative legal methodology, utilizing a statutory, conceptual, and analytical approach. Legal materials are collected through document studies, including legislation, court rulings, and scholarly literature. The qualitative analysis is applied to interpret legal norms and evaluate their implementation in real cases, particularly focusing on the case of PT Visi Media Asia.

Results Main Findings of the Research: The findings reveal that Indonesia's current legal framework does not fully safeguard foreign creditors in debt restructuring, often favoring domestic creditors in judicial and regulatory practices. The study contributes to the discourse on legal reform by recommending clearer regulations and stricter enforcement to ensure fairness in debt restructuring, fostering investor confidence in Indonesia’s financial system.

Keywords


Debt Restructuring; Foreign Creditors; Bankruptcy Law; Legal Protection.


DOI


10.47268/ballrev.v6i2.2918

Published


2025-07-31

How To Cite


APA: Anugrah, D., Akhamddhian, S., Mulyani, S., & Nnawulezi, U. (2025). Equivalence of Protection for Foreign and Domestic Creditors in Debt Restructuring Based on Positive Indonesian Law. Batulis Civil Law Review, 6(2), 84-95. DOI: https://doi.org/10.47268/ballrev.v6i2.2918.
IEEE: D. Anugrah, S. Akhamddhian, S. Mulyani, and U. Nnawulezi, "Equivalence of Protection for Foreign and Domestic Creditors in Debt Restructuring Based on Positive Indonesian Law", Batulis Civ. Law Rev., vol. 6, no. 2, pp. 84-95, Jul. 2025. Accessed on: Aug. 18, 2025. [Online]. Available DOI: https://doi.org/10.47268/ballrev.v6i2.2918
Harvard: Anugrah, D., Akhamddhian, S., Mulyani, S., and Nnawulezi, U., (2025). "Equivalence of Protection for Foreign and Domestic Creditors in Debt Restructuring Based on Positive Indonesian Law". Batulis Civil Law Review, Volume 6(2), pp. 84-95. [Online]. Available DOI: https://doi.org/10.47268/ballrev.v6i2.2918 (Accessed on: 18 August 2025)
Chicago: Anugrah, Dikha, Suwari Akhamddhian, Sri Mulyani, and Uche Nnawulezi. "Equivalence of Protection for Foreign and Domestic Creditors in Debt Restructuring Based on Positive Indonesian Law." Batulis Civil Law Review 6, no. 2 (July 31, 2025): 84-95. Accessed August 18, 2025. doi:10.47268/ballrev.v6i2.2918
Vancouver: Anugrah D, Akhamddhian S, Mulyani S, Nnawulezi U. Equivalence of Protection for Foreign and Domestic Creditors in Debt Restructuring Based on Positive Indonesian Law. Batulis Civ. Law Rev. [Internet]. 2025 Jul 31 [cited 2025 Aug 18];6(2):84-95. Available from: https://doi.org/10.47268/ballrev.v6i2.2918
MLA 8th: Anugrah, Dikha, Suwari Akhamddhian, Sri Mulyani, and Uche Nnawulezi. "Equivalence of Protection for Foreign and Domestic Creditors in Debt Restructuring Based on Positive Indonesian Law." Batulis Civil Law Review, vol. 6, no. 2, 31 Jul. 2025, pp. 84-95, doi:10.47268/ballrev.v6i2.2918. Accessed 18 Aug. 2025.
BibTeX: 
@article{BALLREV2918,
		author = {Dikha Anugrah and Suwari Akhamddhian and Sri Mulyani and Uche Nnawulezi},
		title = {Equivalence of Protection for Foreign and Domestic Creditors in Debt Restructuring Based on Positive Indonesian Law},
		journal = {Batulis Civil Law Review},
		volume = {6},
		number = {2},
		year = {2025},
		keywords = {Debt Restructuring; Foreign Creditors; Bankruptcy Law; Legal Protection.},
		abstract = {Introduction: This article analyzes the legal implications of excluding foreign creditors in corporate debt restructuring in Indonesia. The study highlights the challenges faced by foreign creditors in securing their rights within the Indonesian legal framework, particularly in bankruptcy and Suspension of Debt Payment Obligation (PKPU) proceedings. The case of PT Visi Media Asia serves as a reference to illustrate these challenges and their legal consequences.Purposes of the Research: The purpose of this study is to examine the legal impact of excluding foreign creditors in debt restructuring processes and to compare their legal position with domestic creditors under Indonesian law. By identifying regulatory gaps and inconsistencies, this study aims to provide recommendations for improving creditor protection and ensuring equal treatment in debt resolution mechanisms.Methods of the Research: This research employs a normative legal methodology, utilizing a statutory, conceptual, and analytical approach. Legal materials are collected through document studies, including legislation, court rulings, and scholarly literature. The qualitative analysis is applied to interpret legal norms and evaluate their implementation in real cases, particularly focusing on the case of PT Visi Media Asia.Results Main Findings of the Research: The findings reveal that Indonesia's current legal framework does not fully safeguard foreign creditors in debt restructuring, often favoring domestic creditors in judicial and regulatory practices. The study contributes to the discourse on legal reform by recommending clearer regulations and stricter enforcement to ensure fairness in debt restructuring, fostering investor confidence in Indonesia’s financial system.},
				issn = {2746-8151},		pages = {84--95}			doi = {10.47268/ballrev.v6i2.2918},
				url = {https://fhukum.unpatti.ac.id/jurnal/ballrev/article/view/2918}
		}
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Dublin Core PKP Metadata Items Metadata for this Document
 
1. Title Title of document Equivalence of Protection for Foreign and Domestic Creditors in Debt Restructuring Based on Positive Indonesian Law
 
2. Creator Author's name, affiliation, country Dikha Anugrah; Faculty of Law, Universitas Kuningan, Kuningan; Indonesia
 
2. Creator Author's name, affiliation, country Suwari Akhamddhian; Faculty of Law, Universitas Kuningan, Kuningan; Indonesia
 
2. Creator Author's name, affiliation, country Sri Mulyani; Faculty of Law, Universitas Kuningan, Kuningan; Indonesia
 
2. Creator Author's name, affiliation, country Uche Nnawulezi; College of Law, Bowen University, Iwo Osun State; Nigeria orcid
 
3. Subject Discipline(s)
 
3. Subject Keyword(s) Debt Restructuring; Foreign Creditors; Bankruptcy Law; Legal Protection.
 
4. Description Abstract Introduction: This article analyzes the legal implications of excluding foreign creditors in corporate debt restructuring in Indonesia. The study highlights the challenges faced by foreign creditors in securing their rights within the Indonesian legal framework, particularly in bankruptcy and Suspension of Debt Payment Obligation (PKPU) proceedings. The case of PT Visi Media Asia serves as a reference to illustrate these challenges and their legal consequences.Purposes of the Research: The purpose of this study is to examine the legal impact of excluding foreign creditors in debt restructuring processes and to compare their legal position with domestic creditors under Indonesian law. By identifying regulatory gaps and inconsistencies, this study aims to provide recommendations for improving creditor protection and ensuring equal treatment in debt resolution mechanisms.Methods of the Research: This research employs a normative legal methodology, utilizing a statutory, conceptual, and analytical approach. Legal materials are collected through document studies, including legislation, court rulings, and scholarly literature. The qualitative analysis is applied to interpret legal norms and evaluate their implementation in real cases, particularly focusing on the case of PT Visi Media Asia.Results Main Findings of the Research: The findings reveal that Indonesia's current legal framework does not fully safeguard foreign creditors in debt restructuring, often favoring domestic creditors in judicial and regulatory practices. The study contributes to the discourse on legal reform by recommending clearer regulations and stricter enforcement to ensure fairness in debt restructuring, fostering investor confidence in Indonesia’s financial system.
 
5. Publisher Organizing agency, location Faculty of Law, Universitas Pattimura
 
6. Contributor Sponsor(s)
 
7. Date (YYYY-MM-DD) 2025-07-31
 
8. Type Status & genre Peer-reviewed Article
 
8. Type Type
 
9. Format File format PDF
 
10. Identifier Uniform Resource Identifier https://fhukum.unpatti.ac.id/jurnal/ballrev/article/view/2918
 
10. Identifier Digital Object Identifier 10.47268/ballrev.v6i2.2918
 
11. Source Title; vol., no. (year) Batulis Civil Law Review; Vol 6, No 2 (2025): VOLUME 6 ISSUE 2, JULY 2025
 
12. Language English=en en
 
13. Relation Supp. Files Untitled (185KB)
 
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Copyright (c) 2025 Dikha Anugrah, Suwari Akhamddhian, Sri Mulyani, Uche Nnawulezi

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