The Implementation of the Going Concern Principle in Bankruptcy and The Suspension of Payment to Protect the Economic Rights of the Parties

Authors

Elisatris Gultom
Huta Disyon

Abstract

This study aims to analyze the regulation on the going concern principle and indicators to determine the continuity of prospective business activity. It employed normative juridical method that was based on library research. It obtained secondary data sourced from primary, secondary, and tertiary legal materials. The study was analytical descriptive because the author described the going concern principle by referring to the Law Number 37 of 2004 on Bankruptcy and Suspension of Debt Payment Obligations (the Bankruptcy Law). subsequently, the study analyzed it to find relevant indicators to determine whether a prospective business activity can continue or not. The data were analyzed using a qualitative juridical method. The results indicate that the sustainability of the debtor’s business is crucial for the fulfillment of the economic rights of the debtor and creditor, even though the law does not provide indicators to determine that the prospective debtor’s business will continue. For this reason, decisions regarding the business continuity of debtors are influenced by various internal and external factors and must be made by competent parties.

DOI: https://doi.org/10.22304/pjih.v9n3.a3

Recommended Citation

Gultom, Elisatris and Disyon, Huta (2022) "The Implementation of the Going Concern Principle in Bankruptcy and The Suspension of Payment to Protect the Economic Rights of the Parties," Padjadjaran Jurnal Ilmu Hukum (Journal of Law): Vol. 9: No. 3, Article 5.
DOI: https://doi.org/10.22304/pjih.v9n3.a3
Available at: https://journal.unpad.ac.id/pjih/vol9/iss3/5

References

Books

Erwin, Muhamad, and Firman Freaddy Busroh. Pengantar Ilmu Hukum. Bandung: Refika Aditama, 2016.

Fakhriah, Efa Laela. “Pembuktian Sederhana Dalam Perkara Kepailitan di Pengadilan Niaga.” In Perkembangan Hukum Bisnis Dalam Era Globalisasi: Dalam Rangka 80 Tahun Prof. Dr. Djuhaendah Hasan, S.H., 258–265. Bandung: Corleone Books, 2017.

Shuban, M. Hadi. Hukum Kepailitan, Prinsip, Norma dan Praktik di Pengadilan. Jakarta: Kencana Prenada Media Group, 2012.

Purba, Marisi P. Asumsi Going Concern: Suatu Tinjauan Terhadap Dampak Krisis Keuangan atas Opini Audit & Laporan Keuangan. Yogyakarta: Ekuilibria, 2016.

Kamaludin, Karona Cahya Susena, and Berto Usman. Restrukturisasi, Merger & Akuisisi. Bandung: Penerbit Mandar Maju, 2015.

Kartika, Elsi, and Advendi Simangunsong. Hukum dalam Ekonomi. Jakarta: PT Gramedia Widiasarana, 2017.

Other Documents

Ayuni, Sinda Eria, Sudarsono Sudarsono, and Tunggul Anshari. “Kewenangan Pemerintah Daerah dalam Pengaturan Larangan Penahanan atau Penyimpanan Dokumen Asli Pekerja oleh Pengusaha.” Legality: Jurnal Ilmiah Hukum 27, no.1 (2019): 115-127.

Central Agency on Statistics. “Analysis of the Impact of the Covid-19 Survey on Business Actors Volume 2.” Accessed July 11, 2022. https://www.bps.go.id/publication/2020/12/21/7ec02d39d6732972dcebe54f/analisis-hasil-survei-dampak-covid-19-terhadap-pelaku-usaha-jilid-2.html.

Coordinating Ministry for Economic Affairs of the Republic of Indonesia. “Coordinating Ministry for Economic Affairs of the Republic of Indonesia Press Release of the Coordinating Ministry for Economic Affairs of the Republic of Indonesia Number HM.4.6/187/SET.M.EKON.3/07/2021.” Accessed July 11, 2022. https://ekon.go.id/.

Dewi, I Gusti Ayu Agung Omika and I Gusti Ayu Agung Pradnya Dewi. “Corporate Social Responsibility, Green Banking, and Going Concern on Banking Company In Indonesia Stock Exchange.” International Journal of Social Sciences and Humanities (IJSSH) 1, no. 3 (2017): 118-134. http://dx.doi.org/10.21744/ijssh.v1i3.65

Dohrer, Bob, and Ken Tysiac. “Going Concern Tips for Auditors During The Pandemic.” Accessed April 27, 2022. https://www.journalofaccountancy.com/news/2020/apr/going-concern-tips-for-auditors-during-coronavirus-pandemic.html

Elvandari, Yunie, Hiro Tugiman and Dedik Nur Triyanto. “Pengaruh Kualitas Audit Dan Financial Distress Terhadap Penerimaan Opini Audit Modifikasi Going Concern (pada Perusahaan Property Dan Real Estate Yang Terdaftar di Bursa Efek Indonesia Tahun 2008-2015).” eProceedings of Management 3, no. 3 (2016): 3274-3281.

Faisal, Pupung. “Kajian Hukum Acara Perdata Terhadap Pelaksanaan Renvooi Procedure Dalam Proses Kepailitan.” ADHAPER: Jurnal Hukum Acara Perdata 2, no. 1 (2016): 135-147. https://doi.org/10.36913/jhaper.v2i1.28.

Heriani, Fitri Novia. “Perkara Kepailitan dan PKPU Meningkat 50 Persen Selama Pandemi.” Hukum Online. Accessed March 17, 2022. https://www.hukumonline.com/berita/a/perkara-kepailitan-dan-pkpu-meningkat-50-persen-selama-pandemi-lt5f4ce322c779b/.

Hidayat, Ali Akhmad Noor. “Dampak Pandemi ke Properti, REI: Bisa Dibilang Kita Hadapi Masa Paling Kelam.” Tempo. Accessed March 14, 2022. https://bisnis.tempo.co/read/1421858/dampak-pandemi-ke-properti-rei-bisa-dibilang-kita-hadapi-masa-paling-kelam.

Indonesia Stock Exchange. “Special Notation”. Accessed July 8, 2022. https://www.idx.co.id/perusahaan-tercatat/notasi-khusus.

Investopedia. “What Is Bankruptcy?” Accessed March 21, 2022. https://www.investopedia.com/terms/b/bankruptcy.asp.

Johan, Suwinto. “Separatist Creditors Problems on Postponement of Debt Payment Obligations Based on the Supreme Court’s Decree Number 30/KMA/SK/I/2020.” Fiat Justisia: Jurnal Ilmu Hukum 15, no. 3 (2021): 207-220. https://doi.org/10.25041/fiatjustisia.v15no3.1956.

Hasanah, Khuswatun. “Syarat Bagi Merpati untuk Kembali Mengudara.” katadata.co.id. Accessed July 8, 2022. https://katadata.co.id/ariemega/infografik/5e9a5597a0491/syarat-merpati-untuk-kembali-mengudara.

Kornelis, Yudi, and Florianus Yudhi Priyo Amboro. “Implementasi Restrukturisasi Dalam Prosesi Kepailitan Dan Penundaan Kewajiban Pembayaran Utang Di Indonesia.” Jurnal Selat 7, no. 2 (2020): 237-277. https://doi.org/10.31629/selat.v7i2.1739.

Anthony, Lisa, Billie Anne Grigg. “Going Concern Definition and Red Flags.” Accessed May 8, 2022. https://www.nerdwallet.com/article/small-business/what-is-the-going-concern-assumption.

Mediaindonesia.com. “Pandemi Covid-19, Pelaku Usaha Daging Ayam Alami Kerugian”. Media Indonesia. Accessed March 14, 2022. https://mediaindonesia.com/nusantara/443558/pandemi-covid-19-pelaku-usaha-daging-ayam-alami-kerugian.

Pengadilan Negeri Jakarta Pusat. “Laporan Statistik Perkara.” Accessed July 8, 2022. http://sipp.pn-jakartapusat.go.id/statistik_perkara.

Pengadilan Negeri Makassar. “Laporan Statistik Perkara.” Accessed July 8, 2022. http://sipp.pn-makassar.go.id/statistik_perkara.

Pengadilan Negeri Medan. “Laporan Statistik Perkara.” Accessed July 8, 2022. https://sipp.pn-medankota.go.id/statistik_perkara.

Pengadilan Negeri Semarang. “Laporan Statistik Perkara.” Accessed July 8, 2022. https://sipp.pn-semarangkota.go.id/statistik_perkara.

Pengadilan Negeri Surabaya. “Laporan Statistik Perkara.” Accessed July 8, 2022. http://sipp.pn-surabayakota.go.id/statistik_perkara.

Savova, Kameliya. “Global impact of COVID 19 on the concept of “Going Concern.” In SHS Web of Conferences 92, no. 01045 (2021). https://doi.org/10.1051/shsconf/20219201045.

School of Accounting Binus University. “Apakah Going Concern Termasuk Opini Audit?” Accessed July 12, 2022. https://accounting.binus.ac.id/2020/08/19/apakah-going-concern-termasuk-opini-audit/#:~:text=Sebagai%20konsep%2C%20istilah%20going%20concern,untuk%20melanjutkan%20usahanya%20dimasa%20mendatang.

Singadimeja, Holyness, Rai Mantili, and Ema Rahmawati. “The Implementation of Legal Certainty Principles in the Reporting Process of Debtor Bankruptcy Settlement by Curator to Supervisory Judge in Bankruptcy Practice.” Padjadjaran Jurnal Ilmu Hukum (Journal of Law) 5, no. 3 (2018): 506-526. https://doi.org/10.22304/pjih.v5n3.a6.

Bragg, Steven. “The going concern principle”. Accessed April 27, 2022. https://www.accountingtools.com/articles/the-going-concern-principle#:~:text=The%20going%20concern%20principle%20is,very%20low%20fire%2Dsale%20prices.

Sidik, Syahrizal. “Pengembang Cowell Pailit, Bagaimana Nasib Konsumen?” CNBC Indonesia. Accessed April 7, 2022. https://www.cnbcindonesia.com/market/20200717084605-17-173419/pengembang-cowell-pailit-bagaimana-nasib-konsumen.

Task Force for Covid-19 Handling. “Data Sebaran”. Accessed July 18, 2022. https://covid19.go.id/.

The Economic Times. “What is Bankruptcy.” Accessed March 21, 2022. https://economictimes.indiatimes.com/definition/bankruptcy.

The Law Dictionary. “Going Concern.” Accessed July 21, 2022, https://thelawdictionary.org/?s=going+concern.

Averio, Thomas. “The Analysis of Influencing Factors on The Going Concern Audit Opinion - A Study in Manufacturing Firms in Indonesia.” Asian Journal of Accounting Research 6, no. 2 (2020): 152-164. https://doi.org/10.1108/AJAR-09-2020-0078.

Toha, Kurnia and Sonyendah Retnaningsih. “Legal Policy Granting Status of Fresh Start to the Individual Bankrupt Debtor in Developing the Bankruptcy Law in Indonesia”. Academic Journal of Interdisciplinary Studies 9, no. 2 (2020): 157-161. https://doi.org/10.36941/ajis-2020-0033.

Triani, Ni Nyoman Alit, Made Dudy Satyawan and Merlyana Dwinda Yanthi. “Determining The Effectiveness of Going Concern Audit Opinion by ISA 570.” Asian Journal of Accounting Research 2, no. 2 (2017): 29-35. https://doi.org/10.1108/AJAR-2017-02-02-B004.

Legal Documents

The Law Number 5 of 1999 on the Prohibition of Monopolistic Practices and Unfair Business Competition [Undang-Undang Nomor 5 Tahun 1999 tentang Larangan Praktek Monopoli dan Persaingan Usaha Tidak Sehat].

The Law Number 8 of 1999 on Consumer Protection [Undang-Undang Nomor 8 Tahun 1999 tentang Perlindungan Konsumen].

The Law Number 37 of 2004 on Bankruptcy and Suspension of Debt Payment [Undang-Undang Nomor 37 Tahun 2004 tentang Kepailitan dan Penundaan Kewajiban Pembayaran Utang].

Central Jakarta Commercial Court Decision. Decision No. 10/PAILIT2000/PN.NIAGA.JKT PST.

Central Jakarta Commercial Court Decision. Decision No. 13/PAILIT/ 2004/PN.NIAGA JKT PST.

DOI

https://doi.org/10.22304/pjih.v9n3.a3