Implementation of General Bankruptcy Confiscation and postponement of debt payment obligations (PKPU)

Abstract

This general confiscation is very interesting to discuss because the Bankruptcy Law makes it the starting point for bankruptcy as regulated in Article 1 point 1 of Law no. 37 of 2004 concerning Bankruptcy and Postponement of Debt Payment Obligations. In a bankruptcy decision, the curator acts as the person responsible for settling the bankruptcy assets. Article 16 of the Bankruptcy Law states that the Curator has the authority to carry out the duties of managing and/or settling bankruptcy assets from the date the bankruptcy decision is pronounced even if the decision is submitted for cassation or judicial review. The Court Registrar is obliged to maintain a general register to record each bankruptcy case separately. Bankruptcy confiscation is the confiscation of all of the debtor's assets, to be settled by the Curator for the benefit of the creditors. General confiscated objects in bankruptcy are under the authority of the Curator for settlement, which is different from criminal cases where confiscated objects are under the power of the state. By declaring bankruptcy, by law the debtor loses his right to control and manage his assets which are included in the bankruptcy court.