What Happens If The Company Is Bankrupt? This Is The Fate Of Entrepreneurs And Employees

YOGYAKARTA In the business world, the company can be bankrupted. The bankruptcy decision of a company was decided by the Commercial Court (PN) which was read out after a number of case examinations were carried out. So what happens if the company goes bankrupt?

In the Big Indonesian Dictionary (KBBI) Online, the term bankruptcy means falling (about companies and so on); going bankrupt; and falling poor. The definition of bankruptcy is also explained in the law as the basis of recognized law.

The definition of bankruptcy is explained, one of which is in Law No. 37 of 2004 concerning Bankruptcy and Postponement of Debt Payment Obligations (KKPKU). Referring to the law, bankruptcy is a public confiscation of all the wealth of bankruptcy debtors whose management and settlements are carried out by curators under the supervision of supervisory judges.

The company's procedure for bankruptcy does not just happen. Bankruptcy, reported from the website of the Directorate General of State Assets, began with the application for a bankruptcy statement which then resulted in a bankruptcy decision.

When the company is declared bankrupt, there are legal rules that regulate what is permissible and should not be done with its assets. People who are bankrupt (debtor) can only take actions that can increase wealth, for example benefiting or adding assets.

If it turns out that the debtor's actions can cause losses or reduce bankruptcy assets, the curator (the person who takes care of the bankruptcy property) can ask the court to cancel the action. This cancellation only applies to the interests of bankruptcy. This cancellation action is called Actio Paulina.

The purpose of the cancellation is to ensure that bankruptcy assets do not decrease and protect creditors (the party who give debts), so as not to be harmed even more.

Launching the Bankruptcy Law book in Indonesia written by Yuhelson, after the bankruptcy decision was declared by the District Court, the debtor would lose his right to do something about the control and management of assets that are included in bankruptcy. This right is lost as of the date of bankruptcy, while property will be in general confiscation.

However, there are several types of assets that are not included in bankruptcy. These assets are as follows.

In addition to confiscation, the possibility of termination of employment is also large. Employment termination can be done unilaterally by the company. When the termination of the work (PHK) occurs, employers are required to pay workers' wages that have not been paid. Not only that, it is also required to pay severance pay for employees who get terminated.

In addition to an idea of what happens if the company goes bankrupt, visit VOI.id to get other interesting information.