Based on the explanation of Law No. 37 of 2004, there are several factors that need to regulate bankruptcy and postponement of debt payment obligations, namely:
1) To avoid seizure of the debtor's assets if at the same time there are several creditors who collect their receivables from the debtor.
2) To avoid creditors holding material security rights (separatist creditors) claiming their rights by selling the debtor's goods without considering the interests of the bankrupt debtor or other creditors, namely preferred creditors and concurrent creditors.
3) To avoid fraud committed by one of the creditors or debtors themselves. For example, the debtor tries to give benefits to one or several particular creditors so that other creditors are harmed, or there is a fraudulent act by the debtor to take away all of his assets with the intention of releasing his responsibilities towards creditors.
Law No. 37 of 2004 concerning Bankruptcy and Postponement of Debt Payment Obligations is based on several principles. Based on the explanation of Law No. 37 of 2004, these principles include:
1) The Principle of Balance Law No. 37 of 2004 regulates several provisions which are the embodiment of the principle of balance, namely, on the one hand, there are provisions that can prevent abuse of bankruptcy institutions and institutions by dishonest debtors, on the other hand, there are provisions which can prevent abuse of bankruptcy institutions and institutions by creditors who do not have good intentions.
2) The Principle of Business Continuity in Law No. 37 of 2004 contains provisions that allow prospective debtor companies to continue as a going concern.
3) The Principle of Justice The principle of justice implies that the provisions regarding bankruptcy can fulfill a sense of justice for the interested parties. This principle of justice is to prevent arbitrariness by collectors who seek payment of their respective bills against debtors, without paying attention to other creditors.
4) Principle of Integration The principle of integration in Law No. 37 of 2004 contains the meaning that the formal legal system and its material law constitute one complete unit of the civil law system and national civil procedural law.
d. Requirements for Filing a Bankruptcy Petition Filing a bankruptcy petition against a debtor must fulfill the requirements specified in the applicable bankruptcy laws and regulations. The application for bankruptcy declaration is then submitted through the Commercial Court. The requirements for submitting a bankruptcy declaration application are reflected in Article 2 paragraph (1) of Law no. 37 of 2004 which states:
"Debtors who have two or more creditors and those who do not pay off at least one overdue debt and can be charged, declared bankrupt by a court decision authority, both at its own request and on application of one or more of its creditors".
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