Proceedings of the International Conference on “Changing of Law: Business Law, Local Wisdom and Tourism Industry” (ICCLB 2023)

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Cross Border Insolvency for Economic Recovery Amongst Southeast Asia Countries

Authors
Gede Aditya Pratama1, *, Elfirda Ade Putri1
1Faculty of Law, Universitas Bhayangkara Jakarta Raya, Jakarta, Indonesia
*Corresponding author. Email: gede.aditya.pratama@dsn.ubharajaya.ac.id
Corresponding Author
Gede Aditya Pratama
Available Online 31 December 2023.
DOI
10.2991/978-2-38476-180-7_52How to use a DOI?
Keywords
ASEAN; Bankruptcy; Cross-Border; Economic Recovery
Abstract

The development of business transactions by conducting cross-border trade will certainly bring together a situation where the company will be faced with a diversity of national laws or legal systems in jurisdictions or countries that are different from their countries, even in this context bankruptcy is also a consequence of transnational trade activities. The potential for bankruptcy gives a sign that a company needs to restructure debt, then the company will also be faced with other complex problems involving the coordination of rescue proposals involving companies from different countries who cooperates directly with the company. The legal process of such a situation can be said to be complicated, because of the conflict of national laws of each country, these differences in laws and regulations create difficulties for each country that frames its bankruptcy laws. In 2015 in the Southeast Asian region a community called the ASEAN Economic Community was agreed which aims to build a fully integrated economy for countries in the Southeast Asian region in order to build resistance to shocks to the global economy. But regrettably, no modifications or restrictions have yet been enacted by ASEAN member states especially to the fully integrated cross-border bankruptcy rules, even though an important element to accelerate economic recovery can be done by creating harmonization of cross-border bankruptcy law arrangements.

Copyright
© 2023 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the International Conference on “Changing of Law: Business Law, Local Wisdom and Tourism Industry” (ICCLB 2023)
Series
Advances in Social Science, Education and Humanities Research
Publication Date
31 December 2023
ISBN
10.2991/978-2-38476-180-7_52
ISSN
2352-5398
DOI
10.2991/978-2-38476-180-7_52How to use a DOI?
Copyright
© 2023 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Gede Aditya Pratama
AU  - Elfirda Ade Putri
PY  - 2023
DA  - 2023/12/31
TI  - Cross Border Insolvency for Economic Recovery Amongst Southeast Asia Countries
BT  - Proceedings of the International Conference on “Changing of Law: Business Law, Local Wisdom and Tourism Industry” (ICCLB 2023)
PB  - Atlantis Press
SP  - 475
EP  - 486
SN  - 2352-5398
UR  - https://doi.org/10.2991/978-2-38476-180-7_52
DO  - 10.2991/978-2-38476-180-7_52
ID  - Pratama2023
ER  -