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

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The Role of Special Bankruptcy Civil Law in the Global Business Legal System

Authors
Yapiter Marpi1, *
1Faculty of Law, University Jakarta, Jakarta, Indonesia
*Corresponding author. Email: yapitermarpi@gmail.com
Corresponding Author
Yapiter Marpi
Available Online 31 December 2023.
DOI
10.2991/978-2-38476-180-7_159How to use a DOI?
Keywords
Bankruptcy Law; Commercial Courts; National Business Law System
Abstract

The world of law and the Indonesian economy was shaken when the bankruptcy of several large companies which were solvent in the district court occurred. Some of these companies eventually can be saved but there are also those who are but bankrupt. As a result of recent legal and economic developments, the field of business law known as bankruptcy law is currently undergoing a very significant transformation. Instead of civil lawsuits being used to settle debt-receipt disputes between debtors and creditors, commercial courts are now used to do so. As a result, bankruptcy law occupies a crucial space in the framework of American business law. Additionally, bankruptcy law, which is a component of the national business law system, cannot exist in a vacuum; rather, it has connections and relationships with other legal disciplines. Some of these disciplines include contract law, guarantee law, and company law. Due to voting procedures, bankruptcy law can force minor creditors to participate in a scheme and provide a mechanism through which creditors can jointly decide whether the debtor’s business should continue as a going concern.

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
978-2-38476-180-7
ISSN
2352-5398
DOI
10.2991/978-2-38476-180-7_159How 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  - Yapiter Marpi
PY  - 2023
DA  - 2023/12/31
TI  - The Role of Special Bankruptcy Civil Law in the Global Business Legal System
BT  - Proceedings of the International Conference on “Changing of Law: Business Law, Local Wisdom and Tourism Industry” (ICCLB 2023)
PB  - Atlantis Press
SP  - 1546
EP  - 1552
SN  - 2352-5398
UR  - https://doi.org/10.2991/978-2-38476-180-7_159
DO  - 10.2991/978-2-38476-180-7_159
ID  - Marpi2023
ER  -