Penerapan Prinsip Transparansi dalam Reorganisasi Perusahaan

Abstract

Indonesian financial crisis since 1997 until this present day related to low practices of Good corporate Governance has caused thousand of business corporation which most capital depends on reign investment (Debtor) was threatened with petition of bankruptcy followed by assets liquidation at being pulled by their Creditors. This crisis has moved Indonesian Government to reimproved Indonesian bankruptcy act by adjusting it with current economic condition and with new goals to build the sustainable of national economic growth. The fundamental premise of business reorganization is that reorganization more desirable then 1uidating the company and its assets, and even if its possible to tum the falling business around so at it has sustainable positive cash flow from operations and make it profitable. Indonesian Bankruptcy Act provides two options as an alternative way avoiding Debtor from lien on his assets from bankruptcy and liquidation which forced by Creditors whose had a μit to payment upon proved and allowed debts. First option is through suspension of payments . As alternative to the winding up of adebted company, the Debtor may file a petition for suspension of payments on his own initiative in response to a petition filed by Creditor for his bankruptcy. 1spension of payments may only be granted if the decision declaring bankruptcy hasn't been by the Commercial Court. Second option is by arranging and negotiating the composition an between Debtor and Creditors after bankruptcy declared had been rendered by the court. As the bankruptcy law about agreement on composition plan could ended the bankruptcy. The transparancy and disclosure principle as one main principles from Good Corporate governance theory which by Indonesian Bankruptcy Law was applied unto bankruptcy procedure guarantee of information disclosure timely and accurately above all materials matters of the 1siness company to create economic credibility and in order to uphold Good Corporate Governance. This is an descriptive analyzing research. Therefore, I, as the author, describing obsticles based on law theory as it written and also using cases from Commercial Court to examined the application of bankruptcy law in matters of transparency and business reorganization.