Revitalization of Curator Authority to Public Companies Declared Bankruptcy

Abstract

This article discusses a public company declared bankrupt by the Commercial Court due to the rejection of its proposed settlement plan in the process of Suspension of Debt Payment Obligations (PKPU). As a result, the public company is declared bankrupt and is in a state of insolvency. However, the Financial Services Authority (OJK) continues to impose obligations on the bankrupt public company, such as adhering to the principle of transparency and submitting annual reports and periodic financial reports, which are not regulated in Law No. 37 of 2004 concerning Bankruptcy and Suspension of Debt Payment Obligations (UUK & PKPU). According to UUK & PKPU, the Curator is only accountable to the Supervisory Judge and not to OJK. Furthermore, OJK has, in some cases, granted exemptions to certain bankrupt public companies from these obligations. The objective of this research is to provide legal certainty regarding whether the Curator of a bankrupt public company in a state of insolvency is still required to perform specific tasks mandated by OJK, and whether failure to carry out these duties can subject the bankrupt public company to administrative sanctions.