Redefining Insolvency in Indonesian Bankruptcy Law: Following Constitutional Court Decision No. 181/PUU-XXIII/2025 of 25 May 2026
Published:
2026-11-04Abstract
This study examines the redefinition of the concept of insolvency in Indonesian bankruptcy law following Constitutional Court Decision No. 181/PUU-XXIII/2025. The research is grounded in the ambiguity surrounding the regulation of insolvency under Law No. 37 of 2004 concerning Bankruptcy and Suspension of Debt Payment Obligations (PKPU), which has given rise to divergent interpretations between procedural and substantive approaches, particularly regarding the point at which insolvency arises and its implications for the administration and distribution of the bankruptcy estate. The Constitutional Court's decision clarified that insolvency cannot be regarded as an automatic consequence of a bankruptcy declaration but must instead be determined through a mechanism that guarantees legal certainty, protection of proprietary rights, and adherence to the principle of due process of law. This research employs a normative juridical method using statutory, conceptual, and case approaches. The analysis is based on primary, secondary, and tertiary legal materials collected through library research. The findings reveal that, prior to the Constitutional Court's decision, the concept of insolvency was characterised by ambiguity and a predominantly formalistic interpretation. Following the decision, however, a shift has occurred towards a more substantive and constitutional understanding of insolvency. Insolvency is consequently positioned as a legal threshold that must be established through objective proof of the debtor's economic condition. This study recommends a hybrid insolvency model integrating both procedural and substantive approaches through the application of the cash flow test and the balance sheet test. Such a redefinition is expected to enhance legal certainty, promote a balanced protection of the interests of debtors and creditors, and harmonise Indonesia's bankruptcy system with the principles of a modern rule-of-law state.
Keywords:
Insolvency Bankruptcy Constitutional Court DecisionReferences
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