Broadly speaking, the liability of the Limited Company as a bankrupt debtor can be seen from 2 (two) aspects namely civil and criminal law as regulated by Law Number 40 Year 2007 about Limited Company and the Law Number 37 Year 2004 about Bankruptcy and the Postponement of Debt Payment Obligations. These two laws are inseparable in the Bankruptcy settlement of the Limited Company. From the civil aspect if the debt of the Limited Company is smaller than the assets of the company, the entire debt can be returned so that rehabilitation can be conducted to the company, but if the debt is greater than the asset of the debt, surely it cannot be entirely returned to the creditors so that the company can be dissolved through liquidation by the curator. Meanwhile from the criminal aspects, both the Board of Directors and the Commissioners as corporate organs can be threatened for jail as a form of liability.
This work by European American Journals is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License