HOW CONCURRENT CREDITORS ARE TREATED IN COMPANY’S BANKRUPTCY: A COMPARISON INTO INDONESIA AND SINGAPORE
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Abstract
During the distribution of wealth in Indonesia’s corporation bankruptcy procedures, the wealth is often used to satisfy the debts owed by the debtor towards preferred creditors and secured creditors. The long process and enormous cost of the bankruptcy process before paying back the concurrent creditors puts a lack of emphasis towards these types of creditors’ rights since the company is dissolved and theoretically will not allow them to get any payment towards their loans given to the company. This leads to concurrent creditors earning a status of uncertainty and confusion in earning their credits. Compared to Singapore, even if the status of payment is quite similar to Indonesia, Singapore provides a better bankruptcy law system that incorporates public opinions and provides a better system for unfair preference and undervalued transactions that provides more wealth to be distributed to concurrent creditors during the distribution of wealth.
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