ASSET AND LIABILITY IMBALANCE AS THE BASIS FOR DIRECTOR LIABILITY IN THE BANKRUPTCY OF PT SRI REJEKI ISMAN TBK

Akhdan Adityo Latri, . (2025) ASSET AND LIABILITY IMBALANCE AS THE BASIS FOR DIRECTOR LIABILITY IN THE BANKRUPTCY OF PT SRI REJEKI ISMAN TBK. Jurnal USM Law Review, 8 (3). pp. 2742-2763. ISSN 2621-4105

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Abstract

This study examines the causal relationship between asset–liability imbalance, the failure of the Postponement of Debt Payment Obligations (PKPU) mechanism, and the resulting director liability in the bankruptcy of PT Sri Rejeki Isman Tbk (Sritex). The research is motivated by a normative gap in Indonesia’s Bankruptcy and PKPU Law, which does not require an insolvency test, thereby allowing corporations in a state of absolute insolvency to access PKPU despite lacking any realistic prospect of going concern. This study employs a normative juridical method using statutory and case approaches, with particular reference to the Commercial Court of Semarang Decision Number 2/Pdt.Sus Homologation/2024/PN Niaga Smg. The findings reveal that the extreme disparity between Sritex’s assets and liabilities rendered its restructuring plan legally and economically unfeasible, making creditor rejection a rational outcome that normatively necessitated a bankruptcy ruling. Furthermore, the board of directors’ failure to fulfil fiduciary duties, especially the duty of care and transparency, invalidated the protection of the Business Judgment Rule and triggered potential personal liability. The novelty of this research lies in its integrated analytical framework that conceptualizes asset–liability imbalance as both a determinant of PKPU infeasibility and an indicator of fiduciary breach leading to director liability, thereby providing a normative basis for insolvency law reform in Indonesia.

Item Type:	Article
Additional Information:	[No. Panggil : 2210611056] [Pembimbing : Muthia Sakti] [Penguji 1 : Taupiqqurrahman] [Penguji 2 : Ema Nurkhaerani]
Uncontrolled Keywords:	Bankruptcy; Fiduciary Duty; Insolvency; Sritex
Subjects:	K Law > K Law (General)
Divisions:	Fakultas Hukum > Program Studi Hukum (S1)
Depositing User:	AKHDAN ADITYO LATRI
Date Deposited:	16 Mar 2026 07:22
Last Modified:	16 Mar 2026 07:22
URI:	http://repository.upnvj.ac.id/id/eprint/49170

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