Definition of bankruptcy according to R. Subekti is a joint effort to earn the payment for the parties who have receivables in a fair way. According to Zainal Asikin, bankruptcy is the event of the debtor ceasing to pay his debts, the term ceasing to pay shall not have to be interpreted that the debtor has stopped paying the debt at all , but debtor may be concluded to be in the state of ceasing to pay if when the petition is filed for bankruptcy to the court, the debtor is in a state of not being able to pay its debts. Meanwhile, the understanding of Bankruptcy by Munir Fuady is a general confiscation of all assets of the debtor in order to achieve a reconciliation between the debtor and its creditors or to have the assets to be shared equally between the creditors.
Bankruptcy definition under the Act No. 37 year 2004 concerning of The Bankruptcy and The Suspension of Obligation for Payment of Debts (Bankruptcy Act), is interpreted as a general confiscation of all assets of a Bankrupt Debtor that will be managed and liquidated by a Curator under the supervision of Supervisory Judge as stipulated in the law. Bankruptcy encompasses the entire assets of the debtor at the time of decision that declares the bankruptcy statement and all things acquired during bankruptcy.
Article 2 paragraph (1) of the Bankruptcy Act stipulates the conditions for the Debtor to be declared bankrupt, namely the debtor having two or more creditors and failing to pay at least one debt which has matured and became payable, shall be declared bankrupt through a Court decision, either at his own petition or at the request of one or more of his creditors. The creditors in this matter shall mean the creditor of a concurrent creditor, separatist creditor or preferent creditor. While the debt which has become due and payable shall mean the obligation to pay the debt that has become due, either under the contract, accelerated or due to the sanctions imposed by the regulatory body or decision of the court, arbitrator or panel of arbitrators. The application for bankruptcy under the Bankruptcy Act may be filed by debtor, one or more creditors, prosecutors, Bank of Indonesia, securities companies or insurance companies. The application for bankruptcy statement must be granted if there is a fact or condition that is proven in a simple way that the requirement to be declared bankrupt as intended in Article 2 paragraph (1) of the Bankruptcy Act has been fulfilled.
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