Theodora Pritadianing Saputri

Theodora Pritadianing Saputri is a Lecturer at the Law Faculty of Parahyangan Catholic University. She teaches international contract law, law of obligations which consists tort law and contract law, property law and company law. She graduated from Parahyangan Catholic University and with a scholarship from the Indonesia Endowment Fund for Education, she pursued her Master’s degree at Leiden University and graduated in 2017. She was with Assegaf Hamzah & Partners, one of the top tier law firms in Jakarta, Indonesia, from 2010 to 2016. During her time at Assegaf Hamzah & Partners, Theodora has been involved in a broad spectrum of mandates in project finance sector, including development of MRT Phase I in Jakarta. Her research interests are in the field of civil and commercial law particularly on property law, contract law, construction law, and company law. Theodora is the author of ‘Modification of Public Contract: Between Rule of Fair Competition and Freedom of Contract Principle’.

Designation: Parahyangan Catholic University
Institution: Parahyangan Catholic University
Paper: Indonesia's Bankruptcy Law Reform for Stronger Cross Border Creditors' Protection
Abstract: In recent years, the Indonesian government has pursued deregulation to raise foreign direct investment and improve the investment climate in Indonesia. In addition, there is also strong support from the central government to raise the role of the private sector in the infrastructure development which constitute a key goal of the government. These efforts have finally paid off as has been indicated by the international recognition regarding Indonesia's economy. Indonesia has succeeded in improving its ranking in the ease-of-doing-business global competitiveness index also maintaining its country's credit ratings. Currently, Indonesia is the 18th largest economy in the world. With the rise in economic growth and increase in foreign investment in Indonesia, there is a growing awareness that the current Insolvency Law, i.e., Law No. 37 of 2004 regarding Bankruptcy and Suspension of Debt Payment Obligations dated October 18, 2004 (Law No. 37/2004) is inadequate to deal with bankruptcy risk associated with transnational transaction. This study aims to provide legal framework for the proper administration of insolvency proceeding in the Indonesia’s Bankruptcy Law. The first section provides a brief overview of Indonesia’s bankruptcy law, particularly on how Law No. 37/2004 deals with transnational issues. The second section focuses on Indonesia’s insolvency proceedings involving foreign creditors, multinational corporations or offshore estate. In the third section the theoretical basis for cross border insolvency law is considered. The final section elaborates in more detail the reform in Indonesia’s Bankruptcy Law on cross border insolvency.