Efektivitas Perdamaian dalam Penundaan Kewajiban Pembayaran Utang sebagai Instrumen Restrukturisasi Utang : Antara Kepastian Hukum dan Risiko Moral Hazard

Abstract

The Suspension of Debt Payment Obligations (PKPU) within the Indonesian legal system is not merely a mechanism for deferring payments; rather, it serves as a debt restructuring instrument enabling debtors and creditors to reach a settlement through a collective process. A settlement ratified by the court (homologation) creates binding legal consequences and establishes a foundation of certainty for the parties involved. However, the effectiveness of a settlement does not always correlate directly with the achievement of homologation. Failure to implement the settlement can give rise to moral hazard issues, particularly when debtors exploit PKPU protections without sufficient financial capacity or good faith. This research aims to analyze the effectiveness of PKPU settlements as debt restructuring instruments and to formulate a legal framework that strengthens legal certainty while simultaneously preventing moral hazard. The study employs a normative legal research method, utilizing statutory, conceptual, case-based, and limited comparative approaches. Primary legal materials include Law No. 37 of 2004, Supreme Court rulings, Commercial Court decisions, and relevant Constitutional Court rulings. The research demonstrates that the effectiveness of a settlement must be measured by the quality of the settlement plan, the assurance of implementation, transparency, creditor protection, and the effectiveness of enforcement. The study proposes a post-homologation monitoring model to strengthen the PKPU mechanism.