Tinjauan yuridis restrukturisasi utang melalui debt to equity swap

Natalie, Stephanie Hannah (2018) Tinjauan yuridis restrukturisasi utang melalui debt to equity swap. Masters thesis, Universitas Pelita Harapan.

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Abstract

The economic crisis that occurred in the world in the past, produced many companies that discuss finances, making the company to pay its debts to creditors. The regulation on debt restructuring through debt to equity swap can be found in 1425 Civil Code, Article 35 paragraph (2), Article 41 paragraph (1) UUPT, Article 18 paragraph (4) Income Tax Law, Article 2 PP Number 15 Year 1999, Article 6 Government Regulation Number 7 of 2001, Article 3 of PBI. 5/10 / PBI / 2003, Article 2 paragraph (1) of POJK no. 38 / POJK.04 / 2014 and Article 3 of POJK no. 36 / POJK.03 / 2017. Running debt to equity swap is a print effort for liability. As a result of debt restructuring through debt to equity swap, the creditor will become a shareholder in the stock, while the existing shareholders will be diluted. Dilution risk can be mitigated from existing users, using paid up capital / capital used in the company, can increase the amount of ownership in the company. Protection of property rights in the case of dilution of shares office, the provisions are regulated in Article 41 paragraph (1) of Company Law stating that the capital form must be done after the approval of the GMS. In addition, the stock-will not produce (lock-up) for 1 (one) year since the debt to equity swap's shares are listed on the exchange. The prohibition is issued by Regulation of Securities Listing. I-A concerning General Conditions of Listing of Equity Securities at the Exchange. This decreases the new shares not to cause a significant reduction of the stock market price. The price decline is very likely to occur considering the results of debt to equity swap is very large not even rare beyond the amount outstanding. / Krisis ekonomi yang terjadi di dunia pada waktu yang lalu, mengakibatkan banyak perusahaan yang mengalami permasalahan keuangan, sehingga perusahaan mengalami kesulitan untuk membayar utang-utangnya kepada kreditor. Pengaturan mengenai restrukturisasi utang melalui debt to equity swap dapat ditemukan pada pada 1425 KUH Perdata, Pasal 35 ayat (2), Pasal 41 ayat (1) UUPT, Pasal 18 ayat (4) UU PPh, Pasal 2 PP Nomor 15 Tahun 1999, Pasal 6 PP Nomor 7 Tahun 2001, Pasal 3 PBI No. 5/10/PBI/2003, Pasal 2 ayat (1) POJK No. 38/POJK.04/2014 dan Pasal 3 POJK No. 36/POJK.03/2017. Pelaksanaan debt to equity swap merupakan upaya penyelesaian untuk mengakhiri kewajiban utang. Akibat terjadinya restrukturisasi utang melalui debt to equity swap, maka kreditor akan menjadi pemegang saham mayoritas dalam perseroan, sementara pemegang saham yang ada sebelumnya akan terdilusi. Risiko terjadinya dilusi dapat dimitigasi apabila pemegang saham yang ada sebelumnya, melakukan penambahan modal yang disetor/ modal yang ditempatkan dalam perseroan, sehingga dapat menambah jumlah kepemilikan sahamnya dalam perseroan. Perlindungan hukum terhadap pemegang saham minoritas dalam hal terjadinya dilusi saham, ketentuannya diatur dalam Pasal 41 ayat (1) UUPT yang menyatakan bahwa penambahan modal Perseroan harus dilakukan berdasarkan persetujuan RUPS. Selain itu, saham-saham hasil konversi tersebut tidak dapat diperdagangkan (lock up) selama 1 (satu) tahun sejak saham-saham hasil debt to equity swap tersebut dicatatkan di bursa. Larangan tersebut dikeluarkan melalui Peraturan Pencatatan Efek No. I-A tentang Ketentuan Umum Pencatatan Efek Bersifat Ekuitas Di Bursa. Hal ini dimaksudkan agar saham-saham baru tersebut tidak menyebabkan penurunan signifikan dari harga pasar saham. Penurunan harga pasar tersebut sangat mungkin terjadi mengingat saham-saham hasil debt to equity swap tersebut jumlahnya sangat besar bahkan tidak jarang melebihi jumlah saham yang beredar.

Item Type: Thesis (Masters)
Creators:
CreatorsNIMEmail
Natalie, Stephanie HannahUNSPECIFIEDUNSPECIFIED
Contributors:
ContributionContributorsNIDN/NIDKEmail
Thesis advisorSihombing, JonkerUNSPECIFIEDUNSPECIFIED
Uncontrolled Keywords: accounts payable ; debt restructuring ; debt to equity swap
Subjects: K Law > K Law (General)
Divisions: University Subject > Current > Faculty/School - UPH Karawaci > Faculty of Law > Master of Law
Current > Faculty/School - UPH Karawaci > Faculty of Law > Master of Law
Depositing User: Users 15 not found.
Date Deposited: 13 Sep 2019 02:57
Last Modified: 13 Sep 2019 02:57
URI: http://repository.uph.edu/id/eprint/4580

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