Khairul Anwar (1), Hartiwiningsih Hartiwiningsih (2), I Gusti Ayu Ketut Rachmi Handayani (3), Ahmad Dwi Nuryanto (4), Davlatbek Esanov (5)
The execution of state-owned enterprise assets in bankruptcy presents complex legal challenges concerning regulatory coherence, institutional responsibility, and the protection of creditors' rights. Conflicting interpretations of state ownership and corporate legal personality create uncertainty over asset execution and limit creditors' opportunities to recover outstanding debts. This study investigates the legal and institutional barriers to equitable asset execution and proposes a regulatory framework that strengthens creditor protection in state enterprise bankruptcy. Using empirical legal research with a qualitative approach, the study integrates statutory, conceptual, and comparative analysis with deductive and inductive reasoning. The findings establish two principal conclusions. First, inconsistencies among state finance, state treasury, corporate governance, and bankruptcy regulations create uncertainty over the legal status and execution of corporate assets. Overlapping institutional authority and the prevailing tendency to prioritize state ownership further complicate bankruptcy proceedings and weaken creditors' legal remedies. Second, effective creditor protection requires regulatory harmonization, clearer institutional responsibilities, stronger oversight of bankruptcy trustees, and the integration of deliberation and consensus into dispute resolution procedures. The proposed model distinguishes corporate ownership from state financial supervision while strengthening legal certainty, proportionality, and equitable treatment among creditors.
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Mashdurohatun, Anis, Jamaslin James Purba, Edi Purwanto, Gunarto Gunarto and Henning Glaser, ‘Legal Protection of Creditors with Rejected Claims under Debt Payment Suspension Framework’, Journal of Human Rights, Culture and Legal System, 6 (2026) https://doi.org/10.53955/jhcls.v6i1.916
Maulana, Muhammad Rafi, ‘When Polluters Go Bankrupt: Reconstructing the Status of Environmental Restoration Claims and Curator Responsibility under Indonesian Insolvency Law’, International Insolvency Review, 2026 https://doi.org/10.1002/iir.70067
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Yuan, Weikang, Kaisong Song, Zhuoren Jiang, Junjie Cao, Yujie Zhang, Chengyuan Liu, and others, ‘A Multi-Agent Framework with Legal Event Logic Graph for Multi-Defendant Legal Judgment Prediction’, Information Processing & Management, 63 (2026), 104319 https://doi.org/10.1016/j.ipm.2025.104319
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Zhang, Kai and Jingchen Zhao, ‘Artificial Intelligence and Liquidation: Reality, Destiny and Fantasy’, International Insolvency Review, 2026 https://doi.org/10.1002/iir.70053
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