URGENSI PENERAPAN ATURAN KEPAILITAN LINTAS BATAS BERDASARKAN UNCITRAL MODEL LAW ON CROSS-BORDER INSOLVENCY DI ASEAN

Abstract

This study’s objective is to find out about the urge of implementing cross-border insolvency regulation based on the UNCITRAL Model Law on Cross-Border Insolvency within the ASEAN members. In accordance with the recent establishement of ASEAN Economic Community in 2015. However, integrared economy also leads to the risk of cross-border insolvency as the investments within the states member increses. To achieve these objectives, the reseacrh use normative legal research which is done by examining secondary data or literature as basic material for examination by doing a search for rules and literature relating to the cases studied. The reseach was concluded that the establishment of cross-border insolvency regulation is already needed within the ASEAN country members current state. However there are a few challenges including the difference of laws within the ASEAN members. The absence of proper regulation to satisfy the issue could leads into the possibility of legal uncertainty. The most suitable solution now are to converge the UNCITRAL model law into their national insolvency law and to recognize the international comity within the members regarding the foreign proceedings and  the cross-border insolvency proceedings within the states member.