Page 27 - Demo

10Islam, Democracy and Human Rights in Contemporary IndonesiaCourt (Balai Harta Peninggalan) only, while under the new lawa curator may also be an individual or a partnership. Fifthly, there is no need for bankruptcy proceedings to beappealed to a higher court: it can be done by directly applyingfor a Cassation (Kasasi) at the Supreme Court. Accordingly, thesettlement period can be shortened. Procedures and time-framesshould be clearly regulated. Sixthly, in order to facilitate the bankruptcy process andthe protection of the interests of all parties in a fair manner,whether in the bankruptcy process or in suspension of payment,there should be a mechanism for suspension of the enforcementrights of secured creditors (creditors who hold a pledge,fiduciary security, security right (Hak Tanggungan, hyptohecand other security rights). The law should also regulate the legalstatus of agreements made by the debtor prior to the issue ofthe bankruptcy petition. Seventhly, several new provisions on suspension of payment,which cover inter alia accord, the role of the curator, thecreditor%u2019s committee, suspension of execution of the rights ofsecured creditors, termination of suspension and payment. Thenew provisions should protect the interests of both the debtorand the creditors. []