Khatib, Ahmad (2025) Efektivitas Penundaan Kewajiban Pembayaran Utang Dalam Menyelamatkan Perusahaan Rintisan (Startup) Teknologi Dari Kepailitan. Masters thesis, Universitas Islam Riau.

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Abstract

The Debt Payment Obligation Suspension Institution (PKPU) in Law No. 37 of 2004 is ideally designed as a rescue mechanism for companies. However, its application to technology startups raises fundamental problems, where the legal framework designed for the physical asset-based industrial economy clashes with the business reality (das sein) of startups that rely on intangible assets, cash burn business models, and equity funding cycles. This inconsistency has the potential to turn PKPU from a rescue instrument into a threat that stifles innovation. This study aims to analyze the effectiveness of the fundamental legal framework of PKPU and examine the inconsistency between procedural arrangements such as term periods, asset valuation, and management qualifications with the inherent needs of startup restructuring. This study uses a normative legal research method with a statutory approach, this study analyzes primary and secondary legal materials to answer these problems. The results of the study concluded that the legal framework of PKPU is systemically inadequate and counter-productive. Too simple application requirements open up exploitative loopholes, the absence of a new funding mechanism (DIP Financing) cuts off the path to financial rescue, and a rigid voting structure distorts strategic interests. Furthermore, the tyranny of a 270-day timeframe, a normative void in the valuation of intangible assets that triggers systematic undervaluation, as well as management competency gaps create fatal procedural dissonances, which actively push startups towards bankruptcy instead of saving them.

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