The Application of Separate Legal Entity and Distributive Justice in State-Owned Enterprise Bankruptcy: Lessons from Indonesia
DOI:
https://doi.org/10.14421/sh.ctp9wt71Keywords:
BUMN Persero, Bankruptcy, PT Merpati Airlines, Separate Legal EntityAbstract
The financial bankruptcy of State-Owned Enterprises (SOEs or BUMN in Indonesian term) present an acute doctrinal dilemma in modern economic law: how to reconcile the sovereign protection of public assets with corporate market discipline and creditor justice. This study analyzes the legal standing of PT Merpati Airlines as a subject to bankruptcy and examines the application of insolvency principles in its liquidation case. Employing a doctrinal legal research method through statutory, conceptual, and case approaches, this research operationalizes the theory of justice to scrutinize how bankruptcy regulations and BUMN legal frameworks govern the court's decision concerning PT Merpati Airlines. The findings reveal several key points. First, as a Persero whose capital is divided into shares, PT Merpati Airlines has the legal character of a limited liability company and is therefore subject to bankruptcy proceedings. Second, the declaration of bankruptcy against PT Merpati Airlines in 2022 was based on the separate legal entity doctrine. This doctrine is further confirmed by the enactment of Law No. 16 of 2025 on BUMN, which clarifies the status of BUMN Persero as an independent legal entity. Third, the application of the Pari Passu Pro Rata Parte and separate legal entity principles reflects substantive justice in ensuring that the debtor’s assets can be distributed fairly and proportionally among creditors. Theoretically, these findings resolve the doctrinal tension between state asset protection and corporate bankruptcy through distributive justice. Practically, it guides commercial courts, trustees, and policymakers in balancing state financial rules with substantive creditor rights during SOE liquidations.
References
Alkhalifa, Noora, and Raed Alnimer. “Balancing Corporate Independence and Accountability: A Critical Analysis of the Separate Legal Entity Principle and Its Implications for Women in Corporate Structures.” In Technological Innovation and Enhancing Decision Processes in Modern Enterprises, vol. 631, edited by Reem Khamis Hamdan. Studies in Systems, Decision and Control. Springer Nature Switzerland, 2026. https://doi.org/10.1007/978-3-032-04378-8_40.
Anugraha, Viqi, and Adlin Budhiawan. “Prinsip Pembuktian Sederhana Sebagai Syarat Penundaan Kewajiban Pembayaran Hutang.” Journal of Education Research 4, no. 2 (2023): 742–51. https://doi.org/10.37985/jer.v4i2.201.
Aprita, Serlika, and Khalisah Hayatuddin. “Business Judgment Rule and Corporate Criminal Liability in Indonesian SOEs: Distinguishing Business Risk from State Loss.” Khazanah Hukum 8, no. 2 (2026): 320–41. https://doi.org/10.15575/kh.v8i2.54251.
Budi Harianto. “Kerugian Negara Diakibatkan Oleh Badan Usaha Milik Negara (BUMN) Sebagai Kerugian Keuangan Negara: Penelitian.” Jurnal Pengabdian Masyarakat Dan Riset Pendidikan 3, no. 4 (2025): 3899–905. https://doi.org/10.31004/jerkin.v3i4.1184.
Dinda Ayu Narassati, Yonathan Aji Pamungkas. Disparitas Putusan Pengadilan Tentang Permohonan Pailit Dan PKPU Oleh Kreditur Terhadap BUMN (Persero). December 19, 2023. https://doi.org/10.5281/ZENODO.10406346.
Eller, Klaas Hendrik. “Pricing and Distribution in Global Value Chain Regulation.” Leiden Journal of International Law 38, no. 3 (2025): 455–76. https://doi.org/10.1017/S0922156524000475.
Gilang Fitri Hermawan; Djoni Sumardi Gozali; Saprudin Saprudin. “Rekonstruksi Perlindungan Hukum Kreditur Konkuren Dalam Sistem Kepailitan Indonesia: Telaah Keadilan Distributif Dan Kepastian Hukum.” Al-Adl : Jurnal Hukum, no. Vol 18, No 1 (2026) (2026): 128–47. https://garuda.kemdiktisaintek.go.id/documents/detail/5984803
Giuseppe Ferri. “Il trattamento dei creditori nel concordato tra competenze collettive e interessi individuali.” Osservatorio del diritto civile e commerciale (IT), no. 2 (2015): 371–86. https://doi.org/10.4478/81755.
Gunawan Nachrawi, SH. BUMN Sebagai Usaha Pemerintah Menuju Kesejahteraan Rakyat: Tinjauan Filosofis, Sosiologis, Politis Dan Yuridis. Bandung. CV Cendekia Press, 2021.
Gunawan Nachrawi, SH. Reinventing BUMN: Pengelolaan BUMN Dalam Perspektif Pasal 33 UUD NRI 1945. Bandung. CV Cendekia Press, 2021.
Hamzani, Achmad Irwan, Tiyas Vika Widyastuti, Nur Khasanah, and Mohd Hazmi Mohd Rusli. “Implementation Approach in Legal Research.” International Journal of Advances in Applied Sciences 13, no. 2 (2024): 380. https://doi.org/10.11591/ijaas.v13.i2.pp380-388.
Hidayatulloh, Hidayatulloh, and Éva ErdÅ‘s. “State-Owned Enterpriseâ€TMs Debt in the State Financial Regime.” Sriwijaya Law Review, January 27, 2023, 105–20. https://doi.org/10.28946/slrev.Vol7.Iss1.1843.pp105-120.
Jönsson, Elin. “Justice from Below: Struggles Against Corporate Misconduct in the National Contact Point System.” Nordic Journal of Criminology 25, no. 2 (2024): 1–17. https://doi.org/10.18261/njc.25.2.4.
Kampourakis, Ioannis, and Lottie Lane. “The Law and Political Economy of Business and Human Rights: From Governance Gaps to Root Causes.” Leiden Journal of International Law 38, no. 3 (2025): 417–32. https://doi.org/10.1017/S0922156524000517.
Keladu, Yosef. “Kesamaan Proporsional Dan Ketidaksamaan Perlakuan Dalam Teori Keadilan Aristoteles: Proportional Equality and Inequality of Treatment in Aristotle’s Theory of Justice.” DISKURSUS - JURNAL FILSAFAT DAN TEOLOGI STF DRIYARKARA 19, no. 1 (2023): 54–78. https://doi.org/10.36383/diskursus.v19i1.347.
Kurniawan, Itok Dwi, Pujiyono Suwadi, Soehartono Soehartono, and Acacio Fernades. “Legal Frameworks and Advocacy in Bankruptcy Restructuring: A Comparative Analysis of Financial Service Authorities in Indonesia and the United States.” Indonesian Journal of Advocacy and Legal Services 7, no. 1 (2025): 255–90. https://doi.org/10.15294/ijals.v7i1.13909.
Marques, Berta, and Pablo J. López-Tenorio. “The Central Role of Financial Behavior within Financial Literacy: A Gender-Based Configurational Approach to Understanding Risk Aversion.” European Research on Management and Business Economics 32, no. 3 (2026): 100326. https://doi.org/10.1016/j.iedeen.2026.100326.
Masbernat, Patricio, Eva Andrés-Aucejo, and Gloria Ramos-Fuentes. “La Revisión de Literatura y Las Investigaciones En Derecho.” Revista Pedagogía Universitaria y Didáctica Del Derecho 12, no. 1 (2025): 57–80. https://doi.org/10.5354/0719-5885.2025.77833.
Maulida, Aldehita Purnasanti, Indah Sri Utari, Yustina Dhian Novita, and Abu Bakar Munir. “Navigating Indonesia’s Economic Crossroads: The Future of State-Owned Enterprises in a Transforming National Economy.” Indonesian Journal of Advocacy and Legal Services 8, no. 1 (2026): 415–52. https://doi.org/10.15294/ijals.v8i1.55219.
Muzakir, Gema Akhmad. “Pengaturan Kepailitan BUMN Yang Melayani Kepentingan Umum: Tinjauan Hukum Dan Implementasi.” Jurnal Ilmu Sosial Dan Humaniora 4, no. 2 (2025): 265–76. https://doi.org/10.57248/jishum.v4i2.635.
Nasution, Mirza. “Inconsistency in Legal Liability in Article 9G of Law Number 1 of 2025 Concerning State-Owned Enterprises.” Frontiers in Sociology 11 (June 2026): 1791433. https://doi.org/10.3389/fsoc.2026.1791433.
Noor, Hendry Julian, and Karina Dwi Nugrahati Putri. “State-Owned Enterprises Law in Indonesia.” In Routledge Handbook of Indonesian Law, 1st ed., by Simon Butt and Tim Lindsey. Routledge, 2026. https://doi.org/10.4324/9781032709840-48.
Pramono, Heru. “Legal Protection For Creditors To Ensure The Fulfillment Of State-Owned Enterprises (Persero)’S Liabilities In The Indonesian Legal System.” Prophetic Law Review 5, no. 2 (2023): 129–56. https://doi.org/10.20885/PLR.vol5.iss2.art1.
Prasetya, Dani. “Anggota DPR: Merpati Seharusnya Dilikuidasi.” Anggota DPR: Merpati Seharusnya Dilikuidasi, Kontan.co.id, Mei 2011. https://nasional.kontan.co.id/news/anggota-dpr-merpati-seharusnya-dilikuidasi-1.
Reiner, Vivienne, Arunima Malik, and Joy Murray. “Can Global Modern Slavery Be Footprinted for Corporate Due Diligence? A Data Review and Analysis.” Journal of Industrial Ecology 29, no. 4 (2025): 1077–89. https://doi.org/10.1111/jiec.70037.
Rizhan, Afrinald. “Konsep Hukum Dan Ide Keadilan Berdasarkan Teori Hukum Statis (Nomostatics) Hans Kelsen.” Articles. KODIFIKASI 2, no. 1 (2020): 61–71. https://ejournal.uniks.ac.id/index.php/KODIFIKASI/article/view/679.
Rizky Novian Hartono, Sriwati, and Wafia Silvi Dhesinta Rini1. “Kerugian Keuangan Negara Pada Badan Usaha Milik Negara (BUMN) Dalam Perspektif Doktrin Business Judgement Rule.” KELUWIH: Jurnal Sosial Dan Humaniora 2, no. 1 (2021): 23–33. https://doi.org/10.24123/soshum.v2i1.4392.
Rodríguez Cairo, Vladimir, Percy Antonio Vilchez Olivares, and Ena Cecilia Obando Peralta. “Revisión Sistemática de Literatura Científica Aplicada a La Investigación Jurídica.” Revista Pedagogía Universitaria y Didáctica Del Derecho 11, no. 1 (2024): 63–91. https://doi.org/10.5354/0719-5885.2024.70653.
Rubbani, Muhammad, and Zaenul Mahmudi. “Praktik Pembagian Waris ‘Bagi Rusa’ Perspektif Teori Keadilan Distributif Aristoteles.” Sakina: Journal of Family Studies 8, no. 2 (2024): 150–63. https://doi.org/10.18860/jfs.v8i2.6697.
Sandi, Meidy Yanto, Muhammad Hadin Muhjad, and Ahmad Syaufi. “Kekayaan Negara Yang Dipisahkan Dalam Badan Usaha Milik Negara (BUMN) Dalam Bentuk Persero.” Notary Law Journal 2, no. 3 (2023): 181–202. https://doi.org/10.32801/nolaj.v2i3.45.
Schumacher, Johannes M. “Ex-Ante Estate Division under Strong Pareto Efficiency.” Mathematical Social Sciences 113 (September 2021): 10–24. https://doi.org/10.1016/j.mathsocsci.2021.04.006.
Sheriff, Robert E., and Masatoshi Hara. “Ways To Avoid Bankruptcies: Aviation Industry In The United States.” INTERNATIONAL Conference on Business, Management, and Economics Engineering Future-BME, 2025. https://api.semanticscholar.org/CorpusID:277087553.
Simanjuntak, Jimmy. “Pembubaran Badan Usaha Milik Negara Berbentuk Perseroan Terbatas (BUMN PERSERO): Jimmy Simanjuntak.” Jurnal Hukum To-Ra : Hukum Untuk Mengatur Dan Melindungi Masyarakat 10, no. 1 (2024): 165–77. https://doi.org/10.55809/tora.v10i1.338.
Smart, Sebastian. “Corporate Power, Conflict and Transitional Justice: Addressing Business Human Rights Abuses in the Digital Era.” Business and Human Rights Journal 10, nos. 2–3 (2025): 318–34. https://doi.org/10.1017/bhj.2025.10027.
Swardhana, Gde Made, and Seguito Monteiro. “Legal Policy of State Financial Losses Arrangement In A State-Owned Enterprise.” BESTUUR 11, no. 1 (2023): 171. https://doi.org/10.20961/bestuur.v11i1.61326.
Waluyo, Waluyo, Hilaire Tegnan, and Noni Oktiana Setiowati. “Aligning State Finance Regulations with SOE Bankruptcy Policy: Evidence from the United States.” Journal of Human Rights, Culture and Legal System 5, no. 1 (2025): 246–78. https://doi.org/10.53955/jhcls.v5i1.470.
West, Robin. Toward Normative Jurisprudence. Cambridge University Press, 2011. https://doi.org/10.1017/CBO9781139043922.
Yuhelson and Nur Hakim. “Legal Protection of Secured Creditors in Contemporary Bankruptcy: A Comparative Study of Positive Law and Islamic Law.” MILRev: Metro Islamic Law Review 4, no. 2 (2025): 1189–214. https://doi.org/10.32332/milrev.v4i2.11518.
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Deshandra Yusuf Siswan Atmadja, Mustika Mustika
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
