Principles of Recognition of Indonesian Bankruptcy Decisions Abroad Based on Principles of International Law

Globalization, which drives global economic growth, has caused the boundaries between countries to become increasingly blurred for economic transactions. As a result, global economic activity carries business risks. Liquidity issues, which can lead to bankruptcy, are one potential problem. This problem is further complicated by the involvement of bankruptcy cases in more than one legal jurisdiction, a phenomenon known as "Cross Border Insolvency". Bankruptcy law enforcement around the world, including Indonesia and other ASEAN countries such as Malaysia and South Korea, faces the problem of Cross Border Insolvency. Each country has different rules and practices in handling international insolvency.