BANKRUPTCY OF SRITEX LLC: RESPONSIBILITIES OF MANAGERS, NOTARIES, AND FULFILLMENT OF WORKERS’ RIGHTS
Keywords:
Bankruptcy, notary, workers' rightsAbstract
The bankruptcy of PT Sri Rejeki Isman Tbk (PT Sritex), one of the largest textile manufacturers in Southeast Asia, has opened up a complex legal discourse related to the responsibilities of company management, the role of notaries in corporate transactions, and the protection of employee normative rights. This study aims to analyze the bankruptcy of PT Sritex from the perspective of corporate and employment law, focusing on three aspects: (1) the legal responsibility of directors for business decisions that cause company losses; (2) the involvement of the role of notaries in the bankruptcy of a company; and (3) the protection and fulfillment of workers' normative rights in the bankruptcy process. This study uses a normative legal method with a statutory and case approach. The results of the study indicate that directors can be held accountable if they are proven to be negligent or abuse their authority in carrying out managerial functions. Notaries also have a role in providing legal advice on the debtor's ability to carry out restructuring when bankruptcy threatens the condition of the debtor's company. Meanwhile, PT Sritex employees experience uncertainty in fulfilling normative rights even though they legally have a position as preferred creditors. Therefore, synergy between corporate law, legal profession (notary), and employment law is needed to create legal certainty and justice in corporate bankruptcy cases.
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