Abstract
By the development of the airlines industry in Indonesia today, international lease finance from all around the world (lessor) puthigher trustto airline business in Indonesia. In reality many airlines company (lessee) is bankrupt, because of the inability to pay his debt to the lessor. Based on the Irrevocable Deregistration and Export Request Authorization (IDERA) in the Cape Town Convention, if the airlines company had been bankrupt and could not pay the debt of finance leasing, the aircrafts must bereturned to the finance leasing. In contrary, there is disparities with Bankruptcy and Suspension of Payments Act No.7/2004 in Indonesia, so we need to harmonize the regulation between Bankruptcy Law and Leasing Rule in Indonesia with International Regulation to create the legal certainty to both companies
Highlights
Indonesia is the world’s fourth most populous country after China, India, and the United States of America (USA)
One of them is the legal certaintyfor the lessor, if the lessee did default or bankruptcy, lessor can execute the aircraft as security assets, because the government give permission to release the registration mark or nationality mark of aircraft based on the Irrevocable Deregistration and Export Request Authorization (IDERA)system in the Cape Town Convention 2001
In 1850, the first leasing company in the USA was operating in the field of leasing trains.still in the USA, in 1877, the Bell Telephone Company introduced leasing in the field of telephone services
Summary
Indonesia is the world’s fourth most populous country after China, India, and the United States of America (USA). One of them is the legal certaintyfor the lessor, if the lessee did default or bankruptcy, lessor can execute the aircraft as security assets, because the government give permission to release the registration mark or nationality mark of aircraft based on the Irrevocable Deregistration and Export Request Authorization (IDERA)system in the Cape Town Convention 2001. This means, if the airlines company could not pay the debt of finance leasing, the aircrafts can be directly withdrawn by the owner, the finance leasing company. This paper will discuss about the the bankruptcy of airlines company as lessee which the aircraft as a mortgage withdrawn related to IDERA system
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