Payment Obligations Research Articles

Effect of Good Corporate Governance, Company Size, and Voluntary Disclosure on Cost of Debt in Healthcare Companies Listed on the Indonesia Stock Exchange (Period 2017 - 2021)

This research takes the role of determining which factors can reduce the cost of debt in health companies listed on the Indonesia Stock Exchange. The sample observed in this study consists of 14 companies chosen by purposive sampling out of the population of 24 health corporations on the Indonesia Stock Exchange. The covid-19 pandemic caused an economic contraction, this increased debt financing. Debt that is not managed properly is reflected in the expansion in requests for Postponement of Debt Payment Obligations (PKPU), PKPU can later be a sign that the company is on the verge of bankruptcy. Due to this risk, there is an urgency when a health company goes bankrupt, the wider community will be affected because companies that provide offers related to health services will be limited and increase in the price of available health services. This phenomenon can threaten economic sustainability for the whole society. The determination of the study demonstrates that voluntary disclosure and partially independent boards of commissioners have a considerable detrimental impact on the cost of debt. The cost of debt, in contrast, is unaffected by management ownership, institutional ownership, or company size.

Pemberian Kelonggaran Waktu Pemeriksaan Penundaan Kewajiban Pembayaran Utang Di Pengadilan Niaga

Article 2 letter C SEMA 1 of 2020 stipulates that the time limit for PKPU may exceed the time limit due to forced circumstances, which are not in line with the time provisions in the UUKPKPU. This study aims to examine and see the position of SEMA 1 of 2020 in the hierarchy of laws and regulations and the legal consequences of the enactment of SEMA 1 of 2020. The research method used is the normative juridical method with research specifications that are descriptive analytical, that is to describe laws and regulations analytically applicable regulations and legal theories are related to the issue of provisions for the time of postponement of debt payment obligations. The results of the study concluded that the position of SEMA 1 of 2020 is not included in the hierarchical arrangement of laws and regulations as stipulated in Article 7 paragraph 1 of Law Number 12 of 2011 or its position is under UUKPKPU which is recognized as long as it fulfills the requirements as stipulated in Article 8 of Law Number 12 of 2011 2011 and the legal consequence of the enactment of SEMA 1 of 2020 is that there is no legal certainty in paying debts to creditors because the settlement of debts and receivables through PKPU institutions will take a longer time than the provisions in UUKPKPU.

Sedating Democracy’s Watchdogs: Critical Reflections on Canada’s Proposed Online News Act

In April 2022, the Government of Canada introduced Bill C-18 (the Online News Act). This Bill is one of the recent attempts by governments in several countries to address a perceived crisis-level disruption to newspapers’ finances by requiring internet platform operators to pay for newspapers’ content displayed on their platforms. As of the writing of these comments, the Bill has passed the third reading at the House of Commons and is now awaiting review and voting by the Senate.
 The stated purpose of Bill C-18 is “to regulate digital news intermediaries with a view to enhancing fairness in the Canadian digital news marketplace and contributing to its sustainability, including the sustainability of news businesses in Canada, in both the non-profit and for-profits sectors, including independent local ones.” It seeks to accomplish this goal by “establish[ing] a framework through which digital news intermediary operators and news businesses may enter into agreements respecting news content that is made available by digital news intermediaries.”
 The key element of Bill C-18 is empowering an “eligible news business” or “group of eligible news businesses” to initiate a regulated bargaining process (either individually or collectively) with an “operator” of a “digital news intermediary” and imposing a corresponding duty on such operator to participate in the process, coupled with a duty on all participants to bargain in good faith. The bargaining process consists of three steps. It begins with bargaining sessions. If the parties are unable within a reasonable period to reach an agreement in the bargaining sessions, they enter mediation sessions, and if the mediation sessions do not result in an agreement within a reasonable period, then either party may initiate final offer arbitration.
 The underlying assumption behind the proposed legislation is that fundamental unfairness exists in the relationships between news publishers and internet platforms. Essentially, the Bill’s animating narrative draws a connection between newspapers’ declining revenue (both from advertising and from readers’ subscriptions), the growth of digital advertising and of Google’s and Facebook’s dominance thereof, and the fact that newspapers’ content can be accessed freely via Google News or Facebook users’ postings. The logic runs as follows: By providing links to newspapers’ stories, Google and Facebook freeride on that content to attract readers to their platforms (and away from newspapers). As readers have migrated, so have advertisers. Faced with dwindling advertising revenue and confronting platforms with unmatched bargaining power, newspapers have no choice but to acquiesce to the sharing of their stories through these platforms because without readers’ traffic to their websites, they would lose even more advertisers. Hence not only the need to force platforms into a negotiation process that could result in payment obligations imposed on them through mandatory arbitration but also the need to allow newspaper publishers to bargain collectively.
 In the following comments, I wish first to question the logic behind the proposed legislation and then to highlight and discuss three noteworthy elements of Bill C-18: (1) how it relates to and departs from copyright (and how it contemplates payments for actions and in circumstances that exceed news publishers’ entitlements under the Copyright Act); (2) the difference between collective administration of copyright and the Bill C-18’s collective bargaining model; and (3) the sweeping immunity from scrutiny under the Competition Act afforded to such collective bargaining. Finally, I will share my biggest concern about Bill C-18’s proposed solution: its sedating impact on the watchdog role of the press.

Legal Consequences of Amendment And/Or Implementation of Homologation Outside Court Authorization

The composition of Homologation that has been approved is ratified and decided by the court. But the problem is when composition that have been agreed and have been validated are then changed for certain interests so that the contents are no longer the same that has been validated. The purpose of this study is to find out how the legal consequences of amendments and/or the implementation of homologation outside the court. This study case uses a normative juridical method by using a statutory, case approach, and conceptual approach. Homologation composition through Suspension of Obligation for Payment and Bankruptcy have been regulated, so when there is a change and/or implementation of a composition agreement passed by the court (Homologation) outside the court, it is invalid.

Differences between the Bank Payment Obligation and Letter of Credit in Global Settlement Method

Purpose - The bank payment obligation is a transaction method that combines the certainty of L/C transactions with the speed of remittance payments, so the main purpose of this study is to highlight the superiority of bank payment obligation, noting the difference between bank payment obligation and L/C transactions. In addition, we would like to examine how bank payment obligations can actually be applied to support various valuable proposals such as post-shipment and post-shipment finance according to the payment process..
 Design/methodology - This study focused on literature based on data from ICC and SWIFT along with previous domestic and international studies. In terms of a research method, a literature review was adopted with electronic trade-related books and journals and policy-related reports from international trade-related agencies.
 Findings - Unlike L/C transaction, BPO transaction verify the data inquiry process based only on the combination result of the established baseline and dataset. Accordingly, it is superior to L/C transaction in that there is no confrontation between the parties over the results of the inquiry, and clear transactions are possible according to the principle of proof after prepayment. In addition, unlike credit transactions, data inconsistency acceptance procedures confirm payment obligations in consideration of importers' intentions. As a result, as long as trade documents are in the hands of exporting countries, flexible document disposition is possible in response to the situation after payment, which is more advantageous than L/C transaction.
 Originality/value - Specifically, from the importer's point of view, BPO transactions have the advantage of reducing the manpower required to prepare and review trade documents and processing transaction negotiations with exporters advantageously due to the strength of payment obligations. From the perspective of the exporter, it has the advantage of enabling rapid recovery of trade payments and reducing the risk of importer's cancellation of transactions or content change. From the perspective of participating banks, it is possible to strengthen relations with importer and obtain high commission income by increasing the role of bank reduced by reducing L/C transaction.

A Dualistic Concept of Personal Guarantee Responsibility and Its Relevancy with Law Number 37 of 2004 concerning Bankruptcy and Suspension of Debt Payment Obligation A Dualism Of Personal Guarantee Responsibility In Indonesia Bankruptcy Law

Indonesia's legal system recognizes the concept of personal guarantee, which is a promise or guarantee of an individual as a third party to fulfil the debtor's obligations. The concept of guarantee in Indonesia regulates the roles and responsibilities of personal guarantees if the debtor cannot pay his debts. However, the problem is a dualism in theory or approach to personal guarantee responsibility, especially in carrying out debt collection in the debt settlement process in Bankruptcy and Suspension of Debt Payment Obligations ("PKPU"). This dualism exists in the approach to justify actions for the creditor in determining who can be claimed to fulfil debt payment obligations - the debtor or personal guarantor. The main purpose of this journal is to analyze the existence of dualism problems in the concept of responsibility in personal guarantees and how to address the issues. In this journal, the author uses normative juridical research methods, which can be analyzed with conceptual and statutory approaches. This journal addresses an analysis that there are still inconsistencies in Indonesian legal practice in determining responsibility for the implementation of debt obligations, especially in deciding bankruptcy cases in Indonesia. Regarding whose debt responsibility is, there is still a dual approach, namely whether to use the "guarantor is always a guarantor" approach or the "guarantor is the debtor" approach. This journal concludes that there is a legal vacuum to resolve these circumstances. Regardless of the dualism of these circumstances, the author argues that it is necessary to unify the concept of responsibility for personal guarantees to provide legal certainty, especially concerning the implementation of debt collection in the bankruptcy process and at the time of PKPU.The dualism of personal guarantee theory has indicated that it is urgently needed to unify the concept of personal guarantee to provide legal certainty, especially concerning the implementation of debt collection in the process of settlement of debts in bankruptcy and at Suspension of Debt Repayment Obligation (Penundaan Kewajiban Pembayaran Utang/PKPU), where the creditor must determine who can be claimed to fulfill the debt payment obligations. In this paper, the author seeks who is responsible to pay the debt when there is a personal guarantor to guarantee the debtor, and also to examine the debt settlement process through PKPU or bankruptcy.

ЩОДО ПОТРЕБ ЗАСТОСУВАННЯ ТЕОРІЇ ПРАВОВОЇ ФІКЦІЇ ДЛЯ ВИЗНАЧЕННЯ ПОНЯТТЯ «КРИПТОВАЛЮТА»

The article is devoted to the legal analysis of the concept of cryptocurrency in the context of the need to harmonize its legal and economic characteristics. The economic content of cryptocurrencies has been studied, taking into account the fact that they were created specifically to perform economic functions — decentralized storage and circulation of value. It is substantiated that the presence of decentralized principles of cryptocurrency emission through mining and the existence of blockchain technologies and cryptographic algorithms do not allow the state to establish legal features of cryptocurrency through traditional legal forms of defining a certain subject as a means of payment. It was concluded that cryptocurrency couldn’t be defined as an intangible good, regulated by the Civil Code of Ukraine, because of the economic purpose of cryptocurrency as a means of circulation and preservation of value. It is proposed a legal approach to cryptocurrency, which would allow incorporating cryptocurrency into the national legal system and circulation operations, prevent shadow operations and the legalization of “dirty funds”. In this context, it is proposed to approach cryptocurrency as ejusdem generis, bringing the understanding of cryptocurrencies closer to other things. The possibility of recognizing of cryptocurrency as the right of claim characteristic of non-cash money is denied. Unlike electronic money, cryptocurrencies do not mediate the payment obligation and the right to demand. It was concluded that cryptocurrency should be defined, taking into account the theory of legal fiction, an interchangeable type of virtual asset in the form of an encrypted electronic record, the emission and accounting of which is performed decentralized on the basis of distributed ledger technology and cryptographic algorithms, which is an object of property rights and can perform circulation and accumulation functions.

Factors Affecting Tax Compliance of MSMEs in Dipolog City

This research is made focused on assessing what factors could affect the tax compliance of MSMEs in Dipolog City, one of the major economic drivers are; (1) Tax Inspection Possibility, (2) Tax Rates, (3) Tax Penalties, (4) Tax Policies Complexity, (5) Social Norms and (6) Tax Knowledge. Through random sampling, 96 business owners/managers/bookkeepers of specifically retail MSMEs in Dipolog City were extracted as respondents. A descriptive correlational quantitative method was used in this study, utilizing standardized adapted questionnaires for gathering data which was analyzed and interpreted using frequency, percentage distribution, mean, Kruskal-Wallis test, and Spearman Rho. Findings revealed most of the enterprises belong to a micro level and are still in the business for 2-5 years. Furthermore, among the factors identified, only Tax inspection Possibilities, Tax Penalties, and Tax Knowledge have significant relationships with tax compliance. This means that the possibility of being inspected, delayed payment of obligations, and their knowledge of tax laws increased the respondents’ awareness of tax compliance. If a taxpayer has knowledge about tax laws, payments, and tax rates applied to his/her business, compliance increases. It is also recommended that the taxing authority must conduct a statutory tax seminar to MSMEs as taxpayers.

Reconstruction of Bankruptcy Regulations and Suspension of Debt Payment Obligations Based on Islamic Legal Values

The background of this research is that as it happens in the business world, the need for funds is a basic need that must be met by business actors, to overcome the problem of funding needs, capital loans are the solution. The problem that arises is if within the specified time the debtor is unable to pay it. The purpose of this study is to malign and find that bankruptcy regulations and PKPU have not been based on Islamic justice values, analyze and find weaknesses in current bankruptcy regulations and PKPU, and analyze and find reconstructions of bankruptcy regulations and PKPU based on Islamic justice values. In this study, the constructivism paradigm was used. namely the paradigm that is the antithesis of the understanding that lays observation and objectivity in finding a reality or science, This type of research is descriptive analysis, the approach that the author uses is a Sociological Juridical approach, This research is categorized into doctrinal hukun research (both normative and philosophical juridical), The data analysis method used in this study is qualitative data analysis to obtain descriptive data. This research uses Islamic legal theory as an applied theory, namely the Mashlahah Theory According to Imam Al-Ghazali which is a concept that is used as the main consideration in solving Islamic legal problems because the principle contained in maslahah is the maintenance of the objective purpose of law (maqasid al-shari'ah) that is, the maintenance of religion, soul, reason, heredity, and property. Based on the results of this study, it was found that the first Bankruptcy Regulation and Suspension of Debt Payment Obligations have not been based on Islamic justice values, especially in article 2 paragraph (1), article 17 paragraph 2 and article 225 paragraph 4, Second, weaknesses were found in the current bankruptcy and PKPU regulations, including bankruptcy requirements of at least 2 creditors, the temporary decision of PKPU was only given 45 days, and the fee for curator is too great. For this reason, it is necessary to reconstruct the Bankruptcy Regulation and PKPU, including increasing the bankruptcy requirements for more than 2 creditors, extending the temporary bankruptcy of PKPU for more than 45 days or 1 year, changing the Curator fee calculation system based on agreements with debtors and creditors.

THE MAIN FACTORS SHAPING THE STATE'S DEBT POLICY AND DEBT STRATEGY IN THE REPUBLIC OF AZERBAIJAN

Public debt is the total amount covering the budget deficit in a certain period of time. The correct management of the debt structure means the set of operations carried out until the time when the debt is zeroed by issuing the debt and paying off the principal debt and interest thereafter. In this regard, in each state, a special institution responsible for the mentioned issues is involved. The purpose of debt strategy management is to ensure the achievement of the main economic and social goals by making certain adjustments or various additions to the amount, composition and repayment period of debts. From this point of view, debt management is closely related to both fiscal (budget-tax) and monetary policy of the state. Adjustments in the amount of debt, i.e. reducing or increasing the amount of the debt, regulating the debt in terms of duration is one of the important issues of debt management. It should be noted that these operations include adjustments to the amount and composition of the debt and a number of debt policy instruments that will ensure the achievement of certain economic goals. In addition, another goal of managing debt strategies is to use the resources obtained through borrowing in the most beneficial way for the stability and development of the national economy and to get rid of the debt burden at the lowest cost. This issue is one of the most important and most successful elements in the debt strategy. Public debt is the total value covering the budget deficit in a certain period of time. In addition, another goal of managing debt strategies is to use the resources obtained through borrowing in the most beneficial way for the stability and development of the national economy and to get rid of the debt burden at the lowest cost. This issue is one of the most important and most successful elements in the debt strategy. The most important factors that require attention in the debt strategy are: - Selection of the minimum debt burden for the State; - Sale of bonds and bills of any amount or as needed; - Adjustment of the borrowing amount and conditions to economic requirements; - Debt reduction as appropriate opportunities arise. Also, the main principle of strategic debt management is that the amount and structure of the public debt should be in accordance with the requirements of the economic situation and the main goals. At the same time, it should be taken into account that it is natural for the state to try to reduce its debt burden when appropriate opportunities arise. However, the policy of alleviating the debt burden begins first of all with the logical and correct selection of the borrowing time and other necessary measures. For example, during recessions when interest rates are low, it is more appropriate for the government to borrow. Because in general, the interest burden of the debt attracted by the state will be less. On the other hand, if there is a high interest payment obligation in the current period and if interest rates are likely to decrease in the future, it is useful to wait for the market interest to decrease through short-term borrowings. In the research paper “The main factors shaping the state's debt policy and debt strategy in the Republic of Azerbaijan” was talked about the debt policy, which is of special importance for any state and plays an indispensable role in its financial system. Nowadays, due to the fact that it plays an important role in the economic development of the country and the regulation of debt problems, the correct processing of the public debt has been reflected. Otherwise, an improperly prepared debt policy that does not take into account modern realities can lead to negative consequences and lead to unpleasant situations. From this point of view, the correct implementation of the policy related to the topic we are studying has been evaluated as one of the most relevant issues. In the article, the goals put forward in the strategy for public debt in the country are described. Based on the debt policy carried out in our country, it was brought to attention that the state has a wide and positive experience, both in terms of benefiting from the debt system and in terms of paying off the public debt. Recently, the dynamics of internal, general and external public debt have been given and statistical indicators have been shown, emphasizing the great importance of replacing foreign debt with domestic debt as much as possible. At the end of the article, it was mentioned that the main goal of the debt strategy is the gradual reduction of the public debt. Keywords: debt strategy, financial system, debt system, economic development, debt dynamics.

LEGAL REMEDIES AGAINST BANKRUPTCY DECISION FOLLOWING CONSTITUTIONAL COURT DECISION NO. 23/PUU-XIX/2021

Bankruptcy is a legal institution created as a way out of debt problems that befall debtors. The bankruptcy mechanism consists of the Postponement of Debt Payment Obligations (Penundaan Kewajiban Pembayaran Utang/PKPU) and bankruptcy itself. These two mechanisms have different legal consequences, especially regarding the available legal remedies, which differ between bankruptcy rulings originating from PKPU applications and those originating from bankruptcy applications. The available legal remedies also differ between bankruptcy rulings originating from applications submitted by debtors and those submitted by creditors. Constitutional Court Decision No. 23/PUU-XIX/2021 has changed the legal remedies provisions in Law No. 37 of 2004 concerning Bankruptcy and Postponement of Debt Payment Obligations. Prior to the Constitutional Court's decision, there was no opportunity for debtors to file legal remedies against a bankruptcy ruling caused by the rejection of a peace agreement due to the failure to reach an agreement in the PKPU process. However, after the issuance of Constitutional Court Decision No. 23/PUU-XIX/2021, this has changed with the opening of the opportunity for legal remedies in the form of cassation against a bankruptcy ruling due to the rejection of a peace agreement because an agreement was not reached in the PKPU process. It is important to avoid the PKPU process being used as a means to bankrupt debtors who are still solvent but are bankrupted because there are interests of business competition involved.

Summary Proof of Postponement of Debt Payment Obligations Through Act Number 37 of 2004 (Study of Decision Number 7/PDT.SUS-PKPU/2022/PN NIAGA MEDAN)

<p>Debt is a liability that arises through an agreement made between a debtor and a creditor. Debt is used as a basis for bankruptcy or for submitting a delay in payment of the debtor's debt. Summary Proof of Bankruptcy and Postponement of Debt Payment Obligations (PKPU) has actually been regulated in Article 8 paragraph (4) of Law Number 37 of 2004 and strengthened by Supreme Court Decision (MA) No.109/KMA/SK/IV/2020 concerning "Enforcement of the Handbook for Settlement of Bankruptcy Cases and PKPU". Summary Proof can be a reference for the Panel of Judges in granting PKPU applications by debtors or creditors to the Commercial Court. The PKPU application submitted through Decision Number 7/Pdt.Sus-PKPU/2022/PN Niaga was rejected by the Panel of Judges because the Panel of Judges considered that the non-fulfillment of the 'simple debt' requirement that had to be fulfilled was one of the burdens of proof in the application for PKPU.</p>

Foreign investments in the Republic of Kazakhstan: the need to protect them by eliminating conflicts in arbitration proceedings

Since gaining independence, the Republic of Kazakhstan has been an active participant in international relations, where the attraction of foreign investments is one of the main incentives for the further and stable development of our state.Foreign investors in the Republic of Kazakhstan are among the main payers of taxes and other obligatory payments to the budget while transferring technologies and international experience. In this connection for the purpose of creating a favorable investmentclimate the fundamental principles by which the state recognizes and protects private property, the right to entrepreneurial activity, and the expropriation of property for state needs with equivalent compensation are laid down [1].Foreign investments and their legal regulation will be considered through the prism of theoretical and empirical methods of research. The article considers the legal basis for the regulation of the investment activity of foreign investors in the Republic of Kazakhstan. In addition, the article reflects ways of protecting foreign investors - the right to appeal to arbitration provided by international public treaties and potential difficulties in the execution of arbitral awards in the Republic of Kazakhstan.The article reviews some international treaties, and their legal regulation, reveals conflicts and offers solutions.

Akuntansi untuk Dana Pensiun

ABSTRACTThe purpose of this research is to explain pension fund accounting and find out the purpose of reporting PPIP pensions. This research method uses qualitative methods to explain objects clearly, data sources come from literature studies. Based on the results of this study, pension fund reporting by PPMP organizers periodically provides information on pension program administration, financial condition and investment returns, which are useful for determining pension fund wealth according to the size. of payment obligations.

GUGATAN WANPRESTASI TERHADAP TUNGGAKAN PEMBAYARAN BARANG FARMASI KEPADA PERUSAHAAB DISTRIBUTOR FARMASI (Studi Putusan Nomor 15/Pdt.Gs/2022/PN.Tjk)

Default comes from the Dutch language "wanprestastie", which means non-fulfillment of achievements or obligations that have been assigned to certain parties in an engagement, both agreements born of an agreement or agreements arising from a law. According to the Legal Dictionary, default means negligence, negligence, default, not fulfilling its obligations in the agreement. Legal Consequences of Default Against Arrears in Payment of Pharmaceutical Goods to Pharmaceutical Distributor Companies in Decision Number 15/Pdt.Gs/2022/ PN. Tjk is that Muhamad Sutedjo must pay his payment obligations to the Plaintiff Rp. 113,424,307.50 (one hundred thirteen million four hundred twenty four thousand three hundred seven rupiah and fifty cents). And plus paying interest of 6% (six percent) per year from IDR 113,424,307.50 (one hundred thirteen million four hundred twenty four thousand three hundred seven rupiah fifty cents) starting from June 14, 2022 (due date of subpoena second from the Plaintiff) until this decision was read out and the Basis for consideration of the Judge in imposing a decision on default in the arrears of payment for pharmaceutical goods to a Pharmaceutical Distributor Company in Decision Number 15/Pdt.Gs/2022/PN.Tjk is based on the provisions in Article 1320 KUH Civil requirements for the validity of an agreement, Article 1925 of the Civil Code Jo Article 163 HIR/283 RBg because the Defendant did not dispute, Supreme Court Jurisprudence Number 063 K/PDT/1987 concerning Addition of interest of 6% of the principal amount of the loan and Article 18 paragraph (1) Perma Number 4 of 2019 concerning Amendments to Perma Number 2 of 2015 concerning Procedures for Settlement of Simple Claims.

PT Garuda Indonesia (PERSERO) Tbk Stock (GIAA) Fair Value Valuation Post Restructuring and Relisting on IDX

The financial difficulties experienced by PT. Garuda Indonesia, characterized by its inability to meet its obligations to several creditors, resulted in the temporary delisting of its shares from the Indonesia Stock Exchange (IDX) on June 18, 2021. This situation was further exacerbated by the impact of the Covid-19 pandemic, which led to a decline in revenue due to a decrease in passenger numbers and air traffic. Garuda Indonesia initiated a restructuring effort through the Postponement of Debt Payment Obligations (PKPU) route with a number of creditors. This resulted in an extension of the payment terms, a conversion of debt to equity, and a modification of the debt structure. The company also implemented improvements to its operational practices aimed at reducing costs. These efforts have produced positive outcomes, including an increase in equity and a decrease in the company’s liabilities.Top of FormBottom of Form Garuda Indonesia also increased the company’s capital through Additional Capital with Pre-emptive Rights (PMHMETD), Additional Capital without Pre-emptive Rights (PMTHMETD) and investment from the government of the Republic of Indonesia through State Investment (PNM). After completing the restructuring process, Garuda Indonesia (GIAA) shares were free from suspension and were able to return to the Indonesia Stock Exchange (IDX) with an initial price of Rp.204. This study was conducted to determine the fair value of GIAA shares upon their return to IDX in early January 2023. The study utilized two methods: the Discounted Cash Flow (DCF) method and the Relative Valuation method. The DCF method resulted in a fair value of Rp. 165.3 for the shares, implying that the initial issuance value was overvalued by 18.97%. The Relative Valuation method EV/sales ratio, yielded a fair value of Rp. 929 for the shares, suggesting that the current issuance value was undervalued by 355%.

Agrarian financial legal relations: concepts and types

The article is devoted to the scientific and theoretical analysis of agrarian financial legal relations and the selection of their types. It is established that the rules of law which governing agrarian financial relations are based on the rules of financial law and should take into account the peculiarities of agrarian relations, thus acquiring its own specifics.
 Peculiarities of agrarian financial legal relations are highlighted, taking into account a list of the following circumstances. First, the features of the agricultural sector, including its seasonal nature. Secondly, the peculiarities of the legal status of the entities of such legal relations (agricultural producers, the Agrarian Exchange, the Agrarian Fund, the Agrarian Insurance Pool etc.). Third, the existence of a system of state financial support for agricultural producers, formed on the basis of agrarian legislation. Fourth, the existence of special legal mechanisms that provide for the specifics of insurance and lending to businesses in the agricultural sector of the economy. It is concluded that the peculiarities of agrarian financial relations are arisen primarily in the process of financial activities of the entities of agrarian relations.
 The author's definition of agrarian financial legal relations is offered, according to it is a kind of property relations, expressed in monetary form and regulated by norms of agrarian and financial law, which arise, change and interrupt in the process of financial activity of agricultural producers. The following groups of agrarian financial legal relations are allocated: concerning formation, distribution and use of the corresponding property funds of legal entities; credit (including financial leasing); insurance; relations with the state and local budgets (regarding the payment of taxes and other obligatory payments and fees; receipt of state financial support); investment.

RIGHTS OF BANKRUPT DEBTORS IN THE MANAGEMENT AND SETTLEMENT PROCESS IN ACCORDANCE WITH LAW NUMBER 37 OF 2004 CONCERNING BANKRUPTCY AND PKPU

The debtor's rights in the process of settling bankruptcy assets are very weak, where the debtor will lose his rights to control and manage his assets which are included in bankruptcy assets as stipulated in Article 24 Paragraph (1) of the Bankruptcy Law. However, in the event that the debtor is declared bankrupt, the law gives the debtor the right to submit a reconciliation plan, submit a postponement of debt payment obligations and submit an appeal and review, all of which are efforts to protect the rights of the debtor. In the process of settling bankruptcy assets, the legal protection for debtors' rights is quite weak. Because since the pronouncement of the bankruptcy declaration decision by the court, the debtor will lose the right to manage his assets which are included as bankruptcy assets. As a result, the debtor is no longer able to legally act on his assets that are included in the bankruptcy estate, in this case the management of bankruptcy assets becomes the authority of the curator and/or BHP.

The Accounting and Fiscal Regime of Dividends in 2023

The Government Ordinance No. 16/2022 has some novelties with regard to the tax treatment of dividends. Thus, starting with the 1st of January 2023, the dividend tax rate increases from 5% to 8% for the dividends paid to legal persons and to resident/non-resident natural persons, as well as to privately administered pension funds and to the optional pension funds. As an element of novelty, the Government Ordinance No. 16/2022 brings a series of clarifications regarding the conditions that must be fulfilled in view of applying the exemption of dividend payments made by a Romanian legal person to another one, with regard to the form of organisation and the application of the profit tax or of another tax which replaces it, without the possibility of an option or exemption. Besides the increase of the tax rate, the Government Ordinance No. 16/2022 also brings changes with regard to the health contribution rules for the dividend incomes. Thus, starting with the incomes corresponding to 2023, the payment obligation of the health contribution for the dividends collected by the natural persons appears from the six minimum salaries ceiling, compared to the 12 salaries ceiling in the previous year. While the dividend tax is applied according to the year of their distribution, the health insurance contribution is applied by taking into account their actual collection date. If the dividends are distributed during 2022, but are paid in 2023, the taxation rate is kept at 5%, but the health insurance contribution falls within the rules from the year of their collection. The distribution of dividends can be made annually, after the approval of the annual financial statements corresponding to the ended financial year, or quarterly, throughout the year, after the approval of the interim financial statements. Law No. 370/2022 clarifies the fact that, in case the company decided to distribute dividends based on the interim financial statements prepared during 2022, the 5% taxation rate is kept, without recalculating the tax on the respective dividends after their regularisation based on the annual financial statements corresponding to the financial year 2022, approved according to the legal regulations.

Menyoal Legal Standing Permohonan Penundaan Kewajiban Pembayaran Utang oleh Pemegang Polis Asuransi

In Indonesia, the postponement of debt payment obligations (PKPU) is a certain period of time granted by law through a commercial court decision. It gives both parties opportunity to deliberate on ways of paying their debts by providing a payment plan for all or part of the debt, including to restructure the debt. The purposes of this study is to find out the arrangement of pospotnment of debt payment obligations in Indonesia and the legal standing of a policy holder in applying suspension of debt payment obligations. This study is a normative research type and use Statute Approach, Conseptual Approach, and Case Approach. In collecting the data, examining the regulation of insurance company bankruptcy according to positive law and the legal standing of insurance customers as creditors to carry out company’s bankruptcy is done by the researcher. The results show that the regulations that apply both in law and insurance Law Number 40 of 2014, OJK Law, Law Number 37 of 2004 concerning Bankruptcy and Delays Debt Payment Obligations, and regulations related to the topic of scrutiny can be applied properly. Based on this study, it is expected that rules that have been set can be expressly and clearly used as a basis in submitting applications and handling cases of PKPU. It is also hoped that the Panel of Judges can consider the legal position of the party submitting for the applications.