What is meant by company owners in the legal system of limited liability companies based on the provisions of the Law on Limited Liability Companies are Shareholders, both majority shareholders, and minority shareholders. So that the responsibility of the owner of the company for company losses, can also be charged to him.
Legally, the controlling authority of the company is in the Board of Directors, which later will be accounted to the General Meeting of Shareholders. Indeed, in the practice some Shareholders are also directors or commissioners of the company, this is what makes them appear to be the authorities and determiners of all the company’s policies.
Then to what extent is the responsibility of the owner of the company for the loss of the company, in this case, the shareholders towards the company that causes loss or debt to other parties?
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Regarding Bankruptcy and Delay in Obligation to Pay Debt is currently regulated by the Law on Bankruptcy and Suspension of Debt Payment Obligations. Bankruptcy itself, according to the Encyclopedia of Financial Economics of Trade, among others, is a situation where a person is declared bankrupt by a court and whose assets or inheritance have been allocated to repay his debts. Whereas, bankruptcy according to the Bankruptcy Law is defined as general confiscation of all the assets of the Bankrupt Debtor whose management and settlement is carried out by the Curator under the supervision of the Supervising Judge as regulated in the Act.
A company is declared bankrupt according to the Bankruptcy Act is if a company meets the bankruptcy legal requirements. These requirements according to Bankruptcy law include debtors who have two or more creditors and do not pay off at least one debt that is due and can be billed, declared bankrupt by a court decision. Creditors, in this case, are both concurrent creditors, separatist creditors, and preferred creditors. While debts that have fallen due, mean the obligation to pay debts that have fallen due, either because they have been agreed, due to the acceleration of collection time according to the agreement or because of a court decision, arbitrator or arbitral tribunal.