The State of Bank Guarantee When the Guaranteed Debtor is Declared Bankrupt

DOI

10.2991/assehr.k.200515.050How to use a DOI?

Keywords

Bank Guarantee, bankrutpcy, guarantee

Abstract

Bank Guarantee is one of the many ways for creditor to secure and safeguard the payment of its receivables from its debtor. When a debtor is in default by not paying its debts, the debtor can be declared bankrupt. There is case whereby court decided that to claim forpayment from Bank Guarantee issued for the benefit of a bankrupt debtor, the claim must be submitted to the curator of the bankrupt debtor. The purpose of this paper is to elaborate whether the holder of Bank Guarantee has the right to demand payment to the Bank based on the Bank Guarantee when the guaranted debtor is declared bankrupt. This research is a normative legal research using secondary data, especially primary and secondary legal sources. The analysis of this research finds and proves that the right of the holder of Bank Guarantee was never influenced by the bankruptcy of the debtor.

Copyright

© 2020, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - CONF
AU  - Gunawan Widjaja
AU  - Sarjana Orba Manullang
PY  - 2020
DA  - 2020/05/20
TI  - The State of Bank Guarantee When the Guaranteed Debtor is Declared Bankrupt
BT  - Proceedings of the Tarumanagara International Conference on the Applications of Social Sciences and Humanities (TICASH 2019)
PB  - Atlantis Press
SP  - 282
EP  - 283
SN  - 2352-5398
UR  - https://doi.org/10.2991/assehr.k.200515.050
DO  - 10.2991/assehr.k.200515.050
ID  - Widjaja2020
ER  -