M. Hadi Subhan as expert presented by the Petitioners in the judicial review of the Limited Liability Company Law (PT Law), Tuesday (5/6) in the Plenary Courtroom of the Constitutional Court. Photo by Humas MK/Ganie.

The liquidator profession has responsibilities and duties that are equal and comparable to the curator profession. Therefore, the liquidator profession must be regulated as strictly as the curator profession. This was revealed by M. Hadi Subhan as the Petitioners’ expert in the judicial review hearing of Law No. 40/2007 on Limited Liability Companies (PT Law), Tuesday (5/6).

"The liquidator profession has equal and comparable duties and responsibilities to the curator profession. While the curator profession is very strictly regulated in terms of appointment, professional certification, supervision, ethics, accountability, and sanctions, the liquidator profession is not or has not been regulated as such," he explained in the session presided over by Chief Justice Anwar Usman.

Hadi exemplified that the liquidator must be certified, but contradictio in terminis occurs in Article 143 of the PT Law, that is, the director may also be appointed as a liquidator. While the task of a liquidator, he said, is very complex, complicated, and has a very high level of difficulty. This shows the liquidator is a profession that requires competence and independence. In addition, it should be considered equivalent to the curator profession.

"To describe it, there are four duties of the liquidator. First, the administrative duty. Secondly, the duty of liquefying assets. Then, the distribution of assignments to the creditor. And the duty of accountability to the GMS. The administrative duty consists of all kinds, such as giving press releases to the media, notifying the Law and Human Rights Ministry, and so on," Subhan said in response to Case No. 29/PUU-XVI/2018.

The legal expert at UNAIR explained that the curator profession is very strictly regulated in the law as well as in the regulations under the law, such as the regulation of the Minister of Law and Human Rights. Especially, he added, in relation to the requirements of the appointment of the curator, the curator supervisor, the curator ethics, the accountability of the curator, as well as sanctions in case of mistakes, and even the negligence of a curator can be given sanctions.

Hadi also explained the requirements of the curator appointment came from advocates and accountants. This means that the curator is a subspecialty profession. An advocate/accountant is described as a specialist, he added, while the curator is even more of a specialist than the two because a curator must be an advocate or an accountant.

A number of liquidators are registered as Petitioners of case No. 29/PUU-XVI/2018. They questioned the absence of clear requirements related to the liquidator profession. This has led to legal uncertainty and criminalization threat of the Petitioners\' profession. The Petitioners said that the factual losses that they suffered are that many non-Indonesian citizens (foreign) liquidators conduct liquidation practices on Indonesian legal entities or foreign companies in Indonesia. On the other hand, the potential loss that liquidators can suffer is the absence of legal protection due to unclear definition of the liquidator. This is seen as a cause to the criminalization of the liquidator profession. (ARS/LA/Yuniar Widiastuti)