Moral Hazard Pengajuan Penundaan Kewajiban Pembayaran Utang (PKPU) Sebagai Alat Tagih Utang Kepada Badan Usaha Milik Negara (BUMN) Konstruksi

Abstract

The COVID-19 pandemic has intensified financial stress on Indonesian State-Owned Construction Enterprises (SOEs), resulting in increased use of the Suspension of Debt Payment Obligation (PKPU) mechanism. Originally intended as a restructuring tool, PKPU has been misused as a means of debt collection, creating a moral hazard. This study aims to examine the misuse of PKPU in debt relations with SOEs and the urgency of legal reform in Indonesia’s bankruptcy law. Using a normative juridical method with a descriptive-analytical approach, the study finds that PKPU is often filed in bad faith to pressure SOEs without fulfilling substantive insolvency criteria. This misuse distorts the intended legal function of bankruptcy and threatens the continuity of national strategic projects. The study concludes that legal reform is essential, especially in reinforcing good faith principles and setting strict procedural boundaries to prevent future abuses of the PKPU mechanism.