Implementation of bankruptcy instruments as a final means of overcoming the impact of the Covid-19 pandemic in Indonesia

This study aims to provide contributions and ideas in the form of efforts to prevent bankruptcy for debtors / companies affected by the COVID-19 pandemic. This is a normative juridical law research with a conceptual approach and legislation. Primary and secondary legal materials are analyzed in terms of their content. The results of the research and legal discussion show that Bankruptcy is the last legal effort in overcoming the Covid-19 pandemic in the event that the company experiences debt repayment difficulties (defaults). Efforts that can be made are by: Optimizing the application of Business Sustainability Principles; The Covid-19 pandemic is the reason for Force majeure, the importance of restructuring and renegotiation mechanisms by debtors and creditors through Postponement of Debt Payment Obligations, and Bankruptcy is the last legal remedy (ultimum remedium).