Kedudukan Hukum Manajer Investasi Pada Reksa Dana Berbentuk Kontrak Investasi Kolektif Yang Mengalami Gagal Bayar Dalam Proses PKPU dan Kepailitan
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Published
Jun 11, 2025
Abstract
The worsening economic conditions caused by various causes, one of which is the Covid 19 pandemic in early 2020, have affected various sectors, one of which is the capital market, where the risk of investment failure in the securities traded therein has increased and even many have failed and not just the increased risk. One of the investment instruments that has failed is investment in Mutual Funds in the form of Collective Investment Contracts ("KIK Mutual Funds") where there is a default when the unit holder redeem his/her participation unit to the KIK Mutual Fund. The default on the KIK Mutual Fund caused the unit holders as investors who did not receive the proceeds from their investment to take various legal measures, including a request for Suspension of Debt Payment Obligations ("PKPU") against the Investment Manager which was then granted by the Commercial Court at the Central Jakarta District Court, where this caused a polemic because based on applicable laws and regulations, the Investment Manager in a KIK Mutual Fund is not identical to the KIK Mutual Fund but is a separate entity where the assets, costs, and liabilities of the KIK Mutual Fund are not the assets, wealth, costs, and liabilities of the Investment Manager personally and vice versa. This research was compiled using a doctrinal research method. In the PKPU application against the Investment Manager in the case of default on KIK Mutual Funds, there is a mismatch in understanding of the concept of KIK Mutual Funds, legal status, separation of roles, functions, and responsibilities of the parties related to KIK Mutual Funds which results in the resolution of problems related to default on the resale of Mutual Fund Participation Units through PKPU legal efforts towards Investment Manager being ineffective. In addition to errors regarding the identification of the debt owner submitted for PKPU, there are also procedural errors in submitting a PKPU application to the Investment Manager where the authority to submit a PKPU application to the Investment Manager company as a securities company is the Financial Services Authority. The role of a Notary as one of the supporting professions of the capital market is needed in making legal documents in KIK Mutual Fund transactions starting from the beginning, namely the making of a Collective Investment Contract to the deed of dissolution of KIK Mutual Funds so that the Notary needs to have adequate knowledge so that the making and providing counselling/explanation related to these legal documents can be carried out properly.
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