Perlindungan Hukum Terhadap Modal Ventura (Venture Capital) Sebagai Investor Dalam Pembiayaan Startup Apabila Terjadi Kepailitan
Keywords:
Venture Capital, Startup, Bankruptcy, Legal Protection, Legal VacuumAbstract
Legal vacuum in venture capital financing regulations in Indonesia becomes the focus of analysis, particularly regarding investor protection when startups undergo bankruptcy. Although Law Number 25 of 2007 on Investment, Law Number 40 of 2007 on Limited Companies, and Financial Services Authority Regulation Number 25 of 2023 regulate venture capital activities, these three regulations do not explicitly address the legal consequences when the investee company is declared bankrupt. Using normative and comparative legal approaches, the study reveals that both preventive and repressive legal protections for venture capital investors remain unbalanced and inadequate. Recommendations include regulatory harmonization, issuance of technical regulations by the Financial Services Authority, and enhanced utilization of liquidation preference mechanisms to strengthen investor protection in startup financing in Indonesia.
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