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"This study provides evidence on the role of accounting conservatism in debt contracting. I hypothesize that (I) there is positive association between conflicts of bondholders-shareholders over dividend policy and the use of conservative accounting (ii) there is positive association between bond ratings and the use of conservative accounting. Conflicts of bondholders-shareholders arise because of default risk in that the firm cannot pay at maturity because of having not enough net assets and this unavailability of enough net assets is caused by dividend overpayment to shareholders. The alternative solution to prevent dividend overpayment is to consistently use the conservative accounting. The conservative accounting affects earnings in that it leads to conservative earnings and reduces the possibility of earnings management by the firm. The second hypothesis which investigates the association between bonds rating and the level of conservatism based on theory that the lower the firm's default risk, the higher the bonds rating. The firms with conservative, accounting is expected to have lower default risk in that conservatism prevent dividend overpayment which cause the firm's net asset is not enough to pay at maturity. The first model result supports the hypothesis that there is positive association between conflicts of bondholders-shareholders and the use of conservative accounting. For the second model, the result does not support the hypothesis that there is a positive association between the bonds rating and the use of conservative accounting. The association between conflicts and conservative accounting provides evidence on the role of accounting conservatism in facing conflicts over dividend policy"

"Tesis ini membahas tentang Putusan Pengadilan Niaga Jakarta Pusat yang menolak permohonan pembatalan perdamaian penundaan kewajiban pembayaran utang yang diajukan oleh para kreditor pemegang obligasi dengan dasar pertimbangan bahwa Pasal 51 ayat (2) Undang-Undang Pasar Modal mengatur pemegang obligasi harus diwakili oleh wali amanat di dalam maupun di luar pengadilan. Penelitian ini menggunakan metode penelitian kepustakaan yang bersifat yuridis normatif untuk menghasilkan data bersifat deskriptif analitis. Berdasarkan hasil penelitian dapat disimpulkan bahwa pemegang obligasi berhak untuk mengajukan tuntutan perkara kepailitan tanpa harus melalui wali amanat. Hal ini dikarenakan berlakunya asas perundang-undangan yaitu asas lex specialis derogat legi generali yang mengatur bahwa terhadap peristiwa khusus wajib diberlakukan undang-undang yang menyebut peristiwa itu meskipun untuk peristiwa khusus tersebut dapat pula diberlakukan undang-undang yang menyebut peristiwa yang lebih luas namun dapat mencakup peristiwa khusus tersebut. Dengan demikian, untuk perkara kepailitan haruslah diberlakukan Undang-Undang Kepailitan dan PKPU. Pemegang obligasi memenuhi segala syarat kreditor yang diatur dalam Pasal 1 angka (2) Undang-Undang Kepailitan dan PKPU dan pada penjelasan pasal tersebut disebutkan bahwa bilamana terdapat sindikasi kreditor, maka masing-masing kreditor adalah kreditor sebagaimana dimaksud dalam Pasal 1 angka 2.

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This thesis discusses the Decision of Central Jakarta Commercial Court that rejected the cancellation of a reconciliation request filed by bondholders under the basis of Article 51 paragraph (2) of the Capital Market Law which dictates that bond holders must be represented by a trustee in, or outside a court. This study uses library research methods in a normal juridical manner to provide descriptive analytical data.

This research concludes that bondholders are entitled to file a lawsuit directly to the defendant without the need of being represented by a trustee. Based on lex specialis derogat legi generali, in a specific circumstance, laws concerning that circumstance must be applied even though laws that cover more general circumstances may also be applied to the same specific circumstance. Therefore, for a bankruptcy case as such, Law No. 37 Year 2004 on Bankruptcy and Suspension of Obligation for Payment of Debts must be enacted. Bondholders must satisfy all the creditor requirements that is stated in Article 1 Paragraph (2) of Law No. 37 Year 2004, the article is interpreted as such: in case of syndicated creditors, each of the creditors shall mean the creditor as referred to in Article 1 Paragraph (2)."