Transnational Business Law Journal

Cross-Border Insolvency and Worker Protection: Implementation of Piercing the Corporate Veil in Cross-Country Bankruptcy

2026-06-04T07:40:47+00:00

The era of globalization has increased the activity of multinational corporations and the risk of cross-border insolvency. In this situation, legal protection for workers as preferred creditors is often hampered by the complexity of corporate structures and jurisdictional boundaries. This normative research with a comparative approach examines the possibilities for implementing the Piercing the Corporate Veil theory in the context of cross-border bankruptcy between Indonesia and Malaysia, as well as the legal standing of employees as preferred creditors.The results show that although both countries recognize workers' preferential rights and have a legal basis for applying the Piercing the Corporate Veil doctrine, its effectiveness in a cross-border context is very limited. The main obstacles stem from Indonesia's inadequate bankruptcy legal framework, the conflict between the principles of universality and territoriality, and the lack of a system for acknowledging and upholding foreign rulings. This research concludes that worker protection and the application of Piercing the Corporate Veil in cross-border insolvency between Indonesia and Malaysia will be ineffective without legal reforms, such are bilateral agreements to remove jurisdictional obstacles or the adoption of international instruments like the UNCITRAL Model Law.

Legal Challenges of The Operation of LEO Satellite Mega Constellation in Indonesia

2026-06-04T07:40:11+00:00

The Low Earth Orbit (LEO) satellite constellation technology is rapidly advancing. Tens of thousands of LEO satellites orbit the globe from large mega constellations such as OneWeb, SpaceX StarLink (USA), LeoSat (USA), Kuiper (an Amazon subsidiary USA), TeleSat (Canada), and LeoSat (USA). Starlink is the largest mega constellation with the highest number of satellites and the largest coverage which is needed in Indonesia's unserved rural areas. However, Starlink's operation not only disrupts conventional telecommunications businesses in Indonesia but also causes legal uncertainty. Starlink must obtain permits for network operation, telecommunications services, NAP (Network Access Provider), ISP (Internet Service Provider) licensing, as well as permits for electronic system and transaction operations. There are still no specific rules for its radio station permits, and the provisions for determining the Frequency Usage Fee for satellite clusters remain unclear. This research employs a juridical-normative method, wherein provisions in the legislation will be explained and connected with the rapidly evolving satellite and digital technology. This encompasses regulations, viewpoints, legal doctrines, and related legal systems. The findings indicate that advanced LEO satellite mega constellation technology can be highly beneficial for progressively providing high-speed internet access in remote areas if supported by laws and regulations that are adaptive to new technological innovations. Thus, a legal and legislative transformation is required to facilitate the rapid and massive provision of digital telecommunication networks to remote areas, ensuring fairness while upholding the nation's legal sovereignty.

Juridical Review of the role of Nazhir and LKS-PWU in Cash Waqf Linked Sukuk According to Law concerning Waqf

2026-06-04T10:22:18+00:00

The rapid development of technology and economy has spread into waqf sector, by giving convenience to conduct cash waqf transactions. Cash waqf sector in Indonesia has developed and linked into securities sectors. This instrument is called Cash Waqf Linked Sukuk (CWLS). CWLS involves wakif, Nazhir, LKS-PWU, Badan Wakaf Indonesia, Ministry of Religion, Ministry of Finance, and Mauquf Alaih. The peoples involved are larger than conventional cash waqf, specially by dividing General and Special Nazhir. Either general or special Nazhir are having cooperation with LKS-PWU, according to BWI Regulations number 1/2020. This research will analyze the type of contract on General and Special Nazhir cooperation with LKS-PWU.

This research employs normative legal research methods. Normative legal research methods is used to examine the regulations. This research also provides practice regarding the relation between CWLS Nazhir and LKS-PWU. To examine the regulations and practice, this research used Waqf act, implementing regulations, CWLS regulations, and BWI regulations. Besides regulations, this thesis also conducts primary data by interviewing general and special Nazhir regarding the between CWLS Nazhir and LKS-PWU.

International Perspective on The Importance of Aircraft Hull Insurance

2026-06-04T10:22:33+00:00

Aircraft insurance plays a central role in the sustainability of international civil aviation, providing financial security for operators, creditors, and passengers alike. While liability insurance is extensively regulated through international instruments such as the Warsaw Convention 1929, the Montreal Convention 1999, the Rome Convention 1952, and regional regulations like EU Regulation 785/2004, hull insurance or the coverage protecting the aircraft itself as an asset remains entirely within the realm of private contractual practice. This article critically examines the legal framework of aviation insurance, distinguishing the treatment of liability insurance from hull insurance, and highlights the absence of binding international standards on the latter. It argues that this regulatory void produces legal uncertainty, unequal protection across jurisdictions, and systemic risks to the global aviation and financial sectors. By employing a comparative legal analysis, the article proposes the development of a new international framework under the auspices of ICAO and UNIDROIT, which should establish minimum standards for hull insurance, include coverage for extraordinary risks, and create a dedicated mechanism for cross-border dispute resolution. Integrating such provisions into the Cape Town Convention regime would ensure greater legal certainty, harmonization, and protection for all stakeholders in international aviation