IMPLIKASI HUKUM PENDIRIAN PT TANPA MODAL RIIL BAGI EKS-UD BERDASARKAN PASAL 109 UU CIPTA KERJA

Abstract

Penelitian ini menganalisis implikasi yuridis pendirian Perseroan Terbatas (PT) tanpa modal riil oleh mantan Usaha Dagang (UD) pasca berlakunya Pasal 109 Undang-Undang Cipta Kerja. Metode penelitian menggunakan pendekatan yuridis normatif dengan studi bahan hukum primer dan sekunder. Hasil penelitian menunjukkan bahwa penghapusan persyaratan modal minimum membuka akses formalisasi usaha mikro, tetapi berpotensi melemahkan perlindungan kreditor dan legitimasi badan hukum. Pertama, ketiadaan modal riil menghilangkan jaminan awal kemampuan PT memenuhi kewajiban, memicu risiko moral hazard dan penyalahgunaan badan hukum sebagai legal shell. Kedua, prinsip pemisahan kekayaan (separation of assets) menjadi rapuh karena ketiadaan bukti penyetoran modal yang diverifikasi, menyulitkan penerapan piercing the corporate veil meski terdapat indikasi penyalahgunaan. Ketiga, deregulasi ini menciptakan ketegangan antara kemudahan berusaha (ease of doing business) dan kepastian hukum, terutama dalam hal due diligence kreditor dan pengalihan liabilitas eks-UD. Untuk mengatasi masalah ini, penelitian merekomendasikan: (1) verifikasi proaktif bukti penyetoran modal sebelum penerbitan sertifikat elektronik PT, (2) penerapan prinsip successor liability bagi eks-UD dengan utang signifikan, serta (3) edukasi pelaku usaha tentang risiko undercapitalization. Temuan ini menyoroti urgensi keseimbangan antara fleksibilitas regulasi dan perlindungan stakeholders dalam reformasi hukum perusahaan.

Kata Kunci: UU Cipta Kerja, PT Tanpa Modal Riil, Eks-UD, Perlindungan Kreditor, Legitimasi Badan Hukum.

Abstract

This study analyzes the legal implications of establishing a Limited Liability Company (Perseroan Terbatas/PT) without real capital by former Sole Proprietorships (Usaha Dagang/UD) following the enactment of Article 109 of Indonesia’s Job Creation Law. Using a normative juridical method, the research examines primary and secondary legal sources. Findings reveal that eliminating minimum capital requirements facilitates formalization for micro-enterprises but risks undermining creditor protection and the legitimacy of legal entity status. First, the absence of real capital erases initial guarantees of a PT’s ability to fulfill obligations, triggering moral hazard and potential misuse of the corporate form as a legal shell. Second, the principle of asset separation (separation of assets) becomes fragile due to unverified capital deposits, complicating piercing the corporate veil even amid evidence of abuse. Third, this deregulation creates tension between ease of doing business and legal certainty, particularly regarding creditor due diligence and liability transfers from former UDs. To address these issues, the study recommends: (1) proactive verification of capital deposit proofs before issuing electronic PT certificates, (2) applying successor liability principles to ex-UDs with significant debts, and (3) educating entrepreneurs about undercapitalization risks. These findings highlight the urgent need to balance regulatory flexibility with stakeholder protection in corporate law reform.

Keywords: Job Creation Law, PT Without Real Capital, Former UD, Creditor Protection, Legitimacy of Legal Entities.