Universiteit Leiden

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Insolvency thesis receives first prize from International Insolvency Institute

Chrisandya Sinurat (Sandy), an alumnus of the International Civil and Commercial Law Program from Leiden University, has been awarded the gold medal in the research competition of the International Insolvency Institute’s (III) 2024 Prize in International Insolvency Studies. Sandy was honoured to be a recipient of the Gold Medal for his paper on Unsecured Creditor Protection in Indonesia, which he wrote during his studies at Leiden University.

The III is a non-profit, limited-membership organization dedicated to advancing and promoting insolvency as a respected discipline in the international field. The III Prize is awarded for original legal research, commentary or analysis on topics of international insolvency and restructuring significance and on comparative international analysis of domestic insolvency and restructuring issues and developments.

As a gold medal winner, Sandy received USD 3,000 and was invited to present his paper at the annual III conference (2024) in Singapore. At the conference, Sandy received the gold medal plaque presented by Prof. Stephan Madaus. Additionally, as a Gold Prize winner, Sandy has joined Class XIII of the NextGen Leadership Program of III.

Sandy’s paper – which was written as part of the advanced master International Civil and Commercial Law (ICCL) in Leiden – addresses the vulnerability of unsecured creditors in Indonesian formal or court-sanctioned restructuring proceedings, also known as PKPU. He analyzes the best-interest-of-creditors test and the fairness test, two crucial elements in the court's approval of a composition plan, by comparing the existing Indonesian Insolvency Law with the Asian Development Bank Good Practice Standards and the European Union Preventive Restructuring Directive. More specifically, he provides an analysis of the different approaches and consequences of each system. In writing the thesis, Sandy was supervised by Dr. Georg Wabl, along with Prof. Vriesendorp and Gert-Jan Boon.

Sandy’s submission to the Prize has been published by III here. More information about the International Insolvency Studies award is available here

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