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Journal : Acitya Wisesa: Journal of Multidisciplinary Research

LEGAL FRAMEWORK AND CREDITOR RIGHTS IN BANKRUPTCY: ANALYZING PROPERTY COLLATERAL PROTECTION Zuroidah, Zakiyah Nur; Prasetyo, Dr. Dossy Iskandar
Acitya Wisesa: Journal of Multidisciplinary Research Vol. 3 Issue 1 (2024)
Publisher : jfpublisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56943/jmr.v3i1.636

Abstract

Bankruptcy is a legal process to settle the debts of debtors who are unable to pay their debts. In this process, the rights of creditors holding collateral may be affected. Uncertainty occurs because creditors do not control whether they can execute the collateral themselves or have to wait for the curator’s decision. In bankruptcy, property secured creditors face substantial risk of recovering their receivables. Property collateral, such as land and buildings, is often the main collateral to protect creditors' rights. However, complex insolvency procedures and lack of legal clarity often put creditors in a vulnerable position. This research analyzes the existing legal framework and how it protects the rights of secured creditors. Clearer and stronger protections are needed to create legal certainty and maintain financial system stability. This research uses a normative legal approach with statutory and conceptual methods. The results indicated that creditors holding collateral have the right to execute collateral through parate executie (direct execution), but are limited by the stay provisions in the Bankruptcy and PKPU Law. The curator can also execute the collateral with the approval of the supervisory judge and creditors. Both creditors and the curator can auction the collateral. In bankruptcy, creditors holding collateral have the priority right to execute the collateral. If the proceeds from the execution are not enough to pay off the debt, the creditor can submit the remaining bills as a concurrent creditor to the curator.
THE IMPLEMENTATION OF CONSTITUTIONAL COURT DECISION NO. 2/PUU-XIX/2021 ON THE EXECUTION OF MOVABLE OBJECTS AS FIDUCIARY GUARANTEE Boimau, Dibertius; Prasetyo, Dr. Dossy Iskandar; Patrianto, Dr. Bangun
Acitya Wisesa: Journal of Multidisciplinary Research Vol. 3 Issue 4 (2024)
Publisher : jfpublisher

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.56943/jmr.v3i4.736

Abstract

Fiduciary guarantees have an important role in the implementation of credit in Indonesia, where creditors can use movable objects as collateral to ensure debt repayment by debtors. However, despite being regulated in Law No. 42/1999 on Fiduciary Guarantee, the execution of movable objects as fiduciary objects often raises legal issues, especially in relation to the protection of debtors' rights. This research focuses on the application of Constitutional Court Decision Number 2/PUU-XIX/2021 which discusses the constitutionality of Article 15 Paragraph (2) related to the execution of fiduciary guarantees. The formulation of the problems raised includes the form of legal protection for debtors against defaults committed by creditors and the mechanism for executing fiduciary guarantees. The research method used is normative juridical with a legislative approach and case studies. The results showed that the Constitutional Court's decision affirmed the creditor's right to execute the fiduciary certificate without going through the court, as long as the certificate has been registered. However, protection for debtors must still be considered, especially in the context of potential defaults from creditors. This decision strengthens legal certainty in fiduciary execution, but also demands stricter supervision to prevent abuse of power by creditors. Thus, the balance of rights between creditors and debtors can be maintained in accordance with the principles of justice in Indonesian security law.