<![CDATA[This research examines the legal position of creditors holding Security Rights (Hak Tanggungan) in the sale and purchase of land and buildings that constitute the object of the Security Rights by a bankrupt debtor to consumers. Normatively, creditors holding Security Rights possess the status of separatist creditors as stipulated in Article 55 paragraph (1) of Law Number 37 of 2004 on Bankruptcy and Suspension of Debt Payment Obligations (UUK-PKPU), as well as Law Number 4 of 1996 on Security Rights over Land and Objects Related to Land (UUHT). However, in practice, the enforcement rights of these creditors often conflict with court decisions aimed at providing legal protection to consumers—particularly apartment unit buyers—who have acquired the property in good faith. This study employs a normative juridical method, using the statute approach and conceptual approach to examine the applicable legal norms and relevant legal principles. The findings lead to two primary conclusions. First, a bankruptcy decision against a property developer as debtor creates legal uncertainty for creditors holding Security Rights, especially when the collateral has already been sold to consumers. Conflicts arise between the creditor's priority rights and the consumer's protection as a good-faith purchaser. Current regulations, such as the Bankruptcy Law and the Security Rights Law, have yet to provide a clear resolution, thereby causing legal ambiguity. Second, the Bankruptcy Law is designed to protect creditors when a debtor fails to fulfill debt obligations, granting them access to the debtor’s estate. Creditors holding Security Rights (separatist creditors) should continue to receive maximum legal protection in accordance with the lex specialis principle under the Security Rights Law, which grants authority for parate execution, despite the time limitations imposed under the Bankruptcy Law]]>
