KONTRADIKSI PERLINDUNGAN HUKUM KREDITOR SEPARATIS DENGAN PRINSIP PARITAS CREDITORUM DALAM PELAKSANAAN KEPAILITAN - Eliezer Waruwu (Kertha Semaya: Journal Ilmu Hukum, 2025)
Penelitian ini bertujuan menganalisis kontradiksi normatif antara perlindungan hukum kreditor separatis dan prinsip paritas creditorum dalam pelaksanaan kepailitan berdasarkan Undang-Undang Nomor 37 Tahun 2004 tentang Kepailitan dan Penundaan Kewajiban Pembayaran Utang/PKPU (UU Kepailitan dan PKPU). Dengan metode penelitian yuridis normatif melalui pendekatan perundang-undangan, konseptual, dan kasus, penelitian ini menelaah ketentuan Pasal 55–57 UU Kepailitan dan PKPU, putusan pengadilan niaga, serta pandangan doktrin hukum kebendaan. Hasil penelitian menunjukkan bahwa kreditor separatis memiliki hak eksklusif untuk mengeksekusi jaminan kebendaan seolah-olah tidak terjadi kepailitan, namun hak tersebut dibatasi oleh masa stay period demi kepentingan kolektif. Pembatasan ini sering kali menimbulkan ketidakpastian hukum dan kerugian ekonomis bagi kreditor separatis, karena nilai benda jaminan dapat menurun selama penundaan eksekusi. Prinsip paritas creditorum berfungsi menjaga pemerataan antar-kreditor, tetapi jika diterapkan secara kaku dapat menghambat efektivitas perlindungan hak kebendaan. Penelitian ini menyimpulkan bahwa diperlukan keseimbangan proporsional antara perlindungan individual kreditor separatis dan prinsip keadilan kolektif melalui pembaruan hukum kepailitan yang mengadopsi prinsip limited priority dan collective satisfaction sebagaimana dianut dalam sistem hukum Belanda dan pedoman UNCITRAL. This study analyzes the normative contradiction between the legal protection of secured creditors and the paritas creditorum principle in bankruptcy implementation under Law No. 37 of 2004 on Bankruptcy and Suspension of Debt Payment Obligations/ PKPU (Bankruptcy and PKPU Law). Using a normative juridical method through statutory, conceptual, and case approaches, the research examines Articles 55–57 of the Bankruptcy and PKPU Law, commercial court rulings, and relevant legal doctrines. The findings reveal that secured creditors have an exclusive right to execute collateral as if bankruptcy had not occurred; however, this right is restricted by a stay period to protect collective interests. Such restriction often creates legal uncertainty and economic loss for secured creditors due to collateral depreciation. The paritas creditorum principle ensures equality among creditors, but its rigid application may hinder the protection of proprietary rights. The study concludes that a proportional balance is required between individual protection for secured creditors and collective justice by reforming Indonesian bankruptcy law through the adoption of limited priority and collective satisfaction principles as implemented in Dutch law and