<![CDATA[Secured creditors occupy a fundamental position in commercial transactions because security rights provide priority in the repayment of debts when debtors fail to fulfil their obligations. This protection becomes more complex when a debtor enters bankruptcy because bankruptcy proceedings impose procedural restrictions on the exercise of secured creditors’ enforcement rights and involve curators in the administration and realization of secured collateral. This study examines the legal certainty of secured creditors’ enforcement rights during Indonesian bankruptcy proceedings and analyzes the legal consequences arising when secured creditors fail to execute their collateral within the statutory period. The study employs normative legal research using statutory, conceptual, and case approaches to examine the interaction between bankruptcy law and the legal principles governing secured transactions. The analysis examines Supreme Court Decision No. 521 K/Pdt.Sus Pailit/2021 and Supreme Court Decision No. 527 K/Pdt.Sus Pailit/2020. The findings demonstrate that Indonesian law formally recognizes secured creditors’ enforcement rights and preferential position, but procedural limitations, curator authority, and differences in judicial interpretation reduce the practical certainty of those rights. Failure to execute collateral within the statutory period may alter the mechanism of collateral realization and increase curator involvement without automatically eliminating the secured creditor’s preferential position over the proceeds. The study concludes that coherent legal interpretation, clearer boundaries between secured creditor and curator authority, and consistent procedural application are essential to strengthening legal certainty, ensuring effective enforcement of security rights, and maintaining the collective objectives of bankruptcy proceedings.]]>
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