Execution by Fiduciary Right Holder Against Bankrupt Debtor Based on Law Number 37 of 2004 Concerning Bankruptcy
DOI:
https://doi.org/10.62568/jomn.v2i4.572Keywords:
Fiduciary Execution, Bankruptcy Law, Preferred Creditor, Fiduciary Security, Legal CertaintyAbstract
This study analyzes the legal framework governing the execution of fiduciary collateral by fiduciary right holders when a debtor is declared bankrupt under Law Number 37 of 2004 concerning Bankruptcy and Suspension of Debt Payment Obligations. Although fiduciary right holders are legally recognized as preferred creditors, normative and procedural uncertainties continue to arise regarding the scope of their execution rights once a bankruptcy ruling places the debtor’s assets within the bankruptcy estate. This research aims to clarify the normative relationship between the Fiduciary Security Law and the Bankruptcy Law, examine the procedural limitations imposed on fiduciary execution during bankruptcy proceedings, and assess their implications for legal certainty, creditor protection, and the effectiveness of collateral enforcement. Employing doctrinal legal research with statutory interpretation, conceptual analysis, and selected case examination, the study finds that the Bankruptcy Law substantially limits the independent execution rights of fiduciary creditors by requiring coordination with the curator and adherence to collective insolvency procedures. While intended to protect the equality of creditors and preserve the bankruptcy estate, this mechanism often leads to execution delays, asset depreciation, and weakened protection for fiduciary creditors. The study argues that clearer regulatory harmonization is necessary to balance the principles of collective bankruptcy administration with the proprietary rights inherent in fiduciary security. Strengthening coordination mechanisms and clarifying execution timelines are essential to ensure fairness, legal certainty, and efficiency in fiduciary collateral enforcement within bankruptcy proceedings.
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