Legal Protection against Creditors Third-Party Property Guarantee Holders in Insolvency

The provisions of Article 55 paragraph (1) of Law Number 37 of 2004 concerning Bankruptcy and PKPU state that Creditors of Property Guarantee Holders can exercise their rights as if bankruptcy had not occurred. Based on the provisions of the article, creditors holding material guarantees have a privileged position, namely being included in the group of separatist creditors (secure creditors) and, secondly, getting the fulfilment of rights that take precedence (preference) over other creditors, as stipulated in the provisions of Article 1132 of the Civil Code. Property rights provide certainty and legal protection for material security holders as creditors to make repayments for the sale of goods pledged against receivables that occur when the debtor at any time cannot fulfil obligations following the agreed commitment. The special position is valid and can be fully enjoyed by the Creditor; the material guarantee is owned and given by the Debtors. This article uses normative research methods by examining legislation, principles, and doctrines related to legal protection for creditors holding third-party property guarantees in the partnership. It can be concluded that to protect creditors holding material guarantees, the Bankruptcy Act and PKPU are amended so that the position of creditors is not ambiguous.