The execution of collateral by secured creditors is a special right regulated under Article 59 paragraph (1) UU 37/2004, which stipulates that execution may only be carried out no later than two months after the insolvency period begins. However, violations of this provision frequently occur, creating legal uncertainty for bankrupt debtors. This study aims to analyze the judicial considerations in Commercial Court Decision No. 15/Pdt.Sus-Gugatan Lain-lain/2023/PN.Niaga.Smg concerning the determination of the insolvency period and the execution of collateral by secured creditors. Using a normative juridical approach, this research emphasizes secondary data obtained through literature study, analyzed qualitatively. The results show that executions conducted after the insolvency period violate Article 59 paragraph (1) and may constitute an unlawful act. Bankrupt debtors have the right to pursue further legal remedies such as cassation and judicial review. Strengthening regulations and technical guidelines is needed to enhance legal certainty and protection in bankruptcy practice.

Book

Beresman J. Siagian, Kepastian Hukum terhadap Penerapan Pasal 292 Undang-Undang Nomor 37 Tahun 2004 Tentang Kepailitan dan Penundaan Kewajiban Pembayaran Utang Terkait Penetapan Keadaan Insolvensi (Studi Kasus Putusan Nomor 667 K/Pdt.Sus-Pailit/2021 Jo. Nomor 29/Pdt-SUS-PKPU/2020/PN.Niaga.Jkt.Pst Jo. Nomor 29/ Pdt.Sus-PKPU/2020/PN.Niaga.Jkt.Pst.), Jakarta: UGM, 2022.

M. Hadi Subhan, Hukum Kepailitan : Prinsip, Norma, dan Praktik di Pengadilan, Jakarta: Kencana, 2008.

Munir Fuady, Hukum Pailit dalam Teori dan Praktek, Bandung: Citra Aditya Bakti, 2005.

Munir Fuady, Perbuatan Melawan Hukum, Bandung: Citra Aditya Bakti, 2022.

Philipus M. Hadjon, Perlindungan Hukum Bagi Rakyat Indonesia, Surabaya: PT Bina Ilmu, 1987.

Retnowulan Sutantio & Iskandar Oeripkartawinata, Hukum Acara Perdata Dalam Teori Dan Praktek, Bandung: Mandar Maju, 2019.

Sutan Remy, Hukum Kepailitan Memahami Undang-undang No. 37 Tahun 2004 tentang Kepailitan, Jakarta: Pustaka Utama Grafiti, 2008.

Legislation

Indonesian Civil Code

Law Number 37 of 2004 concerning Bankruptcy and Suspension of Debt Payment Obligations

Supreme Court Circular Letter Number 5 of 2021 concerning the Enforcement of the Formulations of the 2021 Supreme Court Chamber Plenary Meeting as Guidelines for Judicial Duties.

Journal

Daniel Marihot, Wewenang Kreditor Separatis Dalam Mengeksekusi Jaminan Saat Insolvensi Akibat Gagalnya Penundaan Kewajiban Pembayaran Utang (PKPU), Jurist Diction, Vol. 5, No. 3 (2022): 2167, https://e-journal.unair.ac.id/JD/article/view/40076

Devi Andani & Wiwin Budi Pratiwi, Prinsip Pembuktian Sederhana dalam Permohonan Penundaan Kewajiban Pembayaran Utang, Jurnal Hukum Ius Qua Iustum, Vol. 28, No. 3 (2021): 653, https://journal.uii.ac.id/IUSTUM/article/view/17469

Fikri Fadhil Ramadhani et. al., Kepastian Hukum atas Proses Kepailitan dalam Gugatan Actio Pauliana Perkara Kepailitan, Jurnal Tana Mana, Vol. 4, No. 3 (2023): 253, https://ojs.staialfurqan.ac.id/jtm/article/download/399/324/

Guslan Omardani & Mardalena Hanifah, Upaya Hukum dalam Perkara Kepailitan, Jurnal Multilingual, Vol. 3, No. 4 (2023): 399, https://ejournal.penerbitjurnal.com/index.php/multilingual/article/download/596/522/945

Herri Swantoro et al., Permohonan Upaya Hukum Peninjauan Kembali Kedua Kali Berbasis Keadilan dan Kepastian Hukum, Mimbar Hukum, Vol. 29, No. 2 (2017): 190, https://jurnal.ugm.ac.id/jmh/article/view/22103

Indah Sari, Perbuatan Melawan Hukum (PMH) dalam Hukum Pidana dan Hukum Perdata, Jurnal Ilmu Hukum Dirgantara, Vol. 11, No. 1 (2020): 67, https://journal.universitassuryadarma.ac.id/index.php/jihd/article/view/651

Mendy Cevitra & Gunawan Djajaputra, Perbuatan Melawan Hukum (Onrechtmatige Daad) Menurut Pasal 1365 Kitab Undang-Undang Hukum Perdata dan Perkembangannya, Unes Law Review, Vol. 6, No. 1 (2023): 2726, https://review-unes.com/index.php/law/article/view/1074

Prihati Yuniarlin, Penerapan Unsur-Unsur Perbuatan Melawan Hukum Terhadap Kreditur yang Tidak Mendaftarkan Jaminan Fidusia, Jurnal Media Hukum, Vol. 19, No. 1 (2012): 6, https://www.neliti.com/id/publications/35881/penerapan-unsur-unsur-perbuatan-melawan-hukum-terhadap-kreditur-yang-tidak-menda

Raihan Andhika Santoso et al., Kedudukan dan Kekuatan Hukum Surat Edaran Mahkamah Agung (SEMA) dalam Hukum Positif Indonesia, Jurnal Publikasi Ilmu Hukum, Vol. 1, No. 4 (2023): 14, https://ifrelresearch.org/index.php/Deposisi-widyakarya/article/view/1392

Rai Mantili, Ganti Kerugian Immateriil Terhadap Perbuatan Melawan Hukum dalam Praktik: Perbandingan Indonesia dan Belanda, Jurnal Ilmiah Hukum De’jure: Kajian Ilmiah Hukum, Vol. 4, No. 2 (2019): 300, https://journal.unsika.ac.id/index.php/jurnalilmiahhukumdejure/article/view/6460

Sudaryat, Tanggung Jawab Pemegang Saham Mayoritas yang Merangkap sebagai Direksi Terhadap Kerugian Pihak Ketiga Akibat Perbuatan Melawan Hukum Perseroan, Jurnal Bina Mulia Hukum, Vol. 4 , No. 2, (2020): 320, https://jurnal.fh.unpad.ac.id/index.php/jbmh/article/view/93