Abstract

The implementation of fiduciary guarantees in consumer financing contracts is one of the legal instruments that aims to provide protection for creditors in obtaining repayment of receivables if the debtor defaults. However, in practice, the execution of fiduciary guarantees often raises legal problems when the debtor is declared bankrupt. This condition is caused by a normative conflict between the fiduciary guarantee legal regime that grants executory rights to creditors and the bankruptcy law regime that places all debtors' assets as bankruptcy bonds under the control of the curator. This study aims to analyze the legal problems that arise in the implementation of fiduciary guarantees in consumer financing contracts when debtors experience bankruptcy and formulate a legal reconstruction model that is able to create a mechanism for implementing fiduciary guarantees that are fair and have legal certainty in bankruptcy situations. This study uses normative legal research methods with a statutory approach, a conceptual approach, and a case approach. The sources of legal materials used include primary legal materials in the form of laws and regulations and court decisions, as well as secondary legal materials in the form of books and scientific journals that are relevant to the object of research. The results of the study show that the implementation of fiduciary guarantees in debtors' bankruptcy situations raises several legal problems, including the conflict of norms between the fiduciary guarantee law and bankruptcy law, the unclear position of separatist creditors, and differences in interpretation in judicial practice regarding the authority to implement the execution of the object of collateral. To overcome these problems, a legal reconstruction model is needed that includes harmonization between fiduciary guarantee arrangements and bankruptcy law, strengthening the position of separatist creditors, establishing a clear procedural mechanism in the implementation of execution, and strengthening the fiduciary guarantee registration system and institutional coordination in the bankruptcy process. The legal reconstruction is expected to create a mechanism for implementing fiduciary guarantees that provide legal certainty as well as fair protection for creditors and debtors in consumer financing contracts.

Keywords: Legal, Reconstruction, Fiduciary, Security, Execution, Consumer, Financing, Contracts, Debtor, Bankruptcy, Toward, Certainty, Fair, Protection.