Analyzing Sukuk Holder Protection and Trustee Representation During Insolvency under Supreme Court Decision No. 146-PK/Pdt.Sus-Pailit/2016
DOI:
https://doi.org/10.15294/lslr.v10i2.59278Keywords:
Bankruptcy Law, Insolvency, Investor Protection, Sukuk Syariah, Suspension of Debt Payment Obligations (SOP)Abstract
The growth of the corporate sukuk market, which reached 678 issuances worth Rp188.25 trillion in Q1 2026, faces a dilemma regarding investor legal protection due to the vulnerability of concurrent creditor status, as revealed in the case of PT Berlian Laju Tanker. Previous research has not comprehensively analyzed characteristics of asset-based sukuk, concurrent creditor status, and trustee dominance in the process of Suspension of Debt and bankruptcy. Meanwhile, this study aims to analyze the legal protection mechanism for sukuk holders and examine the consistency of voting-rights restrictions through trustees. This research employs normative legal methods, including statutory, case, conceptual, and comparative legal approaches. Supreme Court Decision No. 146 PK/Pdt.Sus-Parilit/2016 and the comparison of the true sale doctrine with the East Cameron case in the United States are also the main references in this research. The results of this study show that the a quo decision has hinted at legal certainty by applying Article 170 of Law No. 37/2004, thereby denying the priority rights of sukuk holders without collateral registration. Other findings also reveal that sukuk holders are very vulnerable due to the nature of in personam claims and the dominance of trustees, which reduces investor participation and rights when debtors default. Thus, a partial transplantation of the true sale doctrine and asset isolation, as practiced in comparative jurisdictions, is needed to reform OJK supervisory regulations to achieve economic justice for investors.
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