Legal Status of Collateral Taken Over (AYDA) by Banks through Auction in Bankruptcy Cases: Review of SEMA Number 3 of 2023

Abstract

Collateral Taken Over (Agunan Yang Diambil Alih/ AYDA) is a collateral execution mechanism by banks in the context of resolving problem loans as regulated in the Financial Services Authority Regulation POJK Number 40 of 2019 and the Banking Law/ PPSK (Development and Strengthening of the Financial Sector). Through the auction mechanism, banks can obtain ownership of collateral that was previously the object of collateral security. However, problems arise when the debtor is declared bankrupt after the auction is carried out and the Bank as the creditor has been appointed as the buyer through the AYDA mechanism. This study aims to analyze the legal provisions of AYDA by Banks through auctions, as well as the position of AYDA by Banks in bankruptcy cases. This study uses a normative juridical method with a statutory and conceptual approach. The results of the study indicate that AYDA obtained through auctions constitutes a legal transfer of rights, and substantively, ownership has transferred to the bank. Therefore, AYDA assets should not be included as bankruptcy estate. There needs to be further regulations regarding the position of AYDA by Banks to avoid multiple interpretations of the legal status of these AYDA assets