Legal Certainty in Collateral Seizure of Digital Shares from Public Companies

Abstract

This study aims to enable us to find out the provisions contained in the confiscation of guarantees on shares, and the execution mechanism based on applicable positive law in order to obtain legal certainty in the practice of implementing the confiscation of guarantees on shares. The method in this study is normative, with descriptive analytical research specifications. Data analysis was carried out using a qualitative normative method. The results of the study show that, first, the provisions that apply to the attempt to confiscate the shares are the provisions in Article 227 paragraph (1) of the HIR, so that the confiscation can be carried out as long as it fulfills the basic elements stipulated in the article. The object is vague and sees the developing trend in the judiciary that courts will generally reject applications for confiscation of shares if the confiscation request does not clearly state their identity. The confiscation of digital stock guarantees is only hampered by the confiscation of go public shares, because the shares are on the Stock Exchange. If it is related to the issue of the confiscation of shares in Book II of the Administrative and Technical Guidelines for General Civil Courts Number 11, basically it is legal to confiscate the shares but in practice it is known that it will be difficult to carry out, because it is necessary to register them with the Ministry of Law and Human Rights because there is no series on the shares. Therefore, the confiscation is not effective because there are difficulties in identifying the shares on the Stock Exchange. So that in achieving legal certainty, it is necessary to have a national procedural law product in the form of a law (wet) that can accommodate all legal dynamics in Indonesia. Then, in the future, with the creation of products of civil procedural law in the future, there will be the creation of legislation products in the legal certainty of the practice of implementing collateral confiscation on shares in the context of resolving existing disputes.