HIERARCHY OF THE DISTRIBUTION OF BANKRUPTCY PROPERTY IN SYNDICATED LOAN FACILITY AGREEMENT FOR THE BANKRUPT DEBTOR

The position of individual creditors over the collateral in syndicated loan is represented by security agent as the recipient of collateral and the holder of material collateral. It is the legal consequence of agency relation as regulated in Syndicated Loan Facility Agreement. Therefore, the security agent in this syndicated loan, for the sake of law, serves as preference creditor to other syndication participation. This research aims to answer the problems related to the implementation of pari passu pro rata parte principles in determining the hierarchy of creditor in syndicated loan facility agreement to the bankrupt debtor. Firstly, it is intended to find out the position of individual creditors to the collateral in syndicated loan in bankruptcy position and secondly, it is intended to the hierarchy of bankruptcy property payment to the debtor of syndicated loan in bankruptcy position. The research method employed in this research was a normative research. It used juridical normative research type aiming to find the truth based on the legal science logic from its normative side. Data source used in this research was secondary data including laws, court verdicts, books, journals, articles, materials from internet, and dictionaries.