What is the legal consequence if a financing institution registers a fiducia certificate after the lapse of 30-day period, as set out in the Minister of Finance Regulation No. 130/ PMK.010/2012 regarding Registration of Fiducia Security for Financing Company which Conducts Consumer Financing for Vehicle with Fiducia Security ?
We understand that the Minister of Finance Regulation No. 130/PMK.010/2012 requires a financing company to register a fiducia security by no later than 30 days as of the consumer financing agreement. In practice, however, this requirement is difficult to be conducted by the entrepreneurs as the registration process may take more than 30 days. Therefore, within 30 days, the financing company may not have obtained the fiducia certificate. As the legal consequence, the financing company will get a warning from the Minister of Finance in the form of a written sanction for 3 (three) times. In addition, the financing company will not be able to take the vehicles from the debtor so long as the fiducia certificate has not been issued.
What is the difference in an auction between fiducia object which is voluntarily delivered and fiducia object which is obtained from enforcement proceeding?
Generally, fiducia object must be auctioned by financing company to fulfil the outstanding payment of the debtor, except there is an agreement between the fiducia grantor and the fiducia grantee to privately sell the fiducia object. This is intended to obtain the higher enforcement proceeds. Auction procedure, either for fiducia object which is voluntarily delivered or which is enforced, shall refer to the Minister of Finance Regulation Number 27/PMK.06/2016 regarding the Guidance on Auction Procedure (PMK Auction). The financing company as an auction applicant must note that if the fiducia object is obtained from enforcement proceeding, the auction must be conducted by Class I Auction Officer whereas if the fiducia object is voluntarily delivered, the auction may be auctioned by Class I or Class II Auction Officer.