Abstract
Bankruptcy is a situation that could occur in a state-owned company. Istaka Karya is one of several state-owned companies. After going through several years with financial conditions that never improved, various news reports about this company with various active participation in the world of construction, finally officially closed due to bankruptcy in 2023, with a series of debts to creditors as well as arrears in salary payments to its employees. This research aims to analyze the legal certainty obtained by creditors, as well as the state's responsibility in the event of the bankruptcy of a state-owned company. The results of this research show the weak position of creditors in obtaining their rights. Therefore, to provide legal certainty, not only based on Law Number 37 of 2004 concerning Bankruptcy and Postponement of Debt Payment Obligations, but the directors must also be fully responsible for all debts to creditors using personal assets owned, but not including assets that have been declared bankrupt by the Commercial Court.
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