Bankruptcy as a debt settlement mechanism in Indonesia has a significant impact on all debtors' assets, including intellectual property rights such as trademarks. In practice, many companies have licensed trademarks to third parties before being declared bankrupt, resulting in legal uncertainty regarding the validity of the license agreement and protection for the licensee. This study aims to examine the implications of bankruptcy on the validity of trademark licenses and analyze the legal position of licensees according to the Bankruptcy Law. The research method used is normative juridical with statutory and conceptual approaches, as well as qualitative analysis of primary and secondary legal materials. The results show that the rights to the licensed trademark remain part of the bankruptcy estate and are under the management of the curator. The license agreement can be continued if it benefits the bankruptcy estate, but can be terminated by the curator if it is considered burdensome. The legal position of the licensee is highly dependent on the recording of the agreement at the DJKI and the policy of the curator. The implications of this research emphasize the need for clearer regulations to provide legal certainty and balanced protection for all parties involved in bankruptcy.