<![CDATA[Village-Owned Enterprises (BUMDes) have become strategic instruments in village economic development. However, its hybrid legal status—being between public and private legal entities—makes it vulnerable to regulatory uncertainty, especially when faced with bankruptcy risks. The lack of clarity on legal protection mechanisms encourages the urgency of an in-depth study of how regulations, governance, and supervision can provide maximum protection for BUMDes. This study uses a juridical-normative approach with the method of analysis of laws and regulations, literature studies, and comparative law. Primary legal materials include the Village Law, PP BUMDes, and bankruptcy regulations; Meanwhile, secondary legal materials include academic literature, journal articles, and relevant previous research results. The analysis was carried out with a critical-deduction model to map the problem and formulate recommendations based on the four pillars of legal protection. The findings show that legal protection for BUMDes is still weak due to the indecisiveness of the status of legal entities, the absence of norms regarding the feasibility of bankruptcy, and the absence of a corporate rescue mechanism. The success of protection is strongly influenced by four pillars: (1) the pillars of national regulations that regulate the status and mechanism of bankruptcy; (2) internal governance pillars such as periodic audits and risk management; (3) the pillars of local government development through legal assistance and mediation systems; and (4) the pillars of public supervision to prevent moral hazards. BUMDes need a more comprehensive legal protection framework through strengthening national regulations, improving internal governance, local government support, and public transparency mechanisms. This research offers a four-pillar model as novelty in the formulation of legal protection strategies to face bankruptcy risks. Badan Usaha Milik Desa (BUMDes) telah menjadi instrumen strategis dalam pembangunan ekonomi desa. Namun, status hukumnya yang bersifat hibrida—berada di antara badan hukum publik dan privat—menimbulkan kerentanan terhadap ketidakpastian regulasi, terutama ketika berhadapan dengan risiko kepailitan. Minimnya kejelasan mengenai mekanisme perlindungan hukum mendorong urgensi kajian mendalam mengenai bagaimana regulasi, tata kelola, dan pengawasan dapat memberikan perlindungan maksimal bagi BUMDes. Penelitian ini menggunakan pendekatan yuridis-normatif dengan metode analisis peraturan perundang-undangan, studi pustaka, dan perbandingan hukum. Bahan hukum primer meliputi UU Desa, PP BUMDes, serta regulasi kepailitan; sedangkan bahan hukum sekunder meliputi literatur akademik, artikel jurnal, dan hasil penelitian terdahulu yang relevan. Analisis dilakukan dengan model deduksi-kritis untuk memetakan problem dan merumuskan rekomendasi berbasis empat pilar perlindungan hukum. Temuan menunjukkan bahwa perlindungan hukum bagi BUMDes masih lemah akibat ketidaktegasan status badan hukum, ketiadaan norma mengenai kelayakan pempailitan, dan belum adanya mekanisme penyelamatan usaha (corporate rescue). Keberhasilan perlindungan sangat dipengaruhi empat pilar: (1) pilar regulasi nasional yang mengatur status dan mekanisme kepailitan; (2) pilar tata kelola internal seperti audit berkala dan manajemen risiko; (3) pilar pembinaan pemerintah daerah melalui pendampingan hukum dan sistem mediasi; dan (4) pilar pengawasan publik untuk mencegah moral hazard. BUMDes membutuhkan kerangka perlindungan hukum yang lebih komprehensif melalui penguatan regulasi nasional, peningkatan tata kelola internal, dukungan pemerintah daerah, dan mekanisme transparansi publik. Penelitian ini menawarkan model empat pilar sebagai kebaruan (novelty) dalam perumusan strategi perlindungan hukum menghadapi risiko kepailitan.]]>
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