<![CDATA[Economic development as part of national development aims to improve the welfare of the people through the strategic role of State-Owned Enterprises (SOEs). In practice, SOEs often experience losses, prompting the government to restructure them through the formation of SOE holding companies as regulated in Government Regulation No. 72 of 2016, which amends Government Regulation No. 44 of 2005 concerning Procedures for State Capital Participation and Administration (GR No. 72 of 2016). However, the provisions in PP No. 72 of 2016, which treat the legal status of SOE subsidiaries as equivalent to SOEs, have caused inconsistencies between the normative provisions in Law -Law No. 16 of 2025 amending Law No. 1 of 2025 concerning SOEs (SOE Law) and Minister of SOEs Regulation No. 03 of 2023 with legal practice, particularly regarding the bankruptcy of SOE subsidiaries. This study aims to analyze the legal status of SOE subsidiaries that have filed for bankruptcy, the liability of bankrupt SOE subsidiaries to their parent SOEs, and the legal certainty of the assets of bankrupt SOE subsidiaries. The research method used is normative juridical research with a legislative and conceptual approach, using primary, secondary, and non-legal legal materials. The results of the study show that state-owned enterprise subsidiaries are independent legal entities in the form of limited liability companies that are subject to the Limited Liability Company Law and therefore cannot be categorized as state-owned enterprises. The liability of a bankrupt subsidiary to its parent company is separate based on the principle of separate legal entity, so that the legal obligations of the subsidiary do not automatically become the responsibility of the parent company, unless it is proven that there has been excessive control. The bankruptcy of a SOE subsidiary also results in the possibility of general seizure of all its assets because they are no longer directly included in state assets.]]>
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