PT Garuda Indonesia (Persero), Tbk. is a State-Owned Enterprise which is experiencing financial problems due to financial policy errors taken by the company, along with the
Board of Directors which has made mistakes or ommision. Due to these financial problems, a Bankruptcy Petition and a Request for Postponement of Debt Payment Obligations were
filed by The Creditors against PT Garuda Indonesia (Persero), Tbk. Furthermore, the aim of this research is to determine the application of basic bankruptcy principles in cases involving companies using a normative legal research approach. The advantage of this research is to find out the legal position of creditors in this case along with the
responsibility of the Board of Directors in the event of bankruptcy or postponement of debt payment obligations. The results of this research show that creditors of PT Garuda
Indonesia (Persero), Tbk. have the legal standing to submit a bankruptcy petition or a request for postponement of debt payment obligations, along with the board of directors
who has made mistakes or ommision and can be subject to piercing the corporate veil principle (unlimited liability).