Resolving Insolvency

This topic identifies weaknesses in existing bankruptcy law and the main procedural and administrative bottlenecks in the insolvency process. The most recent round of data collection for the project was completed in June 2014. Read the methodology.

Use the tabs to view Resolving Insolvency data and analysis, reform summaries, frequent questions and related resources. Click on economy name for detailed information. Click on column headers to sort.

subnational = Subnational Doing Business data available.
Multi City = Multi-city data for same economy is available.

About Doing Business

The data and analysis appearing on this page was collected as part of the Doing Business project, which measures and compares regulations relevant to the life cycle of a small to medium-sized domestic business in 189 economies.

The average duration of bankruptcy proceedings. The time of the proceedings is recorded in calendar years and includes all appeals and delays.

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Time (years)

The average cost of bankruptcy proceedings. The cost of the proceedings is recorded as a percentage of the estate’s value.

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Cost (% of estate)

The recovery rate calculates how many cents on the dollar secured creditors recover from an insolvent firm at the end of insolvency proceedings.

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Recovery rate (cents on the dollar)

The index measures what type of proceedings (liquidation, reorganization or both) debtors and creditors can initiate and what standard is used to declare a debtor insolvent.

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Commencement of proceedings index (0-3)

The index tests provisions on continuation and rejection of contracts during insolvency, avoidance of preferential and undervalued transactions and post-commencement credit.

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Management of debtor's assets index (0-6)

The index measures whether and how creditors vote on a reorganization plan and what protections are available to dissenting creditors.

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Reorganization proceedings index (0-3)

The index tests creditors’ participation in and rights during liquidation and reorganization proceedings.

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Creditor participation index (0-4)

The index is the sum of four component indices: commencement of proceedings index, management of debtor’s assets index, reorganization proceedings index and creditor participation index.

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Strength of insolvency framework index (0-16)
East Asia & Pacific..39.762.621.8..36.82.23.20.91.68.1
Europe & Central Asia..49.062.313.3..37.72.43.71.41.69.2
Latin America & Caribbean..39.472.916.4..36.02.23.00.51.98.2
Middle East & North Africa..33.043.113.9..34.02.13.10.11.26.6
OECD high income..76.881.78.8..71.92.85.41.82.212.2
South Asia..32.282.610.1..36.22.12.00.21.35.6
Sub-Saharan Africa..30.563.123.3..24.12.24.00.41.37.9
Afghanistan 15923.62.025.0026.42.00.00.01.03.0
Albania 4461.372.010.0041.53.05.02.52.012.5
Algeria 9742.742.57.0041.73.02.00.51.06.5
Angola 1890no practiceno practiceno practiceno practice2.04.00.00.0no practice
Antigua and Barbuda 11438.193.07.0036.12.02.00.02.06.0
Argentina 8345.12.812.0028.62.54.02.01.09.5
Armenia 6948.141.911.0037.23.02.03.01.09.0
Australia 1481.61.08.0181.92.56.00.53.012.0
Austria 1678.841.110.0182.62.55.51.02.011.0
Azerbaijan 9443.021.512.0039.32.53.00.51.07.0
Bahamas, The 6052.933.012.0163.52.03.00.01.06.0
Bahrain 8744.242.59.5041.62.04.00.01.07.0
Bangladesh14729.494.08.0025.82.02.00.01.05.0
Bangladesh - Dhaka ..29.494.08.0025.82.02.00.01.05.0
Bangladesh - Chittagong ..29.494.08.0025.82.02.00.01.05.0
Barbados 2674.091.815.0165.12.55.02.03.012.5
Belarus 6848.183.022.0137.32.05.50.51.09.0
Belgium 1183.870.93.5189.12.56.01.02.011.5
Belize 7147.942.022.5154.22.01.00.03.06.0
Benin 11538.084.021.5018.52.05.50.51.09.0
Bhutan 1890no practiceno practiceno practiceno practice2.01.00.02.0no practice
Bolivia 9642.821.814.5038.92.53.00.51.07.0
Bosnia and Herzegovina 3466.213.39.0035.93.06.03.03.015.0
Botswana 4957.171.718.0162.73.02.50.02.07.5
Brazil5554.524.012.0125.82.55.52.03.013.0
Brazil - São Paulo ..54.524.012.0125.82.55.52.03.013.0
Brazil - Rio de Janeiro ..54.524.012.0125.82.55.52.03.013.0
Brunei Darussalam 8844.172.53.5047.22.02.00.02.06.0
Bulgaria 3864.753.39.0033.22.56.02.54.015.0
Burkina Faso 11538.084.021.0018.52.05.50.51.09.0
Burundi 14430.555.030.007.42.54.01.01.08.5
Cabo Verde 1890no practiceno practiceno practiceno practice2.04.00.00.0no practice
Cambodia 8445.026.028.008.23.04.03.03.013.0
Cameroon 12336.422.833.5015.42.05.50.51.09.0
Canada 689.170.87.0187.33.05.52.03.013.5
Central African Republic 15228.134.876.000.02.05.50.51.09.0
Chad 15228.134.060.000.02.05.50.51.09.0
Chile 7347.383.214.5030.02.54.51.02.010.0
China5355.311.722.0036.03.05.02.51.011.5
China - Shanghai ..55.311.722.0036.03.05.02.51.011.5
China - Beijing ..55.311.722.0036.03.05.02.51.011.5
Colombia 30701.76.0172.03.05.50.51.010.0
Comoros 1890no practiceno practice0no practice2.05.50.51.0no practice
Congo, Dem. Rep. 1890no practiceno practiceno practiceno practice2.05.50.51.0no practice
Congo, Rep. 11737.753.325.0017.92.05.50.51.09.0
Costa Rica 8943.953.014.5026.53.05.00.51.09.5
Côte d'Ivoire 8544.972.218.0031.32.05.50.51.09.0
Croatia 5653.923.114.5030.53.04.03.02.012.0
Cyprus 5156.681.514.5170.52.02.00.02.06.0
Czech Republic 2077.52.117.0165.63.05.53.02.013.5
Denmark 984.591.04.0187.53.06.01.02.012.0
Djibouti 7048.042.311.0037.02.05.50.51.09.0
Dominica 12137.094.010.0028.32.02.00.03.07.0
Dominican Republic 15823.753.538.009.32.02.00.02.06.0
Ecuador 15128.365.318.0017.92.02.00.02.06.0
Egypt, Arab Rep. 12636.172.522.0026.62.03.00.02.07.0
El Salvador 7946.023.512.0033.22.04.00.03.09.0
Equatorial Guinea 1890no practiceno practice0no practice2.05.50.51.0no practice
Eritrea 1890no practiceno practiceno practiceno practice2.54.01.01.0no practice
Estonia 3764.923.09.0039.32.55.52.04.014.0
Ethiopia 7447.21.814.5038.32.54.01.01.08.5
Fiji 9143.621.810.0046.22.02.00.02.06.0
Finland 193.850.93.5190.23.06.02.53.014.5
France 2275.941.99.0177.23.06.01.01.011.0
Gabon 12536.295.014.5015.22.05.50.51.09.0
Gambia, The 10241.512.014.5027.83.03.00.52.08.5
Georgia 12236.482.010.0038.71.52.50.01.05.0
Germany 391.781.28.0183.43.06.03.03.015.0
Ghana 16122.451.922.0024.32.01.00.00.03.0
Greece 5255.983.59.0034.32.55.53.01.012.0
Grenada 1890no practiceno practiceno practiceno practice2.02.00.02.0no practice
Guatemala 15527.373.014.5027.62.00.00.02.04.0
Guinea 11937.623.88.0017.62.05.50.51.09.0
Guinea-Bissau 1890no practiceno practiceno practiceno practice2.05.50.51.0no practice
Guyana 15028.53.028.5018.12.02.00.02.06.0
Haiti 1890no practiceno practice0no practice2.00.00.01.0no practice
Honduras 14031.833.814.5018.52.04.00.01.07.0
Hong Kong SAR, China 2575.060.85.0187.23.02.01.03.09.0
Hungary 6449.782.014.5040.22.55.00.51.09.0
Iceland 1581.471.03.5184.62.56.01.02.011.5
India  13732.64.39.0025.72.03.00.01.06.0
India - Mumbai ..32.64.39.0025.72.03.00.01.06.0
India - Delhi ..32.64.39.0025.72.03.00.01.06.0
Indonesia7546.751.921.6031.73.05.00.51.09.5
Indonesia - Jakarta ..46.092.022.0030.53.05.00.51.09.5
Indonesia - Surabaya ..49.071.520.0036.03.05.00.51.09.5
Iran, Islamic Rep. 13832.384.515.0019.52.03.00.02.07.0
Iraq 1890no practiceno practiceno practiceno practice2.02.00.01.0no practice
Ireland 2176.90.49.0187.73.03.52.01.09.5
Israel 2475.212.023.0161.43.05.52.03.013.5
Italy 2971.291.822.0162.82.55.52.02.012.0
Jamaica 5953.291.118.0164.22.02.00.02.06.0
Japan293.740.63.5192.93.06.03.02.014.0
Japan - Tokyo ..93.740.63.5192.93.06.03.02.014.0
Japan - Osaka ..93.740.63.5192.93.06.03.02.014.0
Jordan 14530.173.020.0027.02.02.00.01.05.0
Kazakhstan 6351.451.515.0043.32.54.00.52.09.0
Kenya 13433.314.522.0127.12.02.00.02.06.0
Kiribati 1890no practiceno practiceno practiceno practice2.00.00.02.0no practice
Korea, Rep. 590.061.53.5183.12.56.03.03.014.5
Kosovo 16419.632.015.0036.50.00.00.00.00.0
Kuwait 12736.024.210.0032.12.03.00.01.06.0
Kyrgyz Republic 15724.384.015.0019.23.00.01.50.04.5
Lao PDR 1890no practiceno practiceno practiceno practice2.02.00.50.0no practice
Latvia 4063.421.510.0048.22.55.02.52.012.0
Lebanon 13633.033.015.0032.32.02.00.01.05.0
Lesotho 12037.512.620.0029.03.03.00.01.07.0
Liberia 1694.63.042.508.60.00.00.00.00.0
Libya 1890no practiceno practiceno practiceno practice2.04.00.01.0no practice
Lithuania 6748.472.310.0043.62.54.00.51.08.0
Luxembourg 6251.832.014.5044.02.55.00.51.09.0
Macedonia, FYR 3565.931.810.0044.13.05.52.03.013.5
Madagascar 12934.432.030.0011.72.05.50.51.09.0
Malawi 16618.992.625.0012.12.02.00.00.04.0
Malaysia 3665.611.010.0181.32.02.00.03.07.0
Maldives 13533.121.54.0049.92.00.00.00.02.0
Mali 10840.353.618.0022.72.05.50.51.09.0
Malta 8644.783.010.0039.62.52.00.03.07.5
Marshall Islands 1689.192.038.0017.10.00.00.00.00.0
Mauritania 1890no practiceno practiceno practiceno practice2.05.50.00.0no practice
Mauritius 4362.811.714.5167.43.03.00.52.08.5
Mexico2772.591.818.0168.12.55.51.52.011.5
Mexico - Mexico City ..72.591.818.0168.12.55.51.52.011.5
Mexico - Monterrey ..72.591.818.0168.12.55.51.52.011.5
Micronesia, Fed. Sts. 11837.745.338.003.32.56.03.00.011.5
Moldova 5853.322.815.0029.42.54.02.53.012.0
Mongolia 9043.934.015.0017.82.56.00.52.011.0
Montenegro 3368.221.48.0048.42.56.03.02.013.5
Morocco 11338.473.518.0027.92.05.50.00.07.5
Mozambique 10740.755.09.0017.62.54.01.52.010.0
Myanmar 16023.515.018.0014.72.02.00.01.05.0
Namibia 8145.532.514.5035.23.02.00.53.08.5
Nepal 8245.412.09.0043.72.04.01.00.07.0
Netherlands 1283.771.13.5188.92.56.01.02.011.5
New Zealand 2871.561.33.5183.63.03.00.52.08.5
Nicaragua 11039.642.214.5033.02.02.00.03.07.0
Niger 12836.015.018.0014.72.05.50.51.09.0
Nigeria13133.762.022.0027.92.02.00.02.06.0
Nigeria - Lagos ..33.762.022.0027.92.02.00.02.06.0
Nigeria - Kano ..33.762.022.0027.92.02.00.02.06.0
Norway 885.620.91.0192.32.55.01.03.011.5
Oman 11239.024.03.5037.72.03.00.01.06.0
Pakistan7846.182.75.6039.42.03.00.03.08.0
Pakistan - Karachi ..46.482.84.0039.92.03.00.03.08.0
Pakistan - Lahore ..45.642.58.5038.32.03.00.03.08.0
Palau 16716.282.022.5030.30.00.00.00.00.0
Panama 13233.662.525.0027.72.02.00.02.06.0
Papua New Guinea 14131.643.023.0024.02.03.00.01.06.0
Paraguay 10640.873.99.0020.82.54.01.02.09.5
Peru 7646.573.17.0028.53.03.50.53.010.0
Philippines 5056.742.732.0021.23.05.53.03.014.5
Poland 3269.733.015.0157.03.06.02.51.012.5
Portugal 1084.192.09.0172.23.05.53.03.014.5
Puerto Rico (U.S.) 786.372.58.0173.43.06.03.03.015.0
Qatar 4758.272.822.0156.02.06.00.01.09.0
Romania 4658.73.310.5030.73.06.02.52.013.5
Russian Federation6549.692.09.0043.02.53.50.52.08.5
Russian Federation - Moscow ..49.472.09.0042.62.53.50.52.08.5
Russian Federation - Saint Petersburg ..50.21.89.0043.92.53.50.52.08.5
Rwanda 10141.772.529.0019.53.04.00.03.010.0
Samoa 12436.312.038.0018.12.53.01.02.08.5
San Marino 11139.112.35.0046.51.52.01.00.04.5
São Tomé and Príncipe 16221.76.222.005.52.04.00.00.06.0
Saudi Arabia 16321.672.822.0028.72.00.00.00.02.0
Senegal 9941.863.020.0025.52.05.50.51.09.0
Serbia 4857.92.020.0029.22.56.03.02.013.5
Seychelles 6152.172.011.0038.92.55.00.52.010.0
Sierra Leone 14330.682.342.0010.62.03.00.03.08.0
Singapore 1977.940.83.0189.73.04.00.52.09.5
Slovak Republic 3169.934.018.0154.43.04.03.03.013.0
Slovenia 4262.912.04.0050.12.56.02.01.011.5
Solomon Islands 13931.871.038.0024.42.03.00.01.06.0
South Africa 3964.512.018.0035.73.06.02.53.014.5
South Sudan 1890no practiceno practiceno practiceno practice2.52.00.52.0no practice
Spain 2375.891.511.0171.33.06.02.01.012.0
Sri Lanka 7247.811.710.0042.42.53.00.52.08.0
St. Kitts and Nevis 1890no practiceno practiceno practiceno practice1.00.00.00.0no practice
St. Lucia 10041.822.09.0042.92.02.00.02.06.0
St. Vincent and the Grenadines 1890no practiceno practiceno practiceno practice2.02.00.02.0no practice
Sudan 15626.542.020.0031.92.01.00.00.03.0
Suriname 13034.275.030.008.52.54.01.02.09.5
Swaziland 8045.82.014.5038.73.02.00.03.08.0
Sweden 1778.432.09.0176.13.06.01.02.012.0
Switzerland 4163.13.03.5047.63.04.01.04.012.0
Syrian Arab Republic 14630.154.19.0027.02.02.00.01.05.0
Taiwan, China 1878.411.94.0181.83.05.50.52.011.0
Tajikistan 14929.261.79.0036.91.51.00.50.03.0
Tanzania 10541.123.022.0021.23.04.00.52.09.5
Thailand 4558.732.736.0142.32.04.02.53.011.5
Timor-Leste 1890no practiceno practiceno practiceno practice2.56.01.02.0no practice
Togo 9343.123.015.0027.92.05.50.51.09.0
Tonga 13333.342.722.0027.12.03.00.01.06.0
Trinidad and Tobago 6648.972.525.0027.12.54.51.03.011.0
Tunisia 5454.711.37.0052.32.05.50.01.08.5
Turkey 109403.314.5027.93.02.01.02.08.0
Uganda 9842.272.229.5137.92.53.00.51.07.0
Ukraine 14231.172.942.008.63.04.00.51.08.5
United Arab Emirates 9243.513.220.0028.62.04.00.03.09.0
United Kingdom 1382.041.06.0188.63.05.01.02.011.0
United States490.121.58.2180.43.06.03.03.015.0
United States - New York City ..90.741.57.0181.53.06.03.03.015.0
United States - Los Angeles ..89.21.510.0178.63.06.03.03.015.0
Uruguay 5753.471.87.0044.22.56.01.00.09.5
Uzbekistan 7746.452.010.0039.92.53.00.52.08.0
Vanuatu 10341.482.638.0142.22.02.00.02.06.0
Venezuela, RB 16519.24.038.006.72.02.00.01.05.0
Vietnam 10441.275.014.5018.63.04.02.01.010.0
West Bank and Gaza 1890no practiceno practice0no practice2.02.00.01.0no practice
Yemen, Rep. 15427.463.015.0022.02.02.00.01.05.0
Zambia 9543.012.49.0039.32.02.00.03.07.0
Zimbabwe 14829.283.322.0013.83.02.00.02.07.0

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