The average time to close a business. Information is collected on the sequence of procedures and on whether any procedures can be carried out simultaneously. More informationTime (years) | The average cost of bankruptcy proceedings. The cost of the proceedings is recorded as a percentage of the estate’s value. More informationCost (% of estate) | The recovery rate calculates how many cents on the dollar claimants (creditors, tax authorities, and employees) recover from an insolvent firm. More informationRecovery rate (cents on the dollar) |
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|---|---|---|---|---|---|
| Sub-Saharan Africa | .. | 3.4 | 23 | .. | 22.4 |
| South Asia | .. | 3.0 | 10 | .. | 33.3 |
| OECD high income | .. | 1.7 | 9 | .. | 70.6 |
| Middle East & North Africa | .. | 3.4 | 13 | .. | 33.7 |
| Latin America & Caribbean | .. | 3.1 | 16 | .. | 34.1 |
| Eastern Europe & Central Asia | .. | 2.4 | 13 | .. | 36.9 |
| East Asia & Pacific | .. | 2.9 | 21 | .. | 34.7 |
| Zimbabwe | 169 | 3.3 | 22 | 0 | 0.1 |
| Zambia | 99 | 2.7 | 9 | 0 | 29.8 |
| Yemen, Rep. | 122 | 3.0 | 8 | 0 | 24.1 |
| West Bank and Gaza | 185 | no practice | no practice | no practice | no practice |
| Vietnam | 149 | 5.0 | 15 | 0 | 13.9 |
| Venezuela, RB | 163 | 4.0 | 38 | 0 | 6.4 |
| Vanuatu | 57 | 2.6 | 38 | 1 | 42.7 |
| Uzbekistan | 73 | 2.0 | 10 | 0 | 38.5 |
| Uruguay | 54 | 2.1 | 7 | 0 | 43.3 |
| United States | 16 | 1.5 | 7 | 1 | 81.5 |
| United Kingdom | 8 | 1.0 | 6 | 1 | 88.6 |
| United Arab Emirates | 101 | 3.2 | 20 | 0 | 29.4 |
| Ukraine | 157 | 2.9 | 42 | 0 | 8.7 |
| Uganda | 69 | 2.2 | 30 | 1 | 38.9 |
| Turkey | 124 | 3.3 | 15 | 0 | 23.6 |
| Tunisia | 39 | 1.3 | 7 | 0 | 52.0 |
| Trinidad and Tobago | 135 | 4.0 | 25 | 0 | 18.4 |
| Tonga | 118 | 2.7 | 22 | 0 | 25.7 |
| Togo | 96 | 3.0 | 15 | 0 | 30.5 |
| Timor-Leste | 185 | no practice | no practice | no practice | no practice |
| Thailand | 58 | 2.7 | 36 | 1 | 42.4 |
| Tanzania | 129 | 3.0 | 22 | 0 | 21.7 |
| Tajikistan | 79 | 1.7 | 9 | 0 | 36.0 |
| Taiwan, China | 15 | 1.9 | 4 | 1 | 81.8 |
| Syrian Arab Republic | 111 | 4.1 | 9 | 0 | 27.5 |
| Switzerland | 45 | 3.0 | 4 | 0 | 47.5 |
| Sweden | 22 | 2.0 | 9 | 1 | 74.7 |
| Swaziland | 74 | 2.0 | 15 | 0 | 38.3 |
| Suriname | 158 | 5.0 | 30 | 0 | 8.6 |
| Sudan | 88 | 2.0 | 20 | 0 | 33.2 |
| St. Vincent and the Grenadines | 185 | no practice | no practice | no practice | no practice |
| St. Lucia | 61 | 2.0 | 9 | 0 | 42.0 |
| St. Kitts and Nevis | 185 | no practice | no practice | no practice | no practice |
| Sri Lanka | 51 | 1.7 | 10 | 0 | 43.9 |
| Spain | 20 | 1.5 | 11 | 1 | 76.5 |
| South Africa | 84 | 2.0 | 18 | 0 | 35.4 |
| Solomon Islands | 123 | 1.0 | 38 | 0 | 23.9 |
| Slovenia | 42 | 2.0 | 4 | 0 | 49.8 |
| Slovak Republic | 38 | 4.0 | 18 | 1 | 53.6 |
| Singapore | 2 | 0.8 | 1 | 1 | 91.3 |
| Sierra Leone | 154 | 2.6 | 42 | 0 | 9.2 |
| Seychelles | 65 | 2.0 | 11 | 0 | 39.6 |
| Serbia | 103 | 2.0 | 20 | 0 | 29.1 |
| Senegal | 90 | 3.0 | 7 | 0 | 32.0 |
| Saudi Arabia | 107 | 2.8 | 22 | 0 | 28.0 |
| São Tomé and Príncipe | 164 | 6.2 | 22 | 0 | 5.2 |
| Samoa | 146 | 2.5 | 38 | 0 | 15.2 |
| Rwanda | 167 | 3.0 | 50 | 0 | 3.1 |
| Russian Federation | 53 | 2.0 | 9 | 0 | 43.4 |
| Romania | 102 | 3.3 | 11 | 0 | 29.2 |
| Qatar | 36 | 2.8 | 22 | 1 | 55.5 |
| Puerto Rico (U.S.) | 24 | 2.5 | 8 | 1 | 73.4 |
| Portugal | 23 | 2.0 | 9 | 1 | 74.6 |
| Poland | 37 | 3.0 | 15 | 1 | 54.5 |
| Philippines | 165 | 5.7 | 38 | 0 | 4.9 |
| Peru | 106 | 3.1 | 7 | 0 | 28.1 |
| Paraguay | 144 | 3.9 | 9 | 0 | 15.3 |
| Papua New Guinea | 125 | 3.0 | 23 | 0 | 23.5 |
| Panama | 110 | 2.5 | 25 | 0 | 27.5 |
| Palau | 71 | 1.0 | 23 | 0 | 38.6 |
| Pakistan | 78 | 2.8 | 4 | 0 | 36.2 |
| Oman | 77 | 4.0 | 4 | 0 | 36.6 |
| Norway | 3 | 0.9 | 1 | 1 | 90.8 |
| Nigeria | 105 | 2.0 | 22 | 0 | 28.2 |
| Niger | 130 | 5.0 | 18 | 0 | 21.7 |
| Nicaragua | 80 | 2.2 | 15 | 0 | 36.0 |
| New Zealand | 13 | 1.3 | 4 | 1 | 83.0 |
| Netherlands | 6 | 1.1 | 4 | 1 | 88.8 |
| Nepal | 121 | 5.0 | 9 | 0 | 24.5 |
| Namibia | 59 | 1.5 | 15 | 0 | 42.3 |
| Mozambique | 147 | 5.0 | 9 | 0 | 15.0 |
| Morocco | 86 | 1.8 | 18 | 0 | 35.1 |
| Montenegro | 44 | 1.4 | 8 | 0 | 48.3 |
| Mongolia | 127 | 4.0 | 8 | 0 | 22.7 |
| Moldova | 91 | 2.8 | 9 | 0 | 32.0 |
| Micronesia, Fed. Sts. | 166 | 5.3 | 38 | 0 | 3.4 |
| Mexico | 26 | 1.8 | 18 | 1 | 67.3 |
| Mauritius | 64 | 1.7 | 15 | 0 | 40.9 |
| Mauritania | 153 | 8.0 | 9 | 0 | 10.3 |
| Marshall Islands | 140 | 2.0 | 38 | 0 | 17.4 |
| Malta | 67 | 3.0 | 10 | 0 | 39.2 |
| Mali | 120 | 3.6 | 18 | 0 | 25.0 |
| Maldives | 41 | 1.5 | 4 | 0 | 50.6 |
| Malaysia | 49 | 1.5 | 15 | 0 | 44.7 |
| Malawi | 134 | 2.6 | 25 | 0 | 18.5 |
| Madagascar | 151 | 2.0 | 30 | 0 | 12.9 |
| Macedonia, FYR | 60 | 2.0 | 10 | 0 | 42.2 |
| Luxembourg | 52 | 2.0 | 15 | 0 | 43.5 |
| Lithuania | 40 | 1.5 | 7 | 0 | 51.0 |
| Liberia | 159 | 3.0 | 43 | 0 | 8.5 |
| Lesotho | 75 | 2.6 | 8 | 0 | 37.6 |
| Lebanon | 131 | 4.0 | 22 | 0 | 20.9 |
| Latvia | 33 | 3.0 | 13 | 1 | 59.8 |
| Lao PDR | 185 | no practice | no practice | no practice | no practice |
| Kyrgyz Republic | 155 | 4.0 | 15 | 0 | 9.1 |
| Kuwait | 92 | 4.2 | 10 | 0 | 31.7 |
| Kosovo | 87 | 2.0 | 15 | 0 | 34.7 |
| Korea, Rep. | 14 | 1.5 | 4 | 1 | 81.8 |
| Kiribati | 185 | no practice | no practice | no practice | no practice |
| Kenya | 100 | 4.5 | 22 | 1 | 29.5 |
| Kazakhstan | 55 | 1.5 | 15 | 0 | 43.1 |
| Jordan | 112 | 4.3 | 9 | 0 | 27.4 |
| Japan | 1 | 0.6 | 4 | 1 | 92.8 |
| Jamaica | 32 | 1.1 | 18 | 1 | 63.1 |
| Italy | 31 | 1.8 | 22 | 1 | 63.4 |
| Israel | 47 | 4.0 | 23 | 1 | 45.9 |
| Ireland | 9 | 0.4 | 9 | 1 | 87.5 |
| Iraq | 185 | no practice | no practice | no practice | no practice |
| Iran, Islamic Rep. | 126 | 4.5 | 9 | 0 | 23.1 |
| Indonesia | 148 | 5.5 | 18 | 0 | 14.2 |
| India | 116 | 4.3 | 9 | 0 | 26.0 |
| Iceland | 11 | 1.0 | 4 | 1 | 85.0 |
| Hungary | 70 | 2.0 | 15 | 0 | 38.8 |
| Hong Kong SAR, China | 17 | 1.1 | 9 | 1 | 81.2 |
| Honduras | 133 | 3.8 | 15 | 0 | 19.4 |
| Haiti | 160 | 5.7 | 30 | 0 | 8.3 |
| Guyana | 138 | 3.0 | 29 | 0 | 17.6 |
| Guinea-Bissau | 185 | no practice | no practice | no practice | no practice |
| Guinea | 141 | 3.8 | 8 | 0 | 17.1 |
| Guatemala | 109 | 3.0 | 15 | 0 | 27.8 |
| Grenada | 185 | no practice | no practice | no practice | no practice |
| Greece | 50 | 2.0 | 9 | 0 | 44.5 |
| Ghana | 114 | 1.9 | 22 | 0 | 26.9 |
| Germany | 19 | 1.2 | 8 | 1 | 78.1 |
| Georgia | 81 | 2.0 | 4 | 0 | 35.7 |
| Gambia, The | 108 | 2.0 | 15 | 0 | 27.8 |
| Gabon | 145 | 5.0 | 15 | 0 | 15.2 |
| France | 43 | 1.9 | 9 | 0 | 48.4 |
| Finland | 5 | 0.9 | 4 | 1 | 89.7 |
| Fiji | 48 | 1.8 | 10 | 0 | 45.2 |
| Ethiopia | 117 | 3.0 | 15 | 0 | 25.9 |
| Estonia | 72 | 3.0 | 9 | 0 | 38.5 |
| Eritrea | 185 | no practice | no practice | no practice | no practice |
| Equatorial Guinea | 185 | no practice | no practice | no practice | no practice |
| El Salvador | 89 | 4.0 | 9 | 0 | 32.2 |
| Egypt, Arab Rep. | 139 | 4.2 | 22 | 0 | 17.6 |
| Ecuador | 137 | 5.3 | 18 | 0 | 17.8 |
| Dominican Republic | 156 | 3.5 | 38 | 0 | 8.7 |
| Dominica | 104 | 4.0 | 10 | 0 | 28.5 |
| Djibouti | 142 | 5.0 | 18 | 0 | 16.5 |
| Denmark | 10 | 1.0 | 4 | 1 | 87.1 |
| Czech Republic | 34 | 3.2 | 17 | 1 | 56.3 |
| Cyprus | 25 | 1.5 | 15 | 1 | 70.7 |
| Croatia | 97 | 3.1 | 15 | 0 | 30.1 |
| Côte d'Ivoire | 76 | 2.2 | 18 | 0 | 37.6 |
| Costa Rica | 128 | 3.5 | 15 | 0 | 22.5 |
| Congo, Rep. | 136 | 3.3 | 25 | 0 | 17.8 |
| Congo, Dem. Rep. | 168 | 5.2 | 29 | 0 | 1.6 |
| Comoros | 185 | no practice | no practice | no practice | no practice |
| Colombia | 21 | 1.3 | 6 | 1 | 76.2 |
| China | 82 | 1.7 | 22 | 0 | 35.7 |
| Chile | 98 | 3.2 | 15 | 0 | 30.0 |
| Chad | 185 | 4.0 | 60 | 0 | 0.0 |
| Central African Republic | 185 | 4.8 | 76 | 0 | 0.0 |
| Cape Verde | 185 | no practice | no practice | no practice | no practice |
| Canada | 4 | 0.8 | 4 | 1 | 90.7 |
| Cameroon | 150 | 3.2 | 34 | 0 | 13.6 |
| Cambodia | 152 | 6.0 | 15 | 0 | 12.8 |
| Burundi | 161 | 5.0 | 30 | 0 | 8.0 |
| Burkina Faso | 113 | 4.0 | 9 | 0 | 27.3 |
| Bulgaria | 93 | 3.3 | 9 | 0 | 31.7 |
| Brunei Darussalam | 46 | 2.5 | 4 | 0 | 47.2 |
| Brazil | 143 | 4.0 | 12 | 1 | 15.9 |
| Botswana | 29 | 1.7 | 15 | 1 | 64.8 |
| Bosnia and Herzegovina | 83 | 3.3 | 9 | 0 | 35.4 |
| Bolivia | 68 | 1.8 | 15 | 0 | 39.0 |
| Bhutan | 185 | no practice | no practice | no practice | no practice |
| Benin | 132 | 4.0 | 22 | 0 | 20.2 |
| Belize | 30 | 1.0 | 23 | 1 | 64.0 |
| Belgium | 7 | 0.9 | 4 | 1 | 88.7 |
| Belarus | 56 | 3.0 | 22 | 1 | 43.0 |
| Barbados | 28 | 1.8 | 15 | 1 | 65.1 |
| Bangladesh | 119 | 4.0 | 8 | 0 | 25.5 |
| Bahrain | 27 | 2.5 | 10 | 1 | 66.2 |
| Bahamas, The | 35 | 5.0 | 4 | 1 | 55.9 |
| Azerbaijan | 95 | 2.7 | 8 | 0 | 30.6 |
| Austria | 12 | 1.1 | 10 | 1 | 83.3 |
| Australia | 18 | 1.0 | 8 | 1 | 80.8 |
| Armenia | 63 | 1.9 | 4 | 0 | 41.2 |
| Argentina | 94 | 2.8 | 12 | 0 | 30.8 |
| Antigua and Barbuda | 85 | 3.0 | 7 | 0 | 35.2 |
| Angola | 162 | 6.2 | 22 | 0 | 8.0 |
| Algeria | 62 | 2.5 | 7 | 0 | 41.7 |
| Albania | 66 | 2.0 | 10 | 0 | 39.6 |
| Afghanistan | 115 | 2.0 | 25 | 0 | 26.4 |