= Doing Business reform making it easier to do business. 
= Doing Business reform making it more difficult to do business.
Albania
DB 2010:
A new insolvency law established time limits during insolvency, professional qualifications for insolvency administrators, and an Agency of Insolvency Supervision to regulate insolvency administrators. A simplified insolvency procedure for small businesses was introduced as well.
Argentina
DB 2008:
Bankruptcy judges were stripped of jurisdiction over labor lawsuits and exempted such claims from the automatic stay applicable to claims, which are to be continued and concluded at the labor courts before presentation to the bankruptcy court for verification. Also, a company must now set aside 1% of their gross revenues to satisfy labor claims - even if the company did not turn a profit.
Armenia
DB 2012:
Armenia amended its bankruptcy law to clarify procedures for appointing insolvency administrators, reduce the processing time for bankruptcy proceedings and regulate asset sales by auction.
DB 2008:
A new law introduces a number of important changes to the bankruptcy procedure, increasing the range of actions available to companies in reorganization. The law also excludes the debtor's founders, shareholders and partners from voting on a reorganization plan, and sets a two-day limit for the judge to decide whether to approve a plan.
Australia
DB 2012:
Australia clarified the priority of claims of unsecured creditors over all shareholders’ claims and introduced further regulation of the profession of insolvency practitioners.
Austria
DB 2012:
Austria passed a new law that simplifies restructuring proceedings and gives preferential consideration to the interests of the debtors.
Belarus
DB 2011:
Belarus amended regulations governing the activities of insolvency administrators and strengthened the protection of creditor rights in bankruptcy.
Belgium
DB 2011:
Belgium introduced a new law that will promote and facilitate the survival of viable businesses experiencing financial difficulties.
Bolivia
DB 2009:
Applications for voluntary restructuring of financially distressed companies were suspended. The only option now is a lengthy bankruptcy procedure that typically takes years.
Bosnia and Herzegovina
DB 2009:
Professional requirements were tightened for trustees to speed bankruptcy procedures.
Botswana
DB 2008:
It is tougher for small and medium enterprises to operate. An amendment in the Insolvency Act, grants employees preferred creditor status ahead of secured creditors.
Bulgaria
DB 2012:
Bulgaria amended its commerce act to extend further rights to secured creditors and increase the transparency of insolvency proceedings.
DB 2009:
Two new laws- the Civil Procedure Code and the Law for the Commercial Registry- were passed which will speed up the resolution of bankruptcy. The Civil Procedure Code removed the requirement for the Supreme Cassation Court to hear all cases. Now the court can decide whether or not to hear a case.
Burundi
DB 2012:
Burundi amended its commercial code to establish foreclosure procedures.
Cambodia
DB 2009:
The 2007 Bankruptcy Law was adopted, its Cambodia's first ever regulating the bankruptcy of private enterprises. The law introduces a reorganization procedure to restructure insolvent companies.
Cape Verde
DB 2012:
Cape Verde introduced qualification requirements for insolvency administrators and a shorter time frame for liquidation proceedings.
China
DB 2008:
The first law regulating the bankruptcy of private enterprises since 1949 came into effect. Secured creditors with claims created after the law was passed now rank first in payment priority, even over tax and new wage claims. A reorganization procedure for restructuring insolvent companies was also introduced. Finally, the law introduced provisions for bankruptcy administrators, creditors' committees.
Colombia
DB 2012:
Colombia amended regulations governing insolvency proceedings to simplify the proceedings and reduce their time and cost
DB 2010:
Several decrees were passed continuing efforts to regulate the profession of insolvency administrators.
DB 2009:
Authorities also introduced two new insolvency proceedings: a reorganization procedure to restructure insolvent companies and a mandatory liquidation procedure. Its new insolvency law tightens time limits for negotiating reorganization agreements. Before, the term allowed was six months, with a possible extension of eight months. The new law limits the term to four months, and the extension to two.
Croatia
DB 2008:
The Insolvency Act was amended to set out professional requirements for bankruptcy trustees and reduce statutory time requirements.
Czech Republic
DB 2011:
The Czech Republic made it easier to deal with insolvency by introducing further legal amendments to restrict setoffs in insolvency cases and suspending for some insolvent debtors the obligation to file for bankruptcy.
Denmark
DB 2012:
Denmark introduced new rules on company reorganization, which led to the elimination of the suspension-of-payments regime.
DB 2008:
Upon an evaluation of the insolvency system, using the 2007 Doing Business report, the Danish High Court found that many procedural delays were caused by the trustee. The new law provides measures for creditor and judicial monitoring of trustees' work, and institutes financial incentives for trustees to conduct proceedings more efficiently.
Estonia
DB 2011:
Amendments to Estonia’s recent insolvency law increased the chances that viable businesses will survive insolvency by improving procedures and changing the qualification requirements for insolvency administrators.
DB 2010:
An act was adopted enabling distressed companies on the verge of insolvency to reorganize themselves, restructure their debt, and apply other measures to regain financial health and restore profitability.
Finland
DB 2009:
The restructuring of Enterprises Act was revised making it easier for companies in distress to reorganize.
France
DB 2012:
France passed a law that enables debtors to implement a restructuring plan with financial creditors only, without affecting trade creditors.
DB 2010:
The insolvency process was improved by encouraging preinsolvency workouts and no longer requiring estimation of the value of assets by a public auctioneer.
Georgia
DB 2011:
Georgia improved insolvency proceedings by streamlining the regulation of auction sales.
DB 2008:
A new law on insolvency procedure allots shorter time limits for the reorganization of a distressed company or the disposition of the debtor's assets, thus ensuring a more productive use of debtors' assets and an overall decrease in time.
Germany
DB 2010:
The recent Act on the Implementation of Measures to Stabilize the Financial Market (Finanzmarktstabilisierungsgesetz) removes the requirement for potentially viable companies to file for immediate insolvency in cases of overindebtedness.
DB 2009:
It is easier for companies in distress to restructure by allowing the court to suspend enforcement against assets essential to the continuation of the business with the aim of keeping the company working as a going concern.
Greece
DB 2009:
A new bankruptcy law was passed that is expected to allow more companies in distress to emerge as going concerns.
Hong Kong, China
DB 2009:
Trustees were granted more power in bankruptcy proceedings, a change expected to make the liquidation procedure more efficient.
Hungary
DB 2011:
Amendments to Hungary’s bankruptcy law encourage insolvent companies to consider reaching agreements with creditors out of court so as to avoid bankruptcy.
India
DB 2010:
Procedures under the 2002 Securitization Act have become more effective, easing the process and reducing the time required to close a business.
Israel
DB 2012:
Israel amended its courts law to establish specialized courts for dealing with economic matters.
Italy
DB 2012:
Italy introduced debt restructuring and reorganization procedures as alternatives to bankruptcy proceedings and extended further rights to secured creditors during insolvency proceedings.
DB 2008:
The bankruptcy procedure was reorganized, giving larger powers to the trustee. The new rules are intended to favor going-concern transfers over piecemeal sales.
Japan
DB 2011:
Japan made it easier to deal with insolvency by establishing a new entity, the Enterprise Turnaround Initiative Corporation, to support the revitalization of companies suffering from excessive debt but professionally managed.
Korea
DB 2011:
Korea made it easier to deal with insolvency by introducing post filing financing, granting super priority to the repayment of loans given to companies undergoing reorganization.
Kuwait
DB 2010:
A law was established enabling restructuring of companies facing financial difficulty or insolvency.
Kyrgyz Republic
DB 2011:
The Kyrgyz Republic streamlined insolvency proceedings and updated requirements for administrators, but new formalities added to prevent abuse of proceedings made closing a business more difficult.
Latvia
DB 2012:
Latvia adopted a new insolvency law that streamlines and expedites the insolvency process and introduces a reorganization option for companies.
DB 2011:
Latvia introduced a mechanism for out-of-court settlement of insolvencies to alleviate pressure on courts and tightened some procedural deadlines.
DB 2009:
A new insolvency law made it possible for the first time for financially distressed companies to continue operating by pursuing reorganization. The reform also tightened the qualification standards for bankruptcy administrators.
Lithuania
DB 2012:
Lithuania amended its reorganization law to simplify and shorten reorganization proceedings, grant priority to secured creditors and introduce professional requirements for insolvency administrators.
DB 2011:
Lithuania introduced regulations relating to insolvency administrators that set out clear rules of liability for violations of law.
DB 2010:
The process of closing a business was eased through amendments to the enterprise bankruptcy law.
Macedonia, FYR
DB 2012:
FYR Macedonia increased the transparency of bankruptcy proceedings through amendments to its company and bankruptcy laws.
Malawi
DB 2012:
Malawi adopted new rules providing clear procedural requirements and time frames for winding up a company.
DB 2010:
A law was introduced limiting liquidator fees during insolvency procedures.
Malaysia
DB 2012:
Malaysia established dedicated commercial courts to handle foreclosure proceedings.
Mauritius
DB 2010:
new insolvency law introduced a rehabilitation procedure for companies as an alternative to winding up and defines the rights and obligations of creditors and debtors—as well as sanctions for those who abuse the system.
DB 2008:
The new Borrower Protection Act will allow for a faster sale of immovable assets, significantly reducing the time it takes creditors to recover their debt.
Mexico
DB 2009:
The bankruptcy law was amended to make reorganization more accessible. Now debtors and creditors may enter into a reorganization agreement at any stage of the insolvency procedure, which is expected to speed the process.
Moldova
DB 2012:
Moldova amended its insolvency law to grant priority to secured creditors.
Montenegro
DB 2012:
Montenegro passed a new bankruptcy law that introduces reorganization and liquidation proceedings, introduces time limits for these proceedings and provides for the possibility of recovery of secured creditors’ claims and settlement before completion of the entire bankruptcy procedure.
Namibia
DB 2012:
Namibia adopted a new company law that established clear procedures for liquidation.
New Zealand
DB 2009:
A reorganization procedure was introduced that should make it easier for companies in distress to emerge as going concerns.
Philippines
DB 2012:
The Philippines adopted a new insolvency law that provides a legal framework for liquidation and reorganization of financially distressed companies.
DB 2010:
Reorganization procedures were promoted by introducing prepackaged reorganizations and regulating the receiver profession.
Poland
DB 2012:
Poland amended its bankruptcy and reorganization law to simplify court procedures and extend more rights to secured creditors.
DB 2010:
The process of dealing with distressed companies was eased with an amendment to its bankruptcy law introducing the option of prebankruptcy reorganization for companies facing financial difficulties.
DB 2009:
Bankruptcy procedures were strengthened through a new law on trustee licensing that tightens professional requirements for administrators. Obtaining a trustee’s license now requires passing an exam in economics, law, finance, and management. The reform also limits trustees’ pay to maximum 3 percent of the bankrupt estate’s value, down from maximum 5 percent, increasing the recovery rate from 28 to 30 cents on the dollar.
Portugal
DB 2009:
Bankruptcy laws were reformed, eliminating the need to publish insolvency notices in newspapers, introducing fast-track procedures for small debtors and limiting procedural appeals.
DB 2008:
Fast-track procedures were created for the voluntary liquidation of commercial enterprises. Alleviating the administrative burden, an entrepreneur can now wind up a company at the registry office
Romania
DB 2012:
Romania amended its insolvency law to shorten the duration of insolvency proceedings.
DB 2011:
Substantial amendments to Romania’s bankruptcy laws—introducing, among other things, a procedure for out-of-court workouts—made dealing with insolvency easier.
DB 2010:
The cost of insolvency procedures was increased by requiring that 1.5 percent of the amount recovered from each insolvency procedure be transferred to a fund that reimburses the expenses of insolvency administrators when debtors have no assets.
Russia
DB 2011:
Russia introduced a series of legislative measures in 2009 to improve creditor rights and the insolvency system.
DB 2010:
Several changes were introduced to the insolvency law to speed up liquidation and strengthen the legal status of secured creditors.
Rwanda
DB 2010:
The process for dealing with distressed companies was improved with a new law aimed at streamlining reorganization.
Samoa
DB 2010:
A new corporate law and a law introducing receivership were enacted, easing the process of closing a business.
Saudi Arabia
DB 2011:
Saudi Arabia speeded up the insolvency process by providing earlier access to amicable settlements and putting time limits on the settlements to encourage creditors to participate.
DB 2009:
The Ministry of Commerce introduced strict deadlines for bankruptcy procedures. Auctions of debtors’ assets are expected to take place more quickly than before.
Serbia
DB 2012:
Serbia adopted legislation introducing professional requirements for insolvency administrators and regulating their compensation.
DB 2011:
Serbia passed a new bankruptcy law that introduced out-of-court workouts and a unified reorganization procedure.
Sierra Leone
DB 2012:
Sierra Leone established a fast-track commercial court in an effort to expedite commercial cases, including insolvency proceedings.
DB 2010:
The insolvency process was eased with a new company act that provides provisions for reorganization and administration that are encouraging ailing businesses to first try to reorganize instead of going straight to liquidation.
Slovenia
DB 2012:
Slovenia simplified and streamlined the insolvency process and strengthened professional requirements for insolvency administrators.
Solomon Islands
DB 2012:
The Solomon Islands adopted a new law that simplified insolvency proceedings.
South Africa
DB 2012:
South Africa introduced a new reorganization process to facilitate the rehabilitation of financially distressed companies.
Spain
DB 2011:
Spain amended its regulations governing insolvency proceedings with the aim of reducing the cost and time. The new regulations also introduced out-of-court workouts.
St. Vincent and the Grenadines
DB 2009:
A new bankruptcy law was enacted, the first set of rules regulating the bankruptcy of private enterprises.
Switzerland
DB 2012:
Switzerland introduced a unified civil procedure code and made a number of changes to its federal bankruptcy law.
Tajikistan
DB 2010:
The insolvency law was amended, aiming to reduce statutory time limits and the costs of proceedings.
Ukraine
DB 2012:
Ukraine amended its legislation on enforcement, introducing more guarantees for secured creditors.
United Kingdom
DB 2011:
Amendments to the United Kingdom’s insolvency rules streamline bankruptcy procedures, favor the sale of the firm as a whole and improve the calculation of administrators’ fees.
Uruguay
DB 2010:
An insolvency law was enacted aimed at keeping distressed companies operating as going concerns.
Uzbekistan
DB 2008:
A presidential decree for a special procedure for the voluntary liquidation of private companies was signed into force in April 2007. The decree specifies the state bodies required to participate in the procedure as well as all necessary documents; it also introduces a “one window”-concept to the procedure.