= Doing Business reform making it easier to do business. 
= Doing Business reform making it more difficult to do business.
Albania
DB 2010:
Albania’s new insolvency law introduced statutory time limits during the insolvency procedure, specified professional qualifications for insolvency administrators, and established an Agency of Insolvency Supervision to regulate the profession of insolvency administrators. A simplified procedure of insolvency for small businesses was introduced as well.
Argentina
DB 2008:
Argentina amended its bankruptcy legislation with the goal of providing greater protection to labor claims and to free commercial courts from labor actions.
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:
Armenia adopted a new bankruptcy Law with the aim of improving its reorganization proceedings. It also set a time limit for judges to approve a reorganization 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 2013:
Belarus enhanced its insolvency process by exempting the previously state-owned property of a privatized company from the bankruptcy proceeding, requiring that immovable property not sold in the auction be offered to creditors for purchase and allowing immovable property to be sold without proof of state registration in a bankruptcy auction if there are no funds to pay for the registration.
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:
Bolivia suspended applications for voluntary restructuring. The only option left is an unwieldy bankruptcy procedure that typically takes years.
Bosnia and Herzegovina
DB 2009:
Bosnia and Herzegovina strengthened professional requirements for trustees.
Botswana
DB 2008:
Botswana amended its Employment Act to increase the priority ranking of employee benefits to preferred status. Botswana also amended the Insolvency Act to criminalize false statements by the insolvent company which may affect a prospective buyer’s decision whether or not to purchase the company as a going concern.
Bulgaria
DB 2012:
Bulgaria amended its commerce act to extend further rights to secured creditors and increase the transparency of insolvency proceedings.
DB 2009:
Bulgaria passed 2 laws: the Civil Procedure Code and the Law for the Commercial Registry. The Civil Procedure Code specifies that the Supreme Cassation Court has the discretion to decide whether or not to hear a case. The Law for Commercial Registry specifies that major decisions and rulings of the bankruptcy court are posted on the commercial registry’s website. These changes are expected to reduce delays and allows for faster resolution of bankruptcy.
Burundi
DB 2012:
Burundi amended its commercial code to establish foreclosure procedures.
Cambodia
DB 2009:
Cambodia adopted the 2007 Bankruptcy Law, its first 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:
China adopted a new Enterprise Bankruptcy Law that introduced reorganization procedures; allowed for the formation of creditors' committees; granted rights to secured creditors; and established a role for professional bankruptcy administrators.
Colombia
DB 2012:
Colombia amended regulations governing insolvency proceedings to simplify the proceedings and reduce their time and cost
DB 2010:
Colombia passed several decrees continuing its efforts to regulate the profession of insolvency administrators.
DB 2009:
Colombia introduced 2 new insolvency proceedings: a reorganization procedure to restructure insolvent companies and a mandatory liquidation procedure. Before, the term allowed to negotiate reorganization agreements was 6 months, with a possible extension of 8 months. The new law limits the term to 4 months, with only a 2-month extension.
Croatia
DB 2008:
Croatia amended its Insolvency Act to regulate the profession of bankruptcy administrators.
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.
DB 2009:
The Czech Republic passed an Insolvency Act. The law introduces reorganization as the preferred method for resolving insolvency, mandates stricter deadlines, establishes an electronic insolvency register and sets new qualification standards for trustees.
Denmark
DB 2012:
Denmark introduced new rules on company reorganization, which led to the elimination of the suspension-of-payments regime.
DB 2008:
Denmark adopted legislation that transferred some powers over bankruptcy proceedings from trustees to judges and granted more rights to creditors.
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:
Estonia adopted a new Reorganization Act establishes a new legal procedure 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:
Finland revised its Restructuring of Enterprises Act, accelerating hearings and making the entire process more flexible. The reform makes it easier for companies to enter a reorganization process.
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:
France enhanced the process of insolvency by encouraging pre-insolvency work-outs while also no longer requiring the estimation of the assets by a public auctioneer.
Georgia
DB 2013:
Georgia expedited the process of resolving insolvency by establishing or tightening time limits for all insolvency-related procedures, including auctions.
DB 2011:
Georgia improved insolvency proceedings by streamlining the regulation of auction sales.
DB 2008:
Georgia adopted an insolvency law that introduces both reorganization and liquidation proceedings and introduced shorter time limits for the completion of each stage of the bankruptcy process. The law also institutes provisions for regulating the appointment of bankruptcy trustees and it empowers creditors.
Germany
DB 2013:
Germany strengthened its insolvency process by adopting a new insolvency law that facilitates in-court restructurings of distressed companies and increases participation by creditors.
DB 2010:
Germany’s Act on the Implementation of Measures to Stabilize the Financial Market (Finanzmarktstabilisierungsgesetz) removed the requirement for potentially viable companies to file for immediate insolvency in cases of over-indebtedness.
DB 2009:
Germany amended its Insolvency Code to facilitate maintaining the debtor’s business as a going concern. The new law allows the court to suspend enforcement actions against assets that are essential to the continuation of the business.
Greece
DB 2013:
Greece enhanced its insolvency process by abolishing the conciliation procedure and introducing a new rehabilitation proceeding.
DB 2009:
Greece passed a new bankruptcy law which aims at reorganizing financially distressed companies, preserving the business assets, treating creditors equally and preventing piecemeal sale. The law is expected to lead to more restructurings and allow more companies to continue as going concerns.
Hong Kong, China
DB 2009:
Hong Kong SAR (China) amended the respective powers and duties of trustees granting them more power. This is 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.
DB 2008:
Hungary amended its bankruptcy legislation to grant secured creditors priority over their pledged security.
India
DB 2010:
India has eased the process of closing a business by making processes more effective thus reducing time needed.
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:
Italy adopted legislation that empowers trustees and grants creditors the right to propose an “insolvent composition” which may shorten the liquidation procedure.
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.
Kazakhstan
DB 2013:
Kazakhstan strengthened its insolvency process by introducing an accelerated rehabilitation proceeding, extending the period for rehabilitation, expanding the powers of and improving qualification requirements for insolvency administrators, changing requirements for bankruptcy filings, extending the rights of creditors, changing regulations related to the continuation of operations, introducing a time limit for adopting a rehabilitation plan and adding court supervision requirements.
Korea
DB 2013:
Korea expedited the insolvency process by implementing a fast track for company rehabilitation.
DB 2011:
Korea made it easier to deal with insolvency by introducing postfiling financing, granting superpriority to the repayment of loans given to companies undergoing reorganization.
Kuwait
DB 2010:
Kuwait introduced a new law that establishes a new legal procedure enabling companies in financial difficulties on the verge of insolvency to restructure.
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:
Latvia passed a new insolvency law which allows for the first time financially distressed companies to continue operating by pursuing reorganization. The reform also strengthened the qualification standards for bankruptcy administrators.
Lithuania
DB 2013:
Lithuania made resolving insolvency easier by establishing which cases against the company’s property shall be taken to the bankruptcy court, tightening the time frame for decisions on appeals, abolishing the court’s obligation to individually notify creditors and other stakeholders about restructuring proceedings and setting new time limits for creditors to file claims.
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:
Lithuania eased the process of closing a business with the introduction of 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:
Malawi introduced a new law limiting the liquidator's fees during insolvency procedures.
Malaysia
DB 2012:
Malaysia established dedicated commercial courts to handle foreclosure proceedings.
Mauritius
DB 2010:
A new insolvency law in Mauritius introduces a rehabilitation procedure for companies as an alternative to winding up, and defines the rights and obligations of creditors and debtors and sanctions for those who abuse the system.
DB 2008:
Mauritius adopted legislation that made the process of sale of immovable property after default on a credit agreement more efficient and less susceptible to abuse by creditors.
Mexico
DB 2009:
Mexico amended its bankruptcy law to make reorganization more accessible. Now debtors and creditors may enter into a reorganization agreement at any stage of the insolvency procedure.
Moldova
DB 2013:
Moldova strengthened its insolvency process by extending the duration of the reorganization proceeding and refining the qualification requirements for insolvency administrators.
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:
New Zealand introduced a reorganization procedure. The aim is to provide an alternative to liquidation and receivership and maximize a company’s chances of continuing as a going concern.
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:
The Philippines promoted reorganization procedures by introducing pre-packaged reorganizations and also regulated the receiver profession.
Poland
DB 2013:
Poland strengthened its insolvency process by updating guidelines on the information and documents that need to be included in the bankruptcy petition and by granting secured creditors the right to take over claims encumbered with financial pledges in case of liquidation.
DB 2012:
Poland amended its bankruptcy and reorganization law to simplify court procedures and extend more rights to secured creditors.
DB 2010:
Poland eased the process of dealing with distressed companies with an amendment to its bankruptcy law introducing an option of opening a pre-bankruptcy reorganization procedure that applies to companies that are facing financial difficulties instead of bankruptcy proceedings.
DB 2009:
Poland introduced the Law on Trustee Licensing tightening professional requirements for administrators. A trustee’s license now requires an examination in economics, law, finance and management. The reform also limits trustees’ pay to 3% of the bankrupt estate’s value, down from 5%.
Portugal
DB 2013:
Portugal made resolving insolvency easier by introducing a new insolvency law that expedites liquidation procedures and creates fast-track mechanisms both in and out of court.
DB 2009:
Portugal eliminated the formality of publishing insolvency notices in newspapers. It also introduced a fast-track procedure for debtors with less than €5,000 in assets and new procedures to accelerate payments to insolvency administrators. Portugal also limited appeals.
DB 2008:
Portugal adopted legislation that creates fast-track procedures for the voluntary liquidation of commercial enterprises.
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:
Romania amended its insolvency law with the immediate impact of increasing costs of insolvency procedures by 1.5%, which are to be transferred to a fund that reimburses the expenses of insolvency administrators in cases where the debtor has no assets.
Russia
DB 2011:
Russia introduced a series of legislative measures in 2009 to improve creditor rights and the insolvency system.
DB 2010:
Russia introduced several changes to its insolvency law to speed up the liquidation procedure and strengthen the legal status of secured creditors.
Rwanda
DB 2010:
Rwanda improved the process of dealing with distressed companies with a new law that aims at streamlining reorganization procedures.
Samoa
DB 2010:
Samoa enacted a new corporate law and a law introducing receivership thus 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 now take place quicker than before.
Serbia
DB 2013:
Serbia strengthened its insolvency process by introducing private bailiffs, reducing the starting prices for the sale of assets, prohibiting appeals, expediting service of process and adopting an electronic registry for injunctions to make public all prohibitions on the disposal or pledge of movable or immovable property.
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:
Sierra Leone eased the process of insolvency with a new Companies Act that new provides provisions on re-organization and administration that are new encouraging an ailing business to first try to re-organize rather than going straight into liquidation.
Slovakia
DB 2013:
The Slovak Republic improved its insolvency process by redefining the roles and powers of creditors and trustees, strengthening the rights of secured creditors and redefining rules for the conversion of restructuring into a bankruptcy proceeding.
Slovenia
DB 2013:
Slovenia strengthened its insolvency process by requiring that the debtor offer creditors payment of at least 50% of the claims within 4 years; giving greater power to the creditors’ committee in a bankruptcy proceeding; prohibiting insolvency administrators from allowing relatives to render services associated with the bankruptcy proceeding; and establishing fines for members of management that violate certain obligations or prohibitions.
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 2013:
Spain strengthened its insolvency process by making workouts easier, offering more protections for refinancing agreements, allowing conversion from reorganization into liquidation at any time, allowing reliefs of the stay under certain circumstances and permitting the judge to determine whether an asset of the insolvent company is necessary for its continued operation.
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:
St. Vincent and the Grenadines enacted a bankruptcy law in 2007. The law is the country’s first set of rules regulating bankruptcy of private enterprises since its colonial history.
Switzerland
DB 2012:
Switzerland introduced a unified civil procedure code and made a number of changes to its federal bankruptcy law.
Tajikistan
DB 2010:
Tajikistan passed an amendment to its insolvency law aiming to reduce statutory times and cost of the proceedings.
Uganda
DB 2013:
Uganda strengthened its insolvency process by clarifying rules on the creation of mortgages, establishing the duties of mortgagors and mortgagees, defining priority rules, providing remedies for mortgagors and mortgagees and establishing the powers of receivers.
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:
Uruguay enacted a new insolvency law that aims at keeping distressed companies operating as a going concern.
Uzbekistan
DB 2013:
Uzbekistan strengthened its insolvency process by introducing new time limits for insolvency proceedings and new time limits and procedures for the second auction and by making it possible for businesses to continue operating throughout the liquidation proceeding.
DB 2008:
Uzbekistan adopted legislation on the voluntary liquidation of private companies.
Zambia
DB 2013:
Zambia strengthened its insolvency process by introducing further qualification requirements for receivers and liquidators and by establishing specific duties and remuneration rules for them.