This map shows time required to close a business around the world in days.
This data identifies weaknesses in existing bankruptcy law and the main procedural and administrative bottlenecks in the bankruptcy process. The data are derived from survey responses by local insolvency practitioners and verified through a study of laws and regulations as well as public information on bankruptcy systems.
Methodology
Time is recorded in calendar years. Information is collected on the sequence of procedures and on whether any procedures can be carried out simultaneously. Potential delay tactics by the parties, such as the filing of dilatory appeals or requests for extension, are taken into consideration.
The recovery rate, expressed in terms of how many cents on the dollar recouped by creditors through the bankruptcy, insolvency or debt enforcement proceedings.
The cost of the proceedings is recorded as a percentage of the estate's value. The cost is calculated on the basis of survey responses by insolvency practitioners and includes court fees as well as fees of insolvency practitioners, independent assessors, lawyers and accountants.
The time and cost required to resolve bankruptcies is shown below table.
For more information please follow reference link below.
14 years ago
