Doing Business, resolving insolvency, recovery rate

cents on the dollar, 2004–2017

Info Edit
Country20042005200620072008200920102011201220132014201520162017
Afghanistan25.1024.3024.3026.0026.5026.4026.5026.4026.5026.50
Albania37.6038.3040.0039.1036.8038.7038.7038.9040.2039.6040.7041.5042.3042.30
Algeria50.8050.8050.8050.8050.8050.8050.8050.8050.8050.8050.8050.8050.8050.80
Antigua and Barbuda33.2033.2035.3035.5035.5036.7035.0035.2035.9036.1036.0036.20
Argentina21.4025.8034.9034.2032.4028.1028.1030.9031.1029.1029.1027.0023.1022.60
Armenia34.4034.4035.6036.5036.6036.6036.6035.6035.3036.1036.4037.2036.9036.20
Australia80.3080.3079.9079.7079.2078.8078.8081.8080.8080.8081.3081.9082.1082.40
Austria73.1072.5073.3073.7072.4071.5071.5073.1072.7083.3082.4082.6082.7082.80
Azerbaijan40.8040.7040.6040.2039.5038.5038.5037.6038.2038.9039.2039.3039.5039.60
Bahamas62.2062.2062.2062.2062.2062.9063.5063.5063.5063.50
Bahrain38.9038.9038.9039.5040.6040.7041.5041.6041.6042.30
Bangladesh23.2023.2024.2024.9023.2023.2023.2025.8025.8025.5025.8025.8025.8027.00
Barbados65.1065.1065.1065.1065.4065.80
Belarus5.506.609.3013.7014.3014.4014.4023.6026.0022.5019.3019.5019.7033.10
Belgium86.0086.5086.6086.4085.5086.3086.3087.6087.3088.7089.0089.1089.3089.90
Belize51.8051.9051.8051.6051.6051.9052.1052.5053.4054.2055.0055.50
Benin5.409.205.4023.7022.6016.7016.7020.2020.2020.2018.1018.5018.5019.70
Bolivia35.4035.2036.9037.6038.7037.3037.3039.3039.3039.0038.9038.9039.8040.80
Bosnia and Herzegovina32.7032.7032.6034.3035.5035.9035.9034.7035.0035.4036.0035.9036.3037.30
Botswana50.9051.0051.8057.5057.1057.5057.5060.8061.6061.9061.9062.7063.8064.80
Brazil0.200.200.4012.1014.6017.1017.1017.1017.9015.9019.5025.8022.4015.80
Brunei45.3045.3047.2047.2047.2047.2047.2047.2047.2047.2047.20
Bulgaria33.8033.5033.5034.4032.4032.0032.0031.0031.3031.7032.5033.2034.0034.90
Burkina Faso4.407.504.4018.7018.1015.3015.3019.0019.3019.3018.4018.5018.5020.70
Burundi6.406.807.006.806.808.108.408.007.707.407.207.40
Cambodia10.8011.009.8010.2011.0011.0011.0011.3011.3011.6013.0013.0013.2013.90
Cameroon12.2012.2012.2012.6013.3013.3013.3013.6013.6013.6015.4015.4015.5015.80
Canada89.7089.6090.1089.3088.8088.7088.7091.2090.7090.7087.3087.3087.3087.40
Chile19.6019.3020.4031.2031.4028.9028.9035.4032.9030.2029.3030.0031.0033.50
China31.7031.7031.5031.5035.9035.3035.3036.4036.1035.7036.0036.0036.2036.90
Colombia52.4051.7051.8054.2054.9049.7049.7058.7072.2069.7068.3069.9070.0069.40
Congo (Brazzaville)16.3016.3016.8016.8017.8017.8017.8017.8017.9017.8017.9017.9017.9017.90
Costa Rica16.9017.1018.2017.6023.1025.4025.4021.2022.2022.5024.5026.5026.7027.20
Ivory Coast14.9019.9014.9033.8033.0034.0034.0032.8037.6037.6031.8031.3035.1039.00
Croatia28.8028.6028.5028.9030.2030.5030.5028.7029.8030.1030.3030.5030.5033.70
Cyprus70.7070.7070.4070.8070.7070.5070.5071.4072.80
Czech Republic15.4016.8017.8018.5021.3020.9020.9055.9056.0056.3065.0065.6066.0066.50
Denmark63.1063.1067.2070.5087.0086.5086.5089.4087.3087.1087.0087.5087.8088.00
Djibouti37.6037.6037.6037.6037.6037.3038.3038.3038.5037.0038.1037.30
Dominica28.4027.4028.0028.2028.2027.3028.3028.5028.3028.3028.4028.70
Dominican Republic5.905.605.407.408.408.908.909.109.508.708.809.309.208.90
Ecuador12.5014.2016.6016.5016.9016.1016.1017.0017.2017.8017.9017.9017.9017.70
Egypt15.9016.0016.1016.6016.6016.8016.8017.4027.4027.3026.7026.6026.9027.00
El Salvador24.3024.3030.5029.2028.4030.8030.8027.1029.2029.9032.8033.2033.0032.90
Estonia36.6039.2039.0039.9039.1037.5037.5035.5036.9038.5038.9039.3040.0040.30
Ethiopia32.1032.1033.1033.1033.1032.2032.2031.3031.4025.9027.0028.8029.6029.20
Fiji20.4020.5045.4045.8044.6044.4044.4045.1045.2045.2045.6046.2046.5046.40
Finland88.3088.0089.0089.1088.2087.3087.3089.4089.1089.7090.2090.2090.1090.30
France45.5045.5047.5047.8047.2044.5044.5045.0045.6048.2048.2077.2077.5078.50
Gabon13.9013.9015.2015.2015.2015.2015.2015.2015.2015.2015.2015.00
Gambia26.5026.5027.8027.9027.9028.2027.8027.8027.8027.8027.6026.60
Georgia20.2020.2020.8027.5022.8027.9027.9036.8037.2031.6033.6038.7039.9039.50
Germany83.6083.6081.3081.5081.9080.5080.5081.9082.9078.4083.2083.4083.7084.40
Ghana25.2024.8023.7024.7024.0024.0024.0023.7026.0026.9026.2024.3023.2023.70
Greece44.5044.7045.9046.3044.8044.2044.2043.2041.8040.9034.0034.3034.9035.60
Guatemala25.9026.6027.5028.3028.1028.2028.2027.5027.9027.8027.7027.6027.5027.90
Guinea22.3022.3023.3017.5020.4022.0022.0019.4019.3017.1017.6017.6019.9019.90
Guyana17.6017.6017.6017.4017.6017.6017.6017.6017.6018.0018.1018.4018.40
Honduras17.5018.1018.6019.5020.3020.8020.8019.9019.2019.4019.5018.5018.2018.20
Hong Kong81.2081.2081.2078.9078.9079.7079.7081.2081.2081.2081.2087.2087.2087.20
Hungary38.8037.9035.7039.7038.4038.4038.4037.9039.2038.8038.3040.2041.7043.00
Iceland81.7081.7079.7080.3076.6076.6078.5084.5085.0084.5084.6084.9085.00
India24.5024.6025.1025.3024.1022.9022.9024.1027.4025.9025.4025.7025.7026.00
Indonesia9.9010.6013.1011.8028.8029.7029.7029.3029.8030.1031.6031.7031.2031.20
Iran15.7015.7016.3016.7016.0019.5019.5019.5019.5019.5018.9019.5018.0017.90
Ireland87.7087.9088.0087.9087.1086.6086.6087.4086.9087.5087.6087.7087.7087.70
Israel44.1045.8050.0051.0050.8051.8051.8055.5053.8056.4060.6061.4062.1062.60
Italy34.9063.2063.6062.5061.8056.6056.6058.0061.1063.4062.7062.8063.1063.90
Jamaica63.9063.5063.9064.3064.3064.5064.5065.1065.3063.1064.2064.2064.5064.60
Japan92.6092.6092.6092.7092.6092.5092.5092.7092.7092.8092.8092.9092.3092.10
Jordan26.7026.2027.6027.8027.5027.2027.2026.9027.1027.2027.2027.0027.0027.40
Kazakhstan30.3030.3036.4039.3039.1040.6040.6043.3042.7043.1043.2043.3042.8041.40
Kenya25.4027.8032.6031.8031.0031.6031.6029.8030.9029.5024.7027.1027.9028.40
South Korea81.0081.3081.7081.8081.2080.5080.5081.7082.3081.8082.3083.1083.6084.50
Kosovo34.0034.6034.4034.7035.3036.5037.7038.80
Kuwait30.7031.4031.2028.1027.4028.1028.1030.8035.7031.7032.0032.1032.0032.90
Kyrgyzstan34.3035.4032.3034.3035.1033.9033.9034.8031.5028.6039.7037.9038.3034.30
Latvia35.7035.9033.9034.8034.6029.0029.0031.9046.4047.8048.4048.2048.1049.10
Lebanon26.0027.4029.4029.9030.1029.9029.9030.8031.7032.2032.4032.3032.4032.60
Lesotho24.4025.3027.4028.0026.7026.0026.0027.8028.6028.7028.9029.0028.8028.60
Liberia7.807.808.308.308.408.408.508.508.608.408.50
Lithuania34.3049.7049.8050.5049.2048.0049.4048.3048.4048.5048.4043.6042.8045.00
Luxembourg41.6041.6041.7041.7043.7043.5043.5043.5044.0043.8043.70
Macedonia (F.Y.R.O.M.)36.1037.2039.5039.6040.1041.4041.4041.1042.0042.2043.8044.1044.6047.40
Madagascar23.7024.2023.5022.7021.4015.3015.3015.3014.1013.1011.4011.4011.4011.40
Malawi10.109.9012.3013.2013.2015.1017.5017.9018.5018.5015.6012.1012.4012.30
Malaysia38.3038.6038.8038.7038.3038.6038.6039.8048.8048.9048.9081.3081.3081.30
Maldives48.1048.1048.6048.7048.7048.7048.7048.7050.4050.6050.4049.9049.7050.00
Mali6.3010.206.3023.7021.3020.9020.9024.6024.9025.0022.2022.7022.7024.80
Malta39.2039.2039.2039.6039.6040.70
Marshall Islands17.8017.8017.8017.9017.9017.9017.9017.9017.9017.4018.6017.1017.1017.10
Mauritius56.2056.2056.2056.2055.0055.0057.5057.5066.9067.2067.4067.4067.40
Mexico62.4065.2064.8063.9064.6064.2064.2066.7067.1067.3067.6068.1068.9069.10
Micronesia3.303.303.303.103.103.403.403.203.403.403.403.303.203.20
Moldova27.1028.4027.3029.4028.8028.6028.6028.2031.3032.0032.8029.4030.4028.10
Mongolia14.0013.7014.2015.0016.8018.4018.4016.6017.6018.9018.0017.8017.4017.10
Montenegro41.8042.8043.7043.7043.4043.3048.2048.3048.4048.3048.60
Morocco34.4034.5035.1035.1035.3035.1035.1028.0027.9023.6027.9027.9028.1028.10
Mozambique22.6022.6023.8025.1024.3025.3025.3027.2028.2027.8033.3033.9034.1034.10
Burma (Myanmar)12.7014.7014.7014.7014.70
Namibia29.9030.5032.8033.5033.5031.1031.1033.7034.3034.9034.9035.2034.9034.40
Nepal44.1044.0043.3043.7043.7043.7043.7043.7043.7043.7043.7043.7041.5042.30
Netherlands87.8088.2088.4088.2087.1083.2083.2082.5088.0089.2089.5088.9088.9089.30
New Zealand79.0079.3078.7077.0077.0076.1076.1079.1078.8083.0083.3083.6083.3083.40
Nicaragua31.5033.4034.0034.5034.6034.3034.3033.7035.1036.0034.9033.0033.9034.90
Niger2.605.002.6014.2014.2014.0014.0016.0021.9021.7014.9014.7014.7022.70
Nigeria25.6026.1026.8027.9027.5028.0028.0026.8028.2028.2027.9027.9028.0027.80
Norway94.4087.6091.1091.1090.7089.0089.0090.9090.6090.8091.3092.3092.5092.90
Oman32.9033.9034.7035.4035.5035.1035.1034.9035.7036.6037.3037.7038.1038.60
Pakistan38.3038.3044.4040.0039.2039.3039.3036.7036.6036.4039.1041.1040.9043.00
Palau38.2038.2038.2030.3030.3030.3030.3029.9034.0031.0031.0030.3030.3030.40
Panama25.5025.7026.3026.6026.6026.7026.7026.7027.4027.5027.5027.7027.6027.20
Papua New Guinea21.8022.0022.0023.7023.9024.7024.7023.9023.7023.5023.5024.0024.2024.90
Paraguay7.108.5013.3015.4014.6020.7020.7016.1016.6015.3015.2020.8019.5020.50
Peru31.0031.6031.3024.4024.7025.4025.4027.2028.0028.1027.7028.5030.3030.00
Philippines4.303.804.104.004.204.404.404.504.704.9021.3021.2021.4021.30
Poland31.4032.4032.1033.8033.7034.1034.1035.8031.5054.5054.8057.0058.3060.60
Portugal73.2073.2074.7075.0074.0069.4069.4072.6070.9074.6071.6072.2073.4074.20
Puerto Rico61.4061.4061.4056.0065.2066.0066.0073.4073.4073.4070.6070.6070.5070.50
Qatar28.1028.1028.1028.3028.3029.6029.7029.9030.0030.40
Romania6.906.9017.5019.9028.9029.5028.5025.7028.6029.2030.0030.7032.7034.40
Russia38.9040.0041.1042.0042.2041.6041.6039.3041.5043.4043.2043.0041.7038.60
Rwanda3.203.103.203.203.203.203.203.203.203.1019.0019.5019.2019.20
Samoa18.3018.3018.3018.3018.3017.3017.3017.7018.1018.2018.2018.1018.2018.40
San Marino47.2046.6046.5046.6047.20
Senegal8.5012.808.5023.0023.6023.0023.0023.3023.3023.3025.3025.5029.2023.40
Serbia20.5018.6020.3022.6023.1025.4025.4029.5024.4029.1029.0029.2030.3032.50
Seychelles40.7040.5039.3039.7039.7037.7039.2039.6038.9038.9039.3038.80
Sierra Leone9.409.409.008.708.508.508.508.409.209.2010.5010.6010.8010.90
Singapore89.7089.7089.7089.7089.7089.7089.7089.7089.7089.7089.7088.7088.7088.70
Slovakia39.8039.6038.6048.1045.2045.9045.9055.3054.3053.6054.1054.4054.7055.60
Slovenia41.6042.4044.0044.9046.6045.5045.5050.9051.1049.8050.1050.1088.2089.20
Saint Thomas and Principe4.704.604.604.704.104.104.107.505.305.505.509.309.70
Solomon Islands23.2023.2023.3023.3023.3023.6023.6023.4023.8023.9024.3024.4024.3024.40
South Africa30.7031.8033.9034.4033.2032.2032.2034.4035.2035.4035.5035.7035.3035.10
Spain73.5073.2074.1073.8072.8067.6067.6070.5075.6076.5072.3071.3071.2078.30
Sri Lanka43.1043.8044.4046.2040.7039.6039.6042.9044.0043.9042.0042.4045.6046.20
Saint Lucia42.2042.2041.8042.9042.9041.5041.7042.0042.5042.9042.9043.00
Sudan29.5032.3032.5031.5032.1032.1032.3033.2033.2033.2031.9031.7031.70
Suriname6.906.907.408.108.108.708.608.608.608.508.408.30
Swaziland37.3037.3036.0034.9034.9037.6038.2038.3038.5038.7038.6038.30
Sweden81.0072.3074.9075.7074.7075.1075.1077.3075.8074.7075.5076.1076.6077.90
Switzerland45.5045.9046.0046.2046.2045.9045.9046.6046.6046.6046.6046.6046.6046.60
Syria28.5028.5028.5029.6030.8029.6029.6027.5027.6027.6021.4022.3017.7012.70
Taiwan81.0081.0080.3080.4080.2080.9080.9082.3082.1081.8081.8081.8081.8081.90
Tajikistan36.4036.4036.4037.9037.9037.8038.6036.4036.2036.9036.5035.90
Tanzania21.9022.0022.3021.9020.5021.3021.3021.9022.0021.7021.4021.2021.0021.10
Thailand42.8043.4043.9042.6041.8042.5042.5043.5068.2067.4067.2067.3067.5067.70
Togo15.7014.6015.7026.9026.3026.6026.6030.6030.5030.5027.6027.9027.9030.80
Tonga26.0026.8025.3025.9025.6025.5025.5025.5025.9026.0026.3027.1027.6028.00
Trinidad and Tobago26.0026.1024.6024.6024.6025.3026.4026.8026.9027.1027.1026.70
Tunisia51.0053.5051.5051.2051.5052.3052.3051.7052.2052.0052.0052.3052.0052.00
Turkey11.301.9011.3018.5020.3020.2020.2021.1022.3023.6022.3027.9018.7018.50
Uganda41.8041.0039.8040.4041.0041.1041.1039.7040.2038.9036.0037.9039.1038.40
Ukraine8.208.308.408.709.109.209.207.908.908.708.208.608.307.50
United Arab Emirates26.7026.7029.4027.3026.7026.9026.9028.5028.2029.5029.5028.6029.0029.00
United Kingdom85.6085.8085.3085.2084.6084.2084.2088.6088.6088.6088.6088.6088.6088.60
United States80.3080.5080.2077.0075.9076.7076.7081.5081.5081.5078.6078.6078.6078.60
Uruguay11.909.6030.6043.2044.8043.0043.0039.7043.4043.3045.1044.2042.1041.90
Uzbekistan10.8012.0010.8018.7018.7018.7018.7022.2023.7038.5039.9039.9041.3039.50
Vanuatu42.3042.3040.6040.0039.3041.2041.2042.7042.7042.7042.2042.2042.7044.80
Venezuela3.404.906.106.706.606.006.005.906.206.406.506.706.405.90
Vietnam19.4019.4019.2018.0018.0018.0018.0018.6016.5013.9016.2018.6020.1021.60
Yemen24.3024.3024.0024.3024.3024.3024.3024.3020.5020.5020.7022.0023.1020.50
Zambia17.3018.9023.0025.1028.4030.2030.2027.2029.3029.8037.1042.5045.4049.40
Zimbabwe8.903.300.400.100.100.130.170.2010.000.1013.1013.8016.1018.00

The recovery rate is recorded as cents on the dollar recouped by creditors through reorganization, liquidation or debt enforcement (foreclosure) proceedings. The calculation takes into account the outcome: whether the business emerges from the proceedings as a going concern or the assets are sold piecemeal. Then the costs of the proceedings are deducted (1 cent for each percentage point of the value of the debtor’s estate). Finally, the value lost as a result of the time the money remains tied up in insolvency proceedings is taken into account, including the loss of value due to depreciation of the hotel furniture.

Source: World Bank