Resolving insolvency: Recovery rate (cents on the dollar) by country
The recovery rate is recorded as cents on the dollar recovered by secured creditors through judicial reorganization, liquidation or debt enforcement (foreclosure or receivership) proceedings. The calculation takes into account the outcome: whether the business emerges from the proceedings as a going concern or the...
Countries reporting
166
Highest
92.1 cents on the dollar
Japan
Lowest
3.4 cents on the dollar
Micronesia (country)
Median
37.55 cents on the dollar
Years covered
17
2003–2019
Data points
3,094
What the numbers show
Resolving insolvency: Recovery rate (cents on the dollar) is currently reported for 166 countries. The highest value is 92.1 cents on the dollar in Japan; the lowest is 3.4 cents on the dollar in Micronesia (country).
The median across all reporting countries is 37.55 cents on the dollar, and the mean is 42.38 cents on the dollar.
The gap between the highest and lowest reporting country is a factor of about 27.
Over the past decade 122 countries rose and 38 fell. The largest increase was in Rwanda (up 503.1%), and the largest decrease in Turkey (down 48.0%).
Resolving insolvency: Recovery rate: full country ranking
| # | Country | Latest | Year | 10-year change | Trend |
|---|---|---|---|---|---|
| 1 | Japan | 92.1 cents on the dollar | 2019 | down 0.4% | flat |
| 2 | Norway | 91.9 cents on the dollar | 2019 | up 3.3% | flat |
| 3 | Netherlands | 90.1 cents on the dollar | 2019 | up 8.3% | flat |
| 4 | Slovenia | 90 cents on the dollar | 2019 | up 97.8% | rising |
| 5 | Belgium | 89.4 cents on the dollar | 2019 | up 3.6% | flat |
| 6 | Singapore | 88.7 cents on the dollar | 2019 | down 1.1% | flat |
| 7 | Denmark | 88.5 cents on the dollar | 2019 | up 2.3% | rising |
| 8 | Finland | 88 cents on the dollar | 2019 | up 0.8% | flat |
| 9 | Hong Kong | 87.2 cents on the dollar | 2019 | up 9.4% | rising |
| 10 | Canada | 86.7 cents on the dollar | 2019 | down 2.3% | flat |
| 11 | Ireland | 86.1 cents on the dollar | 2019 | down 0.6% | flat |
| 12 | Iceland | 85.5 cents on the dollar | 2019 | up 11.6% | rising |
| 13 | United Kingdom | 85.4 cents on the dollar | 2019 | up 1.4% | flat |
| 14 | South Korea | 84.3 cents on the dollar | 2019 | up 4.7% | flat |
| 15 | Australia | 82.7 cents on the dollar | 2019 | up 4.9% | flat |
| 16 | Taiwan | 82.2 cents on the dollar | 2019 | up 1.6% | flat |
| 17 | Malaysia | 81 cents on the dollar | 2019 | up 109.8% | rising |
| 17 | United States | 81 cents on the dollar | 2019 | up 5.6% | rising |
| 19 | Austria | 79.9 cents on the dollar | 2019 | up 11.7% | rising |
| 20 | Germany | 79.8 cents on the dollar | 2019 | down 0.9% | flat |
| 21 | New Zealand | 79.7 cents on the dollar | 2019 | up 4.7% | rising |
| 22 | Sweden | 78.1 cents on the dollar | 2019 | up 4.0% | flat |
| 23 | Spain | 77.5 cents on the dollar | 2019 | up 14.6% | rising |
| 24 | France | 74.8 cents on the dollar | 2019 | up 68.1% | rising |
| 25 | Cyprus | 73.8 cents on the dollar | 2019 | up 4.4% | flat |
| 26 | India | 71.6 cents on the dollar | 2019 | up 212.7% | rising |
| 27 | Thailand | 70.1 cents on the dollar | 2019 | up 64.9% | rising |
| 28 | Colombia | 68.7 cents on the dollar | 2019 | up 38.2% | rising |
| 29 | Puerto Rico | 67.7 cents on the dollar | 2019 | up 2.6% | rising |
| 30 | Czechia | 67.5 cents on the dollar | 2019 | up 223.0% | rising |
| 31 | Mauritius | 67.4 cents on the dollar | 2019 | up 22.5% | rising |
| 32 | Jamaica | 66.4 cents on the dollar | 2019 | up 2.9% | flat |
| 33 | Botswana | 66.3 cents on the dollar | 2019 | up 15.3% | rising |
| 34 | Barbados | 65.7 cents on the dollar | 2019 | up 0.9% | flat |
| 35 | Italy | 65.6 cents on the dollar | 2019 | up 15.9% | rising |
| 36 | Indonesia | 65.5 cents on the dollar | 2019 | up 120.5% | volatile |
| 37 | Portugal | 64.8 cents on the dollar | 2019 | down 6.6% | falling |
| 38 | Bahamas | 64.4 cents on the dollar | 2019 | up 3.5% | flat |
| 39 | Mexico | 63.9 cents on the dollar | 2019 | down 0.5% | rising |
| 40 | Israel | 62.6 cents on the dollar | 2019 | up 20.8% | rising |
| 41 | Poland | 60.9 cents on the dollar | 2019 | up 78.6% | rising |
| 42 | Belize | 56.7 cents on the dollar | 2019 | up 9.9% | rising |
| 43 | Tunisia | 51.3 cents on the dollar | 2019 | down 1.9% | flat |
| 44 | Zambia | 51 cents on the dollar | 2019 | up 68.9% | rising |
| 45 | Algeria | 50.8 cents on the dollar | 2019 | unchanged | flat |
| 46 | Montenegro | 50.3 cents on the dollar | 2019 | up 15.1% | rising |
| 47 | Maldives | 50.2 cents on the dollar | 2019 | up 3.1% | rising |
| 47 | San Marino | 50.2 cents on the dollar | 2019 | up 6.4% | rising |
| 49 | North Macedonia | 48 cents on the dollar | 2019 | up 15.9% | rising |
| 50 | Brunei | 47.2 cents on the dollar | 2019 | unchanged | flat |
| 51 | Switzerland | 46.7 cents on the dollar | 2019 | up 1.7% | flat |
| 52 | Fiji | 46.5 cents on the dollar | 2019 | up 4.7% | rising |
| 53 | Slovakia | 46.1 cents on the dollar | 2019 | up 0.4% | rising |
| 54 | Vanuatu | 45.8 cents on the dollar | 2019 | up 11.2% | rising |
| 55 | Albania | 44.6 cents on the dollar | 2019 | up 15.2% | rising |
| 56 | Uruguay | 44.4 cents on the dollar | 2019 | up 3.3% | rising |
| 57 | Hungary | 44.2 cents on the dollar | 2019 | up 15.1% | rising |
| 58 | Djibouti | 44 cents on the dollar | 2019 | up 17.0% | rising |
| 59 | Luxembourg | 43.9 cents on the dollar | 2019 | up 5.3% | rising |
| 60 | Saint Lucia | 43.5 cents on the dollar | 2019 | up 1.4% | flat |
| 61 | Sri Lanka | 43 cents on the dollar | 2019 | up 8.6% | flat |
| 61 | Russia | 43 cents on the dollar | 2019 | up 3.4% | flat |
| 63 | Pakistan | 42.8 cents on the dollar | 2019 | up 8.9% | rising |
| 64 | Chile | 41.9 cents on the dollar | 2019 | up 45.0% | rising |
| 65 | Latvia | 41.4 cents on the dollar | 2019 | up 42.8% | rising |
| 66 | Bahrain | 41.3 cents on the dollar | 2019 | up 6.2% | rising |
| 67 | Nepal | 41.2 cents on the dollar | 2019 | down 5.7% | falling |
| 68 | Oman | 41.1 cents on the dollar | 2019 | up 5.7% | rising |
| 69 | Bolivia | 40.8 cents on the dollar | 2019 | up 9.4% | rising |
| 70 | Kyrgyzstan | 40.6 cents on the dollar | 2019 | up 7.4% | rising |
| 71 | Georgia | 40.5 cents on the dollar | 2019 | up 45.2% | rising |
| 72 | Lithuania | 40.3 cents on the dollar | 2019 | down 18.4% | falling |
| 72 | Uganda | 40.3 cents on the dollar | 2019 | down 1.9% | falling |
| 74 | Belarus | 40.2 cents on the dollar | 2019 | up 179.2% | volatile |
| 75 | Kazakhstan | 39.8 cents on the dollar | 2019 | down 2.0% | rising |
| 76 | Azerbaijan | 39.7 cents on the dollar | 2019 | up 3.1% | flat |
| 76 | Bosnia and Herzegovina | 39.7 cents on the dollar | 2019 | up 10.6% | rising |
| 78 | Kosovo | 39.6 cents on the dollar | 2019 | up 16.5% | rising |
| 78 | Kosovo (UNSCR 1244) | 39.6 cents on the dollar | 2019 | up 16.5% | rising |
| 80 | Armenia | 39.2 cents on the dollar | 2019 | up 7.1% | rising |
| 80 | Malta | 39.2 cents on the dollar | 2019 | unchanged | flat |
| 82 | Seychelles | 38.8 cents on the dollar | 2019 | down 2.3% | flat |
| 83 | Bulgaria | 37.7 cents on the dollar | 2019 | up 17.8% | rising |
| 84 | Eswatini | 37.4 cents on the dollar | 2019 | up 7.2% | flat |
| 85 | Antigua and Barbuda | 37.1 cents on the dollar | 2019 | up 4.5% | rising |
| 86 | China | 36.9 cents on the dollar | 2019 | up 4.5% | rising |
| 87 | Cote d'Ivoire | 36.8 cents on the dollar | 2019 | up 8.2% | rising |
| 88 | Estonia | 36.1 cents on the dollar | 2019 | down 3.7% | flat |
| 88 | Iran | 36.1 cents on the dollar | 2019 | down 10.0% | flat |
| 90 | Nicaragua | 35.7 cents on the dollar | 2019 | up 4.1% | rising |
| 91 | Croatia | 35.2 cents on the dollar | 2019 | up 15.4% | rising |
| 92 | Togo | 35.1 cents on the dollar | 2019 | up 32.0% | rising |
| 93 | South Africa | 34.7 cents on the dollar | 2019 | up 7.8% | rising |
| 94 | Serbia | 34.5 cents on the dollar | 2019 | up 35.8% | rising |
| 95 | Romania | 34.4 cents on the dollar | 2019 | up 20.7% | rising |
| 95 | Uzbekistan | 34.4 cents on the dollar | 2019 | up 84.0% | rising |
| 97 | Namibia | 33.8 cents on the dollar | 2019 | up 8.7% | rising |
| 98 | El Salvador | 32.4 cents on the dollar | 2019 | up 5.2% | rising |
| 99 | Kuwait | 32.2 cents on the dollar | 2019 | up 14.6% | rising |
| 100 | Moldova | 32.1 cents on the dollar | 2019 | up 12.2% | rising |
| 101 | Greece | 32 cents on the dollar | 2019 | down 27.6% | falling |
| 102 | Kenya | 31.8 cents on the dollar | 2019 | up 0.6% | flat |
| 103 | Peru | 31.3 cents on the dollar | 2019 | up 23.2% | rising |
| 104 | Lebanon | 30.8 cents on the dollar | 2019 | up 3.0% | rising |
| 104 | Mozambique | 30.8 cents on the dollar | 2019 | up 21.7% | rising |
| 106 | Palau | 30.4 cents on the dollar | 2019 | up 0.3% | falling |
| 107 | Sudan | 30.2 cents on the dollar | 2019 | down 5.9% | flat |
| 108 | Qatar | 30 cents on the dollar | 2019 | up 6.8% | rising |
| 108 | Senegal | 30 cents on the dollar | 2019 | up 30.4% | rising |
| 110 | Dominica | 29.6 cents on the dollar | 2019 | up 5.0% | rising |
| 110 | Tajikistan | 29.6 cents on the dollar | 2019 | down 21.9% | falling |
| 112 | Costa Rica | 29.5 cents on the dollar | 2019 | up 16.1% | rising |
| 113 | Bangladesh | 29.1 cents on the dollar | 2019 | up 25.4% | rising |
| 114 | Morocco | 28.7 cents on the dollar | 2019 | down 18.2% | falling |
| 115 | Mali | 28.3 cents on the dollar | 2019 | up 35.4% | rising |
| 116 | Tonga | 28.2 cents on the dollar | 2019 | up 10.6% | rising |
| 117 | Guatemala | 28.1 cents on the dollar | 2019 | down 0.4% | flat |
| 117 | Lesotho | 28.1 cents on the dollar | 2019 | up 8.1% | rising |
| 119 | Gambia | 27.8 cents on the dollar | 2019 | down 0.4% | flat |
| 119 | Nigeria | 27.8 cents on the dollar | 2019 | down 0.7% | rising |
| 121 | United Arab Emirates | 27.7 cents on the dollar | 2019 | up 3.0% | rising |
| 122 | Ethiopia | 27.3 cents on the dollar | 2019 | down 15.2% | falling |
| 122 | Jordan | 27.3 cents on the dollar | 2019 | up 0.4% | flat |
| 124 | Panama | 27 cents on the dollar | 2019 | up 1.1% | rising |
| 125 | Afghanistan | 26.7 cents on the dollar | 2019 | up 9.9% | rising |
| 126 | Trinidad and Tobago | 26.1 cents on the dollar | 2019 | up 6.1% | rising |
| 127 | Papua New Guinea | 24.9 cents on the dollar | 2019 | up 0.8% | rising |
| 128 | Solomon Islands | 24.4 cents on the dollar | 2019 | up 3.4% | rising |
| 129 | Ghana | 24 cents on the dollar | 2019 | unchanged | flat |
| 130 | Benin | 23.9 cents on the dollar | 2019 | up 43.1% | rising |
| 131 | Burkina Faso | 23.6 cents on the dollar | 2019 | up 54.2% | rising |
| 132 | Egypt | 23.3 cents on the dollar | 2019 | up 38.7% | rising |
| 133 | Paraguay | 23 cents on the dollar | 2019 | up 11.1% | rising |
| 134 | Vietnam | 21.3 cents on the dollar | 2019 | up 18.3% | rising |
| 135 | Philippines | 21.1 cents on the dollar | 2019 | up 379.5% | volatile |
| 135 | Syria | 21.1 cents on the dollar | 2019 | down 28.7% | falling |
| 137 | Yemen | 21 cents on the dollar | 2019 | down 13.6% | falling |
| 138 | Niger | 20.9 cents on the dollar | 2019 | up 49.3% | rising |
| 139 | Tanzania | 20.4 cents on the dollar | 2019 | down 4.2% | falling |
| 140 | Honduras | 19.9 cents on the dollar | 2019 | down 4.3% | flat |
| 141 | Congo | 19.4 cents on the dollar | 2019 | up 9.0% | rising |
| 141 | Guinea | 19.4 cents on the dollar | 2019 | down 7.6% | falling |
| 143 | Rwanda | 19.3 cents on the dollar | 2019 | up 503.1% | volatile |
| 144 | Argentina | 19.2 cents on the dollar | 2019 | down 34.2% | falling |
| 145 | Samoa | 18.5 cents on the dollar | 2019 | up 6.9% | flat |
| 146 | Guyana | 18.4 cents on the dollar | 2019 | up 4.5% | rising |
| 147 | Ecuador | 18.3 cents on the dollar | 2019 | up 13.7% | rising |
| 148 | Brazil | 18.2 cents on the dollar | 2019 | up 6.4% | volatile |
| 148 | Mongolia | 18.2 cents on the dollar | 2019 | down 1.1% | rising |
| 150 | Zimbabwe | 17.5 cents on the dollar | 2019 | — | volatile |
| 151 | Liberia | 17.4 cents on the dollar | 2019 | up 4.8% | rising |
| 152 | Marshall Islands | 17.1 cents on the dollar | 2019 | down 4.5% | falling |
| 153 | Cameroon | 15.8 cents on the dollar | 2019 | up 18.8% | rising |
| 154 | Malawi | 15.6 cents on the dollar | 2019 | down 10.9% | rising |
| 155 | Myanmar | 14.7 cents on the dollar | 2019 | up 15.7% | rising |
| 156 | Cambodia | 14.6 cents on the dollar | 2019 | up 32.7% | rising |
| 157 | Gabon | 14.5 cents on the dollar | 2019 | down 4.6% | flat |
| 158 | Madagascar | 12.4 cents on the dollar | 2019 | down 19.0% | falling |
| 159 | Sierra Leone | 11.1 cents on the dollar | 2019 | up 30.6% | rising |
| 160 | Turkey | 10.5 cents on the dollar | 2019 | down 48.0% | rising |
| 161 | Dominican Republic | 9.6 cents on the dollar | 2019 | up 7.9% | rising |
| 162 | Ukraine | 9 cents on the dollar | 2019 | down 11.8% | falling |
| 163 | Suriname | 7.7 cents on the dollar | 2019 | down 4.9% | rising |
| 164 | Burundi | 7.5 cents on the dollar | 2019 | up 10.3% | rising |
| 165 | Venezuela | 5.3 cents on the dollar | 2019 | down 11.7% | rising |
| 166 | Micronesia (country) | 3.4 cents on the dollar | 2019 | unchanged | flat |
About this data
The recovery rate is recorded as cents on the dollar recovered by secured creditors through judicial reorganization, liquidation or debt enforcement (foreclosure or receivership) 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.