World crises, limitations of domestic markets and inflexibility of management lead to increasing number of
companies entering into bankruptcy. Bankruptcy costs depreciate company assets. The aim of this study is
to perform the first research based on actual data on the duration of bankruptcy procedures on a sample of
457 bankruptcies completed in Croatia in last 3 years. The results of the research show that the average
duration of bankruptcy procedures is 3.2 years, which is close to the figure produced by the research of the
World Bank but still far from time limit of 1.5 years set by law.