The functionalization of Croatian Bankruptcy Law (and proceedings) must be comprehended as a wider process than the usual reception of foreign legal institutes and ad hoc solutions for salvaging current economic and social consequences. Taking into account the eclecticism of the approach of amendments to bankruptcy regulations, posing the following question is justified: What is the aim of bankruptcy proceedings and in whose interest are it? This in particular comes to the fore given that, in the practical application of bankruptcy regulations, the interests of several concerned parties are diffracted. These are those of government, creditors both ordinary and privileged, employees, liquidators, former owners and wider social interests. Therefore, the author, by analysing the interests of the mentioned parties and the bodies and participants of the bankruptcy proceedings, points out the limited opportunities for achieving normatively defined legal bankruptcy goals. We certainly believe that it is important to emphasise that the space we have here does not allow a detailed analysis of this problem area. So, we are forced to limit ourselves exclusively, according to the author, to some aspects of new bankruptcy regulations which best define the subject of this paper.