The global crisis in recent years has resulted in an inconsistent economic policy of EU member states that ranged from the policy of proclaimed liberalism to the policy of ad hoc interventionism. It is the result of a mismatch between the capacity of the nation state and its existing obligations towards its citizens. Doctrinal analyses state that, therefore, states are trying to fulfil their expected function by implementing insolvency regulations aimed at rescuing infrastructure "losers" from liquidation bankruptcy while retaining those entities that are the backbone of national development policy. In this regard, this paper intends to analyse the model of Extraordinary Management Procedure defined by the Law on the Executive Administration Procedure in Companies of Systemic Importance for the Republic of Croatia. Due to the controversy that exists on the doctrinal plan related to the implementation as well as the application of the aforementioned regulations, a lot of questions have been opened, and there is no clear answer. However, it seems useful to try to detect some problems of positive regulation and offer possible solutions to the protection of creditors and debtors during the following systemic crises. For comparison and possible suggestions de lege ferenda for the Serbian legislator, these experiences are potentially important because a reform of the regulations (and even insolvency regulation) is underway, primarily by the process of harmonization of Serbian regulations with EU regulations. The complexity of the subject of research and the set tasks were conditioned by the choice of methods, so the methodology used in the research included the study of domestic and foreign literature, relevant legislation, as well as the analysis of domestic and foreign court practices. We certainly consider it important to point out that the space that we have here does not allow us for a detailed breakdown of this issue, so we are forced to limit ourselves, in the author's opinion, to some aspects of the new bankruptcy regulations.