as the specially justified reason for the termination of an employment contract because of the economic predicaments of the employer, in fact, specially justified reason for the regular business-related termination of an employment contract. In the text author explains main terms of a termination of the employment contract and the insolvency, international conventions and European legislation in the said matter, Croatian legislation and the case law of the Croatian courts and the European Court of Justice. In the Croatian legal system, opening of the insolvency proceedings is not an automatical reason for the termination of the employment contracts, but the opening of the same proceedings is a specially justified reason for the termination of an employment contract. Author states many legal and conventional provisions by which workers are protected in the case of that termination, but also states that the same legislation denies the workers protection and rights which would they have in the case of the termination by regular terms, in the case of the economic instability of the company in which they are working, respectively. The worker’s right on the severance allowance on the stated basis is specially stated, as the other special rights which belong to the workers after the such termination. Author also cites case law of the European Court of Justice through which the same developed and determined the rights of the workers and the employers according to the European regulations of the termination because of the insolvency and the protection of the worker’s claims during and after the same.