This article examines the impact of economic operator’s bankruptcy and restructuring on participation in public procurement proceedings. It contains the analysis of the provisions of Public Procurement Law (the current and previous) addressing economic operator’s bankruptcy and restructuring as grounds for exclusion, including in light of Directive 2014/24/EU. These regulations are compared with the features, purpose, and course of insolvency proceedings. The conclusion is that the current grounds for exclusion related to bankruptcy and restructuring of the economic operator do not fully reflect the various variants of insolvency proceedings, which may result in the exclusion of a reliable economic operator from the proceedings.