This chapter argues that insolvency law has also failed in many advanced economies. Therefore, insolvency law needs to be reinvented beyond emerging economies. It is argued that certain trends and policy discussions taking place around the world seem to be improving the attractiveness of insolvency systems in many countries. In fact, it is pointed out that these reforms are leading to a certain level of convergence in the design of insolvency laws around the world. This chapter concludes by arguing that many of the ideas and policy recommendations suggested for the design of insolvency law in emerging economies can also be useful for the improvement of insolvency laws in many advanced economies. Yet, due to the international divergences existing in market and institutional environments, it is important to make sure that countries do not adopt undesirable legal transplants. Otherwise, well-intentioned insolvency reforms may not achieve their expected outcomes and may even end up doing more harm than good.