This chapter argues that many insolvency systems in advanced economies also fail to efficiently perform the functions of insolvency law. As a result, it is argued that insolvency law also needs to be reinvented in many advanced economies. Fortunately, certain trends and policy discussions taking place around the world seem to be improving the attractiveness of insolvency systems in many countries. In fact, this chapter argues that, interestingly, these reforms are leading to certain levels of convergences of insolvency laws around the world. 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. In their attempt to improve their insolvency systems, however, the chapter concludes by arguing that many of the ideas and policy recommendations suggested for the design of insolvency law in emerging economies should also be adopted in many advanced economies.