Over the past 10 years, nearly 100economies have reformed their insolvency regimes as a resultof many factors, such as financial crises and to some extentthe International Finance Corporation, or IFC and World Bankdoing business project. In the aftermath of the globalfinancial crisis, governments around the world implementedextensive insolvency reforms aimed at strengtheningregulatory mechanisms for resolving insolvency cases, tostimulate entrepreneurship and generate a more efficientallocation of market resources. This smart lesson discussestwo of the main best practices that stem from the key reformareas: determination of business viability, and introductionof reorganization proceedings.