Over the past 10 years, nearly 100 economies have reformed their insolvency regimes as a result of many factors, such as financial crises and to some extent the International Finance Corporation, or IFC and World Bank doing business project. In the aftermath of the global financial crisis, governments around the world implemented extensive insolvency reforms aimed at strengthening regulatory mechanisms for resolving insolvency cases, to stimulate entrepreneurship and generate a more efficient allocation of market resources. This smart lesson discusses two of the main best practices that stem from the key reform areas: determination of business viability, and introduction of reorganization proceedings.