Insolvency laws vary considerably across countries, as do protections for creditors and enforceability of contracts outside of insolvency procedures. This chapter provides a brief descriptions of the key features of insolvency codes for a set of countries explored in the academic research ‐ France, Germany, Japan, Sweden, and the United Kingdom ‐ to demonstrate the varying degrees of creditor orientation. It describes the outcomes, costs and time in restructuring, and recovery rates. The chapter also summarizes the current framework in two economies with significant growth in the restructuring industry, China and India. It focuses on classifications based on the reorganization procedure. The Model Law provides a legal framework for cross‐border cooperation and communication between courts in different countries. Among other benefits of the Model Law, it is expected that the greater certainty in matters of creditor and debtor rights will assist international trade, commerce and the availability of capital in less‐developed countries.