This paper reviews the two main approaches to cross-border insolvency cases: the "universal" approach and the "territorial" approach. My analysis considers the academic literature on the topic, case law from a number of common law jurisdictions, some practical legal mechanisms used by practitioners in the field and recent diplomatic initiatives. The article shows that a universal approach to cross-border cases is both available and preferable under existing law, using existing legal tools. The trend towards a more unified solution has created greater certainty, judicial efficiency, and overall fairness in cross-border insolvency cases. 

The paper also calls for further refinement of the law. The practice of international insolvency law would be improved if the courts lowered the threshold for recognizing foreign proceedings. Foreign insolvency proceedings should be recognized as long as they are not discriminatory or wholly objectionable on some other public policy ground. States should also harmonize their substantive law on the major legal issues affecting cross-border cases, especially set-off and priority claims.