This Article examines several competing systems proposed for international cooperation in insolvency cases. The rapid growth of international economic activity in the recent decades has brought forth a unique and formidable policy challenge. On one hand, considerations of efficiency call for three things: ex-ante predictability, elimination of wasteful duplication of work by the courts, and incentives for optimal ex-ante allocation of resources. On the other hand, any proposed regime must be sufficiently attractive to sovereign actors. To that end, it must allow sovereign actors to satisfy the needs of their own domestic public policy if they are to cooperate. This paper discusses the advantages and disadvantages of each regime and offers thoughts on how each may be improved or tailored to suit various economic needs.