Problems of Recognizing Foreign Insolvency Procedures and Their Coincidence with Other Insolvency Procedures According to Jordanian Insolvency Law No. 21 of 2018 "An Analytical Study"

Abstract

Cross-border insolvency expresses actions taken against a debtor who has assets and funds in multiple countries. This study dealt with the conditions for recognizing foreign insolvency procedures in the Jordanian insolvency law and the implications of such recognition، which is represented in the commitment to provide assistance by the court to the foreign insolvency agent to preserve the insolvent debtor’s funds and the rights of foreign and local creditors. The study also focused on the provisions adopted by the Jordanian legislator to solve the problem of the concurrence of foreign insolvency procedures with other foreign or local insolvency procedures established in Jordan، as well as the priority established for the main insolvency procedures over secondary insolvency procedures. The main outcomes and recommendation of the necessity to adjust the provisions of articles 121-131-132 of the insolvency law related to the recognition and concurrence foreign insolvency procedures.