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25 J. Legal Ethical & Regul. Isses 1 (2022)
The Legal Implications of the Judgment Declaring Insolvency in Accordance with the Jordanian Insolvency Law No. 21 of 2018

handle is hein.journals/jnlolletl25 and id is 2705 raw text is: Journal of Legal, Ethical and Regulatory Issues THE LEGAL IMPLICATIONS OF THE JUDGMENT DECLARING INSOLVENCY IN ACCORDANCE WITH THE JORDANIAN INSOLVENCY LAW NO. 21 OF 2018. Ziad Alwahshat, Ajloun National University Mohammad Friehat, Ajloun National University ABSTRACT This study dealt with the effects of the month of insolvency, which limits the debtor's freedom to manage and dispose of his money. The researchers used the descriptive approach by presenting the legal texts that dealt with the subject of the study and the analytical approach by analyzing the legal texts contained in the insolvency law to show the effects of the ruling on the month of insolvency. This study has reached several conclusions, the most important of which is that the new insolvency law abolished the effects that affect the debtor on his person, such as confiscating his freedom and imposing residence on him, taking away his political rights, his right to occupy public office, and membership of councils, and the effects related to the debtor were limited to those that limit From his freedom to manage his money and dispose of it, and this study reached several recommendations, the most important of which is dealing with the impact of work contracts, and dealing with the impact on the owners of secured debts, in a way that leaves no room for doubt about the mechanism of their receipt of their debts from the guarantees when selling them. Keywords : Insolvency, Effects, Employment Contracts, Debtor, Insolvency Agent, Debt INTRODUCTION In the Insolvency Law No. 21 of 2018, the legislator explained the effects of declaring insolvency in Chapter Three, and regulated the provisions in Act (17-35). Insolvency is not declared except by a ruling from the Court of First Instance, which has within its jurisdiction the center of the main interests of the debtor, i.e. the place where the debtor manages his economic activity. Accordingly, the legislator has limited in the aforementioned law the right to file an insolvency declaration to the debtor, the creditor, and the company's controller. And in contrast to what was the case in the application for declaring bankruptcy in accordance with the provisions of the Trade Act, which granted the right to file a bankruptcy application to the creditors, the debtor, the court and the prosecution, if a lawsuit related to the debtor was submitted to them. While the legislator in the insolvency law has inventoried the court of its right to declare insolvency, and at the same time, the new law has given priority when there is more than one request to declare insolvency to the request submitted by the debtor, and there is no doubt that the legal status of the debtor differs radically if s/he submits a declaration request his insolvency, that is, the effects of insolvency declaration vary between insolvency declared at the request of the debtor, and notarized at the request of creditors or the controller, as we will discuss in the next of this research. Therefore, the legislator realized the importance of regulating insolvency provisions by an individual private law, and this is the case for most of the comparative legislation that adopts the free economy system, as it is carried out according to this approach, and since keeping pace with the developments and changes of life is one of the features of modern legislation, this was a 1 1544-0044-25-S4-02 Citation Information: Alwahshat, Z., & Friehat, M. (2022). The legal implications of the judgment declaring insolvency in accordance with the Jordanian insolvency law no. 21 of 2018. Journal of Legal, Ethical and Regulatory Issues, 25(S4), 1-12. Volume 25, Special Issue 4, 2022

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