The Role of the Jordanian Judicial Authorities in Implementing the Cross-Border Insolvency Decisions

Abstract

The study aims to clarify the role of the Jordanian judiciary in admitting insolvency international law based on Jordanian insolvency law. This is becoming necessary since international insolvency law is crucial to creditors, debtors, and governmental institutions. On the other hand, due to the unique characteristics of this law, it becomes essential to understand the national Jordanian law standards for foreign insolvency. The study has followed the descriptive analysis method to solve these issues by carefully understanding the identification of foreign insolvency and the differences between local and foreign insolvency law. Also, the study clarifies the validity of international insolvency and the procedures followed to accredit and recognize international insolvency. Meanwhile, the study tried to solve the effect of identifying international insolvency and the possible issues that local judgment in implementing the recognition of foreign insolvency may encounter.

The study concludes that the issued decision to confess the foreign insolvency judgment is equivalent to the original judgment issued within the foreign territory based on the model law rules, even though the Jordanian legislator did not explicitly stipulate this. It was recommended that it is essential to stipulate the equivalent effect between both the recognition in a foreign insolvency ruling and the foreign insolvency ruling itself. On the other hand, it becomes a must for the Jordanian legislator to follow the approach followed by the Model Rules in this regard and in several other matters, including those related to the rules of jurisdiction that grant the officer jurisdiction to consider an insolvency lawsuit.