Introducing of insolvency crimes and the demise of bankruptcy crimes in Jordanian Legislation: an Analytical Study

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DOI:

https://doi.org/10.35875/1105.027.001.007

Keywords:

Insolvency Offenses, Modern concept of insolvency, Philosophy of bankruptcy, Philosophy of insolvency, Social liberalism, Tort insolvency

Abstract

Background & Statement of the problem: The legal regulation of insolvency crimes is contained in the Jordanian Insolvency Law No. 21 of 2018. However, this regulation creates a conflict with the continuation of bankruptcy crimes in the Penal Code, a conflict that is difficult to resolve without abolishing bankruptcy crimes, especially after abolishing the bankruptcy provisions from the Jordanian Trade Law, which the Penal Code was referring to when determining the legal models for bankruptcy crimes.

Objectives: The study aimed to show the legislator’s plan to criminalize acts associated with declaring insolvency that could be committed by either the insolvent debtor, creditor, or insolvency agent.

Methods: The study followed the analytical descriptive approach of insolvency system within the scope of criminalizing acts that the debtor, creditor or insolvency agent may commit, comparative approach also was not excluded whenever necessary to reveal the shortcomings that plague the Jordanian legislator’s regulation of insolvency provisions.

Results: Existence of legal loopholes left by the Jordanian legislator’s transformation from the bankruptcy system to insolvency, and demonstrated the legislative shortcomings in the face of the entitlements of this transformation.

Conclusions (Recommendations and Contributions): Cancellation of relevant issues of bankruptcy in penal law and necessity to criminalize all acts that the debtor may unintentionally commit but it affects the assets and liabilities of insolvency that harm or endanger the interests of creditors.

Author Biographies

  • Khalid Alhrerat, Al-Ahliyya Amman University

    Assistant Professor at Amman Private University, College of Law, Department of Public Law. Teaches courses in Criminal Law, with research focused on studying emerging criminal models.

  • Mosleh Altarawneh, Al-Ahliyya Amman University

    A distinguished professor at Amman Private University, Dean of the College of Law. He teaches courses in Commercial Law within the Department of Private Law and Commercial Arbitration for postgraduate students. His research focuses on emerging issues in the field of Commercial Law and Arbitration.

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Published

2024-03-31

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How to Cite

Alhrerat, K., & Altarawneh, M. (2024). Introducing of insolvency crimes and the demise of bankruptcy crimes in Jordanian Legislation: an Analytical Study. Al-Balqa Journal for Research and Studies, 27(1), 92-114. https://doi.org/10.35875/1105.027.001.007