International Cooperation in Cross Border Insolvency Cases

Ibrahim Al-Arnaout

Abstract


The study subject matter deals with the latest rules in the Jordanian Insolvency Law for the year 2018 concerning the international cooperation among the national and foreign courts of law in cross border cases through admission of foreign insolvency procedures and its validity and effectiveness within the Jordanian national region, provided applying the reciprocity principle and within the conditions and procedures required by Law. The Jordanian legislator positively responded to the modern international trends to handle the international insolvency cases aiming to provide effective protection for creditors and achieving principles of justice, equality and transparency and treating the judicial jurisdiction dispute problem concerning insolvency. The Jordanian legislator excerpted such law provisions from the Cross Borders Insolvency Model Law for the year 1997 issued by the United Nations Commission on International Trade Law (UNCITRAL), for the purpose of supporting and enhancing the trade credit process, attracting investments and achieving economic developments.

Keywords


International insolvency, International cooperation for insolvency, foreign insolvency proceedings, the principle of reciprocity.

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