Best Restructuring & Insolvency Lawyers in Hashemite Kingdom of Jordan

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Akef Aldaoud & Partners Law Firm
Amman, Hashemite Kingdom of Jordan

Founded in 1990
11 people in their team
English
Arabic
Lawsuits & Disputes Restructuring & Insolvency ADR Mediation & Arbitration +6 more
Al Daoud Law Firm is a comprehensive legal service provider with international visions. For the sake of “building glory through concerted efforts with our clients”, Al Daoud shares the vision and ambition with our clients to create the brilliance together.Established in 1990, Al Daoud has now...
RATEB ALNAWAISEH & PARTNERS Law Firm
Amman, Hashemite Kingdom of Jordan

Founded in 1986
English
Established in 1986 by Advocate Rateb Al-Nawaiseh, RATEB ALNAWAISEH & PARTNERS Law Firm has grown into a prominent legal institution in Jordan. With offices in Amman and Karak, the firm offers a comprehensive range of legal services, including corporate matters, banking and finance, administrative...
ALTERNATIVE SOLUTIONS LAW FIRM
Amman, Hashemite Kingdom of Jordan

Founded in 1992
8 people in their team
Arabic
ALTERNATIVE SOLUTIONS FOR DEBT. one of the strongest consultancy group based in Jordan since 1992, our group excelled in providing legal services in many fields including setting up companies, corporate bodies, joint ventures, arbitration, foreign investments privatization, intellectual property,...
المحامية هيا رحال | Lawyer Haya Rahhal
Amman, Hashemite Kingdom of Jordan

Founded in 2017
English
Lawyer Haya Rahhal is a distinguished law firm in Jordan known for delivering comprehensive legal services across a wide range of practice areas. The firm leverages extensive expertise in litigation, advisory, and transactional matters, ensuring clients receive tailored representation that meets...
Eagle Immigration visa office
Amman, Hashemite Kingdom of Jordan

English
Eagle Immigration Visa Office, headquartered in Amman, Jordan, offers a comprehensive suite of legal services tailored to meet the diverse needs of its clientele. The firm specializes in immigration law, family law, visa consulting, and notary public services. Additionally, it provides support for...
Sahouri & Partners LLC- Advocates & Legal Consultants
Amman, Hashemite Kingdom of Jordan

Founded in 1965
11 people in their team
English
Found, in 1965, on the principles of honesty, integrity and provision of high-quality legal services, Sahouri Law is recognized as one of Jordan’s premier law firms. The law firm’s 55+ years of legal experience uniquely positions the law firm as one of the most knowledgeable of the local market...
Law Gate Attorneys and Legal Counselors
Amman, Hashemite Kingdom of Jordan

Founded in 2007
7 people in their team
English
Law Gate combines both knowledges in legal theory in this part of the world and experience in the actual application of this theory. The gaps, loopholes, drawbacks of legal rules and the way to overcome them under the Jordanian legal system is one of the essential skills which our Attorneys,...
OSAMA ALKATTAN&CO. LAW FIRM
Amman, Hashemite Kingdom of Jordan

Founded in 1979
20 people in their team
English
Arabic
 Since1979, Osama AL-Kattan & Co Law Firm Law Firm has worked very hard to earn the trust and respect of our clients whether they are lone individuals or major corporations. We have realized that goal by being zealous advocates and ethical practitioners of the law , YOU ARE SO WELCOMED TO...
Al Faqih Law Firm
Amman, Hashemite Kingdom of Jordan

Founded in 2000
50 people in their team
Arabic
English
Al Faqih Law Firm and Legal ConsultationsWe have sufficient experience to help our clients (individuals or companies) by providing legal solutions and consultations that guide our clients towards the right path to solve all problems before they occur in the future, in addition to filing lawsuits...
AHK LAW FIRM
Amman, Hashemite Kingdom of Jordan

Founded in 2018
7 people in their team
English
Arabic
AHK LAW Firm (Attorneys and Counselors at Law) established in 2019 by the Founder & Managing Partner Al-Hassan Al-Kailani ,Esq. who holds both Bachelor Degree in International Law and the Degree of Masters in International Business Law from the American University of Cyprus which is one of...
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About Restructuring & Insolvency Law in Hashemite Kingdom of Jordan

Restructuring and insolvency law in the Hashemite Kingdom of Jordan is designed to protect both creditors and debtors when a business faces financial distress. The legal framework enables businesses in financial difficulty to either restructure their debts and operations or, if recovery is not possible, undergo a formal insolvency process. Historically, Jordanian insolvency law was found in various statutes, but significant reforms, particularly the Jordanian Insolvency Law No. 21 of 2018, aimed to modernize the approach toward bankruptcy, encourage business preservation, and align with international best practices. The law sets out procedures for restructuring, liquidation, and the protection of creditors' rights, while also offering businesses an opportunity for recovery and continued operation when feasible.

Why You May Need a Lawyer

Navigating restructuring and insolvency can be complex, involving numerous legal obligations and financial repercussions for businesses and individuals. You may need a lawyer if you are:

  • Facing mounting debts and unable to meet financial obligations
  • Considering restructuring your business to avoid insolvency
  • Worried about creditors pursuing legal action to recover debts
  • Seeking to protect your personal or business assets during financial distress
  • A creditor seeking to recover funds from an insolvent company
  • Unsure about filing requirements, court procedures, or negotiation with other parties
  • Wishing to explore rescue options such as settlement agreements with creditors
  • Dealing with cross-border insolvency matters involving Jordanian law
  • Concerned about personal liability as a company director or shareholder
  • Appointed as an insolvency practitioner, trustee, or liquidator in Jordan

A lawyer knowledgeable in Jordanian restructuring and insolvency law can provide crucial guidance, maximize the chances of successful negotiations, and help ensure compliance with all legal requirements.

Local Laws Overview

Jordan's restructuring and insolvency regime is primarily governed by the Insolvency Law No. 21 of 2018. This law regulates corporate and individual insolvency proceedings, including the following key aspects:

  • Restructuring Proceedings: The law allows debtors facing financial distress to apply for restructuring with the aim to restore solvency and continue operations with court supervision.
  • Insolvency Declaration: If restructuring is not viable, the court may declare insolvency leading to liquidation procedures, asset disposition, and creditor payments.
  • Creditor Rights: Creditors are notified of proceedings and may participate through creditor committees and voting on restructuring plans or distributions from liquidation.
  • Stay on Legal Actions: Once proceedings commence, there is an automatic suspension of lawsuits or enforcement actions against the debtor's assets.
  • Asset Management: A court-appointed insolvency trustee manages the debtor’s assets, business operations, and distribution to creditors.
  • Protection for Good Faith Efforts: The law encourages good faith restructuring attempts and provides protection for directors and management from certain liabilities when acting transparently and in compliance.
  • Cross-Border Insolvency: The law contemplates cooperation with foreign courts and insolvency proceedings, which is essential for businesses with international dealings.

Filing requirements, notice periods, and court approvals are strictly regulated, making compliance essential for both debtors and creditors.

Frequently Asked Questions

What is the difference between restructuring and insolvency in Jordan?

Restructuring involves reorganizing a business’s financial obligations and operations to allow it to continue operating, while insolvency typically results in liquidation, the sale of assets, and payment of debts before the business is dissolved.

Who can initiate restructuring or insolvency proceedings?

Both the debtor and creditors may file for insolvency. Only the debtor can request a restructuring procedure before the court if the company is in financial difficulty but still viable.

What happens to ongoing lawsuits or enforcement actions once proceedings start?

There is an automatic stay, meaning most legal actions and enforcement proceedings against the debtor are suspended as soon as restructuring or insolvency proceedings are initiated.

Are directors or owners personally liable for company debts?

Generally, company directors and shareholders are not personally liable, unless there is evidence of fraud, gross mismanagement, or failure to comply with legal requirements.

What is the role of an insolvency trustee?

The insolvency trustee, appointed by the court, oversees asset management, business operations (if running), creditor claims, asset sale, and fair distribution of proceeds.

Can a business recover after entering insolvency proceedings?

If the court and creditors approve a viable restructuring plan, the business may recover and continue operations. If not, the assets are liquidated and the company is usually dissolved.

What should creditors do if their debtor is in restructuring or insolvency?

Creditors should promptly file their claims, participate in creditor meetings, review restructuring proposals, and ensure their rights are defended during the process.

How long do restructuring or insolvency proceedings last?

The duration varies depending on the complexity of the case, the number of creditors, and whether restructuring is successful. Proceedings commonly last several months to more than a year.

What information and documents are needed to initiate proceedings?

Key documents include financial statements, debt lists, creditor contact information, company registration papers, and any relevant contracts or legal agreements.

Is insolvency information public in Jordan?

Once a restructuring or insolvency case is filed, it becomes part of the public record. Certain details, like court decisions and notices to creditors, are publicly disclosed to ensure transparency.

Additional Resources

If you need further information or support, consider reaching out to these resources and organizations:

  • Jordanian Ministry of Industry, Trade and Supply - Handles business registration, insolvency case records, and regulatory oversight
  • Jordanian Courts - The Courts of First Instance are responsible for overseeing insolvency and restructuring proceedings
  • Jordanian Bar Association - Can refer you to qualified lawyers experienced in restructuring and insolvency matters
  • Licensed Insolvency Trustees - Professionals authorized to act in insolvency cases in Jordan
  • Jordan Chamber of Commerce - Offers guidance for businesses experiencing distress and can direct members to legal support
  • Financial and Legal Education Programs - Offered by various universities and legal institutions in Jordan to educate about insolvency processes

Next Steps

If you are facing financial difficulties or are involved in a restructuring or insolvency situation in Jordan, consider the following steps:

  • Collect and organize all relevant financial documents, including debts, assets, contracts, and correspondence
  • Seek initial legal consultation to understand your options, legal rights, and the best course of action
  • Contact a lawyer specializing in restructuring and insolvency in Jordan for tailored advice and representation
  • Stay informed about regulatory requirements and deadlines to avoid forfeiting rights or assets
  • Engage with creditors professionally, as open communication often leads to more favorable outcomes during negotiation or restructuring
  • Follow all court instructions and comply with required disclosures to ensure your case proceeds smoothly

Taking prompt, informed action and seeking professional support can help you navigate the complexities of restructuring and insolvency law in the Hashemite Kingdom of Jordan.

Lawzana helps you find the best lawyers and law firms in Hashemite Kingdom of Jordan through a curated and pre-screened list of qualified legal professionals. Our platform offers rankings and detailed profiles of attorneys and law firms, allowing you to compare based on practice areas, including Restructuring & Insolvency, experience, and client feedback. Each profile includes a description of the firm's areas of practice, client reviews, team members and partners, year of establishment, spoken languages, office locations, contact information, social media presence, and any published articles or resources. Most firms on our platform speak English and are experienced in both local and international legal matters. Get a quote from top-rated law firms in Hashemite Kingdom of Jordan - quickly, securely, and without unnecessary hassle.

Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation. We disclaim all liability for actions taken or not taken based on the content of this page. If you believe any information is incorrect or outdated, please contact us, and we will review and update it where appropriate.