Company Controller's Role as One Way to Rescue Companies under Jordanian's Insolvency Act 2018 "Comparative Study"

Abstract

The main objective of this article is to shed light on the new emergence on the Jordanian insolvency Act no. 21 of 2018, after it became independent from the commercial law, specifically the role of the companies general controller through the application of the provisions of this law to rescue company as much as possible from stopping running its business activates and then its insolvency. In this article, the Jordanian law was compared with English law in order to compel Jordanian legislator to benefit from other legislation, given that the Jordanian law is still recent. This article dealt with the issue of corporate rescue and the role of the company controller in starting company insolvency procedures, in accordance with the provisions of the Jordanian Insolvency Act 2018; with refer to the provisions of the UNCITRAL Insolvency Legislative Guide 2004. This article concluded that Jordanian legislator must develop a rescue culture by putting in place protection for insolvent companies, such as a moratorium and expanding the means of rescue, rather than limiting the rescue culture to the reorganization plan that is adopted by the UNCITRAL Legislative Guide of Insolvency 2004. In addition, Jordanian legislators must make some legal amendments that are in line with recommendations made by legal authorities within the framework of the company controller role in the Jordanian Insolvency Act 2018.