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Senate passes Insolvency Law, Customs Law amendments

By JT - May 03,2018 - Last updated at May 03,2018

AMMAN  — The Senate on Thursday endorsed the 2018 Insolvency Law and the 2017 amendments to the Customs Law, as referred from the Lower House.

The Insolvency Law, according to its validating reasons, aims at enabling individuals and companies to reorganise their businesses when in a troubled financial situation under certain deals reached with creditors.

Under the law, “insolvency” is defined as the state when an institution or individual can no longer meet its financial obligations towards lenders.

The law also regulates the insolvency proceedings for foreign organisations operating in the Kingdom according to international conventions ratified by Jordan, according to Petra.

Also on Thursday, the Senate passed the 2011 International Multimodal Transport Law, the 2002 Companies Law and the 2018 amendments to the Customs Law as referred by the Lower House, the Jordan News Agency, Petra, reported.

The Customs Law imposes a fine of no less than JD1,000 and no more than JD10,000 for smuggling or any act that can be described as smuggling, while imposing an imprisonment term of no less than one year and a fine of at least JD5,000 if the crime is repeated.

A Royal Decree was issued on Wednesday, proroguing the Parliament's second ordinary session as of May 12.

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