Major hypermarket, 11 other companies to declare insolvency in Jordan

empty supermarket market
A starkly empty store shelf in a typically well-stocked hypermarket. (Photo: Unsplash)
AMMAN — One of the major commercial centers, a “hypermarket", whose branches are spread in several governorates in the Kingdom, as well as 11 other companies, have submitted an application to declare insolvency to the relevant court, according to the general controller of the Companies Control Department, Wael Al-Armouti.اضافة اعلان

The companies include a major cement manufacturing company and firms active in various fields, Jo24 reported.

He added these applications were all approved.

To file for insolvency, companies usually submit a request to the relevant court, which studies the request and decides to proceed if it conforms to the provisions of the law.

He said the request to declare insolvency enables the company to reorganize its affairs and structure it.

An insolvency agent is appointed to review the debts and enable the establishment to resume operations or suspend its work.

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