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Background & Statement of the problem: The legal regulation of insolvency crimes is contained in the Jordanian Insolvency Law No. 21 of 2018. However, this regulation creates a conflict with the continuation of bankruptcy crimes in the Penal Code, a conflict that is difficult to resolve without abolishing bankruptcy crimes, especially after abolishing the bankruptcy provisions from the Jordanian Trade Law, which the Penal Code was referring to when determining the legal models for bankruptcy crimes. Objectives: The study aimed to show the legislator’s plan to criminalize acts associated with declaring insolvency that could be committed by either the insolvent debtor, creditor, or insolvency agent. Methods: The study followed the analytical descriptive approach of insolvency system within the scope of criminalizing acts that the debtor, creditor or insolvency agent may commit, comparative approach also was not excluded whenever necessary to reveal the shortcomings that plague the Jordanian legislator’s regulation of insolvency provisions. Results: Existence of legal loopholes left by the Jordanian legislator’s transformation from the bankruptcy system to insolvency, and demonstrated the legislative shortcomings in the face of the entitlements of this transformation. Conclusions (Recommendations and contributions): Cancellation of relevant issues of bankruptcy in penal law and necessity to criminalize all acts that the debtor may unintentionally commit but it affects the assets and liabilities of insolvency that harm or endanger the interests of creditors. [ABSTRACT FROM AUTHOR]