Examining the various aspects of bankruptcy in international trade law

Javad Abbaszadeh¹

1) Graduated from Brunel University, London

IOI Code : XDKH-GHZGA
Publication : Second National Conference on Law, Jurisprudence and Culture(conflaw.ir)
Abstract :
    Abstract Bankruptcy laws in different countries are usually regulated to ensure the security of commercial transactions, the proper distribution of the property of the bankrupt or creditors, and finally the recovery of the bankrupt. Achieving the goals mentioned in domestic law is possible, but in the international context, the acceptance of any of the theories alone creates problems because in the theory of unity and homogeneity, the property of the bankrupt trader is fairly distributed among the creditors, but Beneficiaries, especially small creditors, will probably have to travel long and costly distances. Obviously, this will have an unfavorable result in terms of insecurity and invalidity of transactions, because those who enter into contracts with the trader pay attention to the assets of the institution or branch or agency of the place of conclusion of the contract, and in principle less information about the trader s property. Other countries have. The theory of territoriality and multiplicity of bankruptcies does not have the mentioned disadvantages, and it is reasonable to develop the jurisdiction of Iranian courts to hear bankruptcy cases of foreign merchants and companies, and in accordance with the custom of international trade.is. But in this theory, equality between creditors in different countries is not observed. As a result, as mentioned above, countries today try to establish a coordinated relationship between the problems arising from the bankruptcy laws, especially the enforcement of foreign judgments in their own country, by regulating diplomatic rules. Amend the Iranian Commercial Code and revise it and prepare legal texts regarding the competent territorial court to hear bankruptcy and liquidation of bankrupt property, as well as the arrangement of amicable agreements and, if necessary, the conclusion of diplomatic agreements with the parties to the transaction, to stability and security. Iran s trade exchanges with foreign countries will be of great help.

Keywords : bankruptcy business international law property commercial law