|
A comparative study of the role of creditors in the reconstruction of bankrupt economic enterprises in the legal system of Iran and America
|
Parasto Yusefi1   , Mohsen Emami Gheshlagh2 , Asghar Arabian3 |
1- Doctoral student of Private Law, Department of Private Law, School of Law, Theology and Political Science, Science and Research Unit, Islamic Azad University, Tehran, Iran
2- Visiting Assistant Professor, Department of Private Law, School of Law, Theology and Political Science, Science and Research Unit, Islamic Azad University, Tehran, Iran. , M_emami63@yahoo.com
3- Associate Professor, Member of the Faculty of Private Law Department, School of Law, Theology and Political Science, Science and Research Unit, Islamic Azad University, Tehran, Iran |
|
|
Abstract: (197 Views) |
In this article, an attempt has been made to examine the conditions of reconstruction (both formal and substantive conditions), the characteristics of this institution and its works, as well as the methods of eradicating it and the jurisdiction of the court in it. On the other hand, the regulations of the reconstruction institution have been compared with the provisions of the Iranian Trade Law regarding the Arafaqi contract in order to explain the points of commonality and difference between these two legal institutions. These commonalities can be seen in terms of substance and effective form in the conclusion of a new legal entity, in the intervention of the court in the contractual attributes and effects of both entities. Regarding the difference funds, we can also refer to the unlimited powers of the creditors and the lack of supervision by the legal authority over the actions of the bankrupt businessman at the time of the execution of the contract in the Arafaqi Contract Institution, granting a deadline of 120 days to submit a reconstruction plan to the debtor, supporting high-risk businesses and prohibiting the prosecution of creditors' claims in The reconstruction institution pointed out. These cases have caused the opinion to be strengthened that the legal establishment of the Arafaq contract is not a sufficient monitoring tool and does not provide confidence to the creditors. It is not a safe method for a good-faith businessman who has no fault in his bankruptcy. With the issuance of a bankruptcy order, there are two solutions for the parties, the first way is to proceed with the liquidation process and end the bankruptcy, in which case the creditors are proportionally and in kind. The debt of the remaining property and assets of the bankrupt will be collected. The second way, which can be realized with the agreement of the required majority of creditors, is to enter into a contract under the title of reconstruction contract or the same contract of reconciliation proposed in the Iranian Commercial Law, which in case of agreement and hope To re-promote, the bankrupt should be allowed to resume business activities without restrictions and interference from the legislator or even creditors, as in the normal course of his business activities |
Article number: 15 |
| Keywords: Reconstruction of economic enterprises, Iranian legal system, American legal system |
|
|
Full-Text [PDF 403 kb]
(73 Downloads)
|
Article type: Research |
Subject:
Special
Received: 2022/06/7 | Accepted: 2022/09/26 | Published: 2022/12/1
|
|
|
|
|
|
|
| Send email to the article author |
|
|
|
| Add your comments about this article |
|
|
|
