The Comparative Review of the Formal Provisions Governing the International Bankruptcy Proceedings in UNCITRAL Model Law and the New Bill of Trade Law of Iran

Abstract

Nowadays, merchants have expanded their activities even beyond the borders of their countries, so in the case of bankruptcy, it will be created several lawsuits in the international arena. This kind of bankruptcy which is an obvious example of the international bankruptcy demands a comprehensive and efficient legal system. In this regard and to provide a proper framework, the United Nations commission on international trade law (UNCITRAL) ratified the model law on international bankruptcy in 1997.Although Iran has not yet ratified the UNCITRAL model law, but in the new bill of Iran’s trade law, it has been allocated a section to the international bankruptcy that is comply with the UNCITRAL model law. Accordingly, the purpose of this article is the explanation of the provisions of UNCITRAL model law in the light of the comparative approach. This study is based on descriptive and analytical methods according to the library and internet data.

Keywords

• foreign creditor
• foreign proceeding
• national courts
• foreign representatives
• judicial cooperation