The impact of insolvency on the transaction of bankrupt in Iran Law with comparison in UNCITRAL Legislative guide on Insolvency Law

If define bankruptcy as inability of a merchant to pay his debts, the most important element of this simple definition leads to inability or, to put it in the words of commercial law, “insolvency”. Bankruptcy is one of the most important issues in commercial law which, in recent years, has been continuously mentioned by the UN Commission on International Trade Law in its sample and guide texts, When a merchant, for any reason, comes up with insolvency situation, in addition to numerous creditors who want their demands to be achieved, the insolvent also intends to keep the remaining of his own assets. In this situation, the legislator enters in order to prevent the misuse of the parties and law makers some rules that, altogether, constitute the insolvency Law. In this article, it has been tried to make a comparative study of the stay situations on the Iranians Law and Legislative Guide on Insolvency Law of UNCITRAL.