Applicable Substantive Law in Bankruptcy

Existing a foreign interest in a case of bankruptcy – such as different nationalities of debtors and creditors or existing goods in the other country or having an agency in the second country - provides a doubt on what is the applicable law? This doubt can be separated to tow branches: what is the applicable procedure law and what is thesubstantive applicable law and what is bankruptcy and insolvency? This research is concerned about the second branch. But in Iranian Codes and jurisdictions there is not any conflict regulars with regard to this situation. In some treaties and foreign doctrines have been provided some usable results. For this legal shortage, we need to provide a doctrine which is in harmony with the other Iranian conflict regulars to be accepted by our legal system.