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The current Iran's commercial code has been derived from France's commercial code enacted in 1807. Iran’s commercial cod in the realm of bankruptcy regulations had no amendments since 1930, while the French one was abrogated totally and changed. Due to the increasing promotion of trade activities, we see that so many new legal institutes were created in the developed countries. For instance, we can refer to the institute of reorganization in the scope of bankruptcy. This institute, which needs to a plan of reorganization, organizes the relationship between creditors and debtors. The institute to create reorganization needs to acceptance of the majority of creditors and approval of the court. When the court approves the plan, the debtor as a “possessor debtor” continues his trade activities and has control on his assets and properties. Indeed, the institute of reorganization is a bilateral legal relationship. Hence, its nature is compatible with the notion of contract. Thus we can describe it as an enforceable, promissory, nominate, independent and gratuitous contract. There are differences between this institute and leniency contract. For example, in the latter, the court intervene, only in the stage of making and approval of the contract, while in the former, the court intervenes in these two stages and the stage of administration on the institutes. So the creditors have a better means to control the debtors in all stages and prevent them from misuse in the process of reorganization. In this article, we try to analyze the institute of reorganization with a comparative view with leniency contract in American and Iranian legal systems.

Keywords: Bankruptcy, Institute of reorganization, Plan of reorganization, Possessor debtor, Body of creditors

     

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