Comparative Law Researches

Comparative Law Researches

Bank differentials from companies and the effect of these distinctions on bankruptcy regime (comparative study in American and Iranian law)

Document Type : Original Research

Authors
Mohamad Isaea tafreshi 1
Morteza Shahbazinia 2
khadije shirvani 3
1 Professor of Private Law, Faculty of Law, Tarbiat Modares University, Tehran, Iran.
2 Associate Professor of Private Law, Faculty of Law, Tarbiat Modares University, Tehran, Iran.
3 Phd Student of Islamic jurisprudence and Private law Shahid Motahhari University,Tehran, Iran
Abstract
Due to the particular role they play in macroeconomics and the fact that they offer a unique set of services to the general public, banks have attracted attention of legislators. Considering the bank's bankruptcy and its very negative effects, especially since the great economic crisis that began in 1929 in the United States and then spread to the whole world, began and the legislators concluded that the general rules of bankruptcy of companies to handling insolvency of banks is not enough. Therefore, in most legal systems of the world, when a business company is bankrupt, it is governed by general bankruptcy rules. But if a bank goes bankrupt, it has tried to consider specific rules for their bankruptcy considering the specific nature of banks in the country's economy and the differences with other commercial companies. The United States is one of the systems in which bankruptcy regulations of banks are completely different from corporate bankruptcy regulations. In Iranian law, though,unlike the US the bankruptcy system of banks is not completely separate from the bankruptcy system of the companies, and if the bank goes bankrupt, the rules of the bankruptcy act are considered to be general regulations and other monetary and banking regulations are specific rules, and the result is that, in the absence of specific provisions, apply the bankruptcy rules of commercial act are implemented.
Keywords
Bankruptcy
Bank
Trial process
Administrative Process
American Law
Iranian Law

Subjects

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