خلاصة:
The bankruptcy law is born in financial crisis. The legal rules of bankruptcy change the rule of nonbankruptcy law to reduce its negative effects. The main question this subject is that what should be the basic purposes of bankruptcy law? The theories “Creditors bargain”, “Bankruptcy policy”, “Risk sharing” and “Rehabilitating values” has been raised in answer to this question. Study of these theories show that the purpose of bankruptcy law must be defined in two economic and social dimensions. The maximization of wealth is the purpose of economic dimension of bankruptcy law which emerges in the maximizing the value of existing property and maintaining the enterprise. In the social dimension, the optimal distribution of property is the purpose of bankruptcy law. There are two approaches to social dimension of bankruptcy. The first approach is that the distribution must comply with the agreement before the bankruptcy procedure begins. The second approach considers the distributive approach to be in favor of the weak party of the bankruptcy
ملخص الجهاز:
The Goal of Bankruptcy Law Habib Ramzani Akradi Assistant Professor, Department of Law, Faculty of Social Sciences, Imam Khomeini International University, Qazvin (Date of Receipt: 2019/11/13 - Date of Approval: 2019/12/20) Abstract Bankruptcy law is born out of financial crisis; a set of rules that disrupt general debt collection rules in order to minimize the adverse effects resulting from this crisis.
In this context, she states the basic goals of bankruptcy rights in four cases: A) Fundamentally increase the value of the debtor’s assets so that creditors receive a larger share than alternative legal institutions; B) Divide the assets based on a plan that protects those deserving 4 who would have received a small share in the absence of bankruptcy proceedings; C) Impose losses on those who are against the debtor (creditors), instead of externalizing the losses resulting from business failure; D) Design a mechanism based on which bankruptcy proceedings play a role at the appropriate time (Warren, 1993: 368).
Finally, in this theory, solutions based on distributive mechanisms are presented to improve bankruptcy regulations: Firstly, creditors may become involved in destructive competition to collect debts, which in this case leads to the destruction of the debtor’s business.
In short, regarding the theory under discussion, it can be said that bankruptcy law decisions result from a “rational debate” 3 that involves changing the general rules of debt collection (creating a collective system) and developing non-economic values (Korobkin, 1991: 789).
Korobkin’s theory, which is based on supporting various values, also believes in this regard that changing the general rules for collecting debts, including the redistribution of wealth and supporting non-investors in bankruptcy law, is supported.
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