The Effect of Bankruptcy on the Long-Term Debts of a Bankrupt Business Company from the Perspective of Imami and Hanafi Jurisprudence and Commercial Codes of Iran and Afghanistan

Turning the Long-Term Debt (Dayn Mu’ajjal) to Current Debt or Due Debt (Dayn Hal) is one of the important jurisprudential and legal issues that can be cited as several examples, including; the debt of the deceased, the debt of the guarantors and the debt of the bankrupt businessman. This article has a comparative study of the effect of the bankruptcy on the Current Debts or Due Debts of a bankrupt trading company from the perspective of the Imamis and Hanafis and the Commercial Codes of Iran and Afghanistan. The results of this study showed that there is disagreement between jurisprudents and lawyers about the Current Debts or Due Debts of a bankrupt businessman. According to the Commercial Codes of Iran and Afghanistan, with the issuance of a bankruptcy by the competent court, the debts of the bankrupt trading company will be turned into current debts. However, well-known Imami and Hanafi jurists oppose turning the debts of the bankrupt to current debts and consider it contrary to jurisprudential standards. By examining the arguments of those who agree and those who disagree, the author believes that turning the debts of a bankrupt businessman and corporation to current debts is appropriate to the rule of justice and equality and is more consistent with the realities of life today and the way of business.