The Liability of Partners in General-Partnership Company in Commercial Code and it's Amendatory Bill

The general-partnership company is a type of persons’ company whose credit shall depend upon the credit of its partners. If the creditors of such company can not, due to not sufficing the company’s assets, vindicate their claims from the company, they can have recourse to any of the partners, individually or refer to all of them, jointly. Lack of the company’s assets for payment of the debts is evident after the cessation and accomplishment of the liquidation procedures. Considering that the company’s creditors can not, till the completion of liquidation, have recourse to the partners as well as the company’s bankruptcy is not gone with the partners’ bankruptcy, and regarding that the issuance of the partners’ bankruptcy order during the bankruptcy of the company, is impossible in different reasons. Also, according to the commercial code, the sealing of the partners’ property in return for the company’s debts is prohibited, the guaranteeing partners shall have the enough opportunity in order to discharge their own assets from the creditors’ availability in different methods. Such status with a few differences, is seen in “Trade” bill which has not been finally approved by Islamic Consultative Assembly, yet. Although, the provisions of this bill are not complete, but it keeps better the creditors’ rights of the general-partnership company in comparison with the commercial code.