In the MENA region, there are different approaches when it comes to insolvency. Some countries have specific laws and regulations dealing with insolvency and some others, including Iran, Yemen and Iraq lack such means. Countries like Qatar, UAE, Palestine and Saudi Arabia have very minimal usage of their respective bankruptcy laws. Issues such as inefficiency, immaturity, and none-enforceability compared to regulations of Islamic Fiqh are among the main reasons preventing most MENA countries’ insolvency and bankruptcy laws and regulations to be of more use and updated according to the needs and the fast-changing ambiance of the world of modern commerce. In this note, we are going to review the key aspects of bankruptcy laws in Iran.
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In the MENA region, there are different approaches when it comes to insolvency. Some countries have specific laws and regulations dealing with insolvency and some others, including Iran, Yemen and Iraq lack such means. Countries like Qatar, UAE, Palestine and Saudi Arabia have very minimal usage of their respective bankruptcy laws. Issues such as inefficiency, immaturity, and none-enforceability compared to regulations of Islamic Fiqh are among the main reasons preventing most MENA countries’ insolvency and bankruptcy laws and regulations to be of more use and updated according to the needs and the fast-changing ambiance of the world of modern commerce. In this note, we are going to review the key aspects of bankruptcy laws in Iran.
