Re research and comparative study of the principle of pari passu in Iran and England legal system

Abstract When a company exposed to liquidation process the most important question is how its property should distribute between creditors. Since after the bankruptcy, creditors scramble to the property of  insolvent an orderly and systematic framework is needed to scheduled this process in order to avoid more detriment and assist the insolvent to reorganize the business. Principle of equality of creditors or Pari passu is the fundamental principle in liquidation process and it means all the unsecured creditors are equally managed with out any display of preference. Recently, with augmentation of different types  of  exceptions, many lawyers suppose that the principle did not have efficiency anymore.  New approach of legal system toward reorganization ofcompanies is another reason for them to  try to render alternative solutions for pari passu. In our  country trade law, the principle of equality of creditors did not expressly presented and there for, this article is to analysis new prospect of principle to help the internal legislator to provide a comprehensive approach toward this principle and ways of distribute the insolvent property.