The Legal Effects of declaring bankruptcy on the rights of creditors of the bankrupt"A Comparative Study"

Our study addressed the issue regarding effects of bankruptcy ruling on the rights of creditors of the bankrupt, I have divided the subject of study into two classes, as part of a comparative study between the Palestinian Commercial law, Trade Act Jordanian, and Egyptian Commercial law. In the first chapter I dealt with the group of creditors in terms of its inception, definition, conditions of formation, its purpose, her members and its legal nature, in the First section, and the consequences of a verdict declaring bankruptcy on its members in terms of ceasing legal proceedings, dead line of debts, in addition to stoppage of validity of the debts interests, mortgage by group of creditors, and creditors group's commitment to providing its debts in bankruptcy in the second section. Where he consequence of the declaration of bankruptcy judgment is the regularity of creditors of the bankrupt in one body represented by the Secretary of bankruptcy called group of creditors, and this group consists of ordinary creditors and creditors with rights of privilege who lose their right to make individual actions against the debtor starting from the day of judgment regarding bankruptcy and throughout bankruptcy stay, and this group of creditors have the right to act directly with the financial rights of the bankrupt as well as their special rights derived from the mass liquidation, and thus have a group of creditors somehow having an independent center against the debtor on the one hand, and about various other creditors on the other. Chapter II dealt with the effects of declaring bankruptcy verdict for those with rights of non-member group of creditors, this chapter was divided into two sections, accessible at First research, the effects of bankruptcy for those with rights invoked by the group of creditors, the owner who have the right of redemption, and creditors who several people commit in front of them to fulfill the same debt as joint debtors or guarantors. In the second part, on the impact of the rule of bankruptcy on secured creditors and bonded and rights holders, in terms of the impact of the rule of bankruptcy on creditors owners with private insurance, and the effects of bankruptcy for creditors with the right to custody, clearing and annulment. Where the interests of The Following creditors conflicting with the interests of the members of the group of creditors, so that the interest of the group realized from the application of the principle of equality to all creditors without discrimination between them, and keep all the assets of the debtor to the bankrupt, so that each creditor of those get the biggest amount of his debt when sharing funds in the division rivals, and on the contrary, the benefit of creditors of others members of the group, is the realization of the rights that provide them with a center better than center creditors components of a group of creditors, the legislator has tried in laws comparison to settle this dispute and to reconcile conflicting interests, in order to ensure respect for the principle of equality on the one hand, and respect for acquired rights on the other. Then followed by a finale included the main conclusions and recommendations and suggestions which reached through this study.