Bankrupt Businessman's Liability to Pay Damages Delayed Repayment after Bankruptcy Date

The status of the obligations of the of the bankrupt businessman guarantors to pay late payment damages is the core issue of this study and the hypothesis tested in the examination is based on expedition the exemption of the bankrupt businessman from paying the of this payment to his guarantors. Our argument in this discussion is based on this reasoning that: The guarantor's duty to perform the obligations on the behalf of principal debtor is from the irrevocability effects of pledge contract and except for the termination of the contract or quittance of principal debtor and guarantor there is not failure to comply with the obligations arising out of this agreement, whether the guarantee is quoted or signed (joint). This irrevocability has another exception which also applies to the guarantor, s of a bankrupt businessman. The guarantee of a bankrupt businessman attests to the fact that the guarantee contract is a subsidiary of the principal contract and therefore principal debtor remission from late-payment damages after his stay and his exemption from payment to the creditors; the extension of this exemption to the guarantor of the bankrupt businessman and they are also not obliged to pay this damages. Due to the fact that the guarantee of a bankrupt businessman in accordance with the provisions of the Commercial Code is contrary to the principle and in a secure manner, and as in this form of guarantee, the creditor's referral to both the guarantor and the principal debtor individually and commonly, the possibility A ban on reffering to a bankrupt businessman will also prohibit him from coming to his guarantor. This is despite the fact that there is no single judicial procedure in the courts and domestic authorities regarding the guarantor's obligation or failure to pay the damages and court in both cases liable or lack of liability vote against or in favour of them.