Amendments to the International Commercial Code and Its Legal Gaps

Abstract

For several years, the need to change and amend the Commercial Code is discussed. There is no doubt that the rules must meet the economic and social requirements of their time. The major changes brought about by the advancement of industry and the economy in the commercial relations of individuals make the implementation of these changes and reforms inevitable, and the goals and purposes that are difficult or unenforceable to achieve with the current regulations should be determined. The issue of amendment to the Commercial Code (approved in 1311 with subsequent amendments) has been raised for many years in our country and during this period, trade has been changing rapidly and has never been waiting for an amendment of the law. As a result, we have witnessed negative phenomena in the country’s economy, due to the strict separation of Commercial Code and other commercial laws from market realities. Finally, the issue of the need to amend the Commercial Code in August 2002 was approved by the Cabinet of Ministers and the Ministry of Commerce was appointed as the chief responsible for the review of Commercial Code. In this regard, the paper intends to propose a basic approach to amending to the Commercial Code and its legal gaps.