The liquidation of foreign currency debts owed by bankrupt merchants is one of the significant challenges in bankruptcy law, with undeniable effects on the observance of the principle of equality among creditors, commutative justice, and economic order. The current Iranian legal framework does not provide a specific mechanism for settling such debts. While specific performance requires payment in the original currency of the obligation, if conversion is to occur, disputes arise regarding the appropriate date for determining the exchange rate. Judicial practice in Iran has adopted various reference dates, such as the date of cessation of payments, the issuance of the bankruptcy judgment, the verification of claims, and the actual repayment date. This article aims to provide a legal analysis of these approaches, focusing particularly on Supreme Court Unification Opinion No. 861 dated April 7, 2025 (19/01/1404 in the Persian calendar), and to critique the prevailing view that the date of claim verification should serve as the benchmark for currency conversion. Using a descriptive, analytical, and critical methodology, and drawing upon library resources, judicial decisions, and comparative legal studies in selected countries, this research examines the advantages, shortcomings, and implications of each approach. The findings suggest that while using the date of claim verification may appear to fix the value of claims at a definitive point, it conflicts with core principles of bankruptcy law—especially the equality of creditors, legal certainty, and the predictability of the liquidation process. It appears more appropriate to adopt the date of the bankruptcy judgment, which marks the beginning of the formal bankruptcy process, as the standard reference for currency conversion. This would uphold creditor equality, avoid harmful currency fluctuations, and enhance legal certainty and the coherence of the liquidation process.