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Bankruptcy and Business

Bankruptcy and Business Reorganization
Thailand (Chiangmai) Law provides for (1) bankruptcy proceeding that allows for a discharge of an individual or business debts, as well as (2) for business restructuring that allows for a court approved plan for a debtor business to partially repay their debts to creditors in a structured manner.

Business Reorganization
Thailand (Chiangmai)’s Business Reorganization law was largely developed during the 1997 financial crisis. As a result of the financial crisis affecting many Thai private and public companies were burdened by unmanageable debt often to foreign and local banks. Thailand (Chiangmai)   revised its original bankruptcy laws to expand available provides for corporate rehabilitation.The amendments to Thailand (Chiangmai)’s Bankruptcy law were based primarily United States “Chapter 11” Business Reorganization law. Trustees were employed to hold and distribute corporate entity assets pursuant to a court authorized restructuring plan. Corporate debt restructuring plans are normally negotiated by the debtor and its creditors, approved by the Bankruptcy court and overseen by a court authorized trustee.

Priority Creditors
Similar to American. Chapter 11 procedures and the bankruptcy/ reorganization law of other nation. Thailand (Chiangmai) Law also provides for a priority ranking of creditors. Priority creditors include tax debts and judgment creditors. On the next priority level are secured creditors for immovable property followed by unsecured creditors.

Creditors’ Meetings
The Bankruptcy Court can take jurisdiction of a debtor’s case by application of a Creditor or by the Debtor themselves. Once a bankruptcy liquidation case or business reorganization case is accepted by the Bankruptcy Court, an initial creditor meeting is scheduled. Creditors are required to issue Creditor claims to prove their creditor status.

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