Restructuring and Insolvency Attorneys in Thailand
Updated on Monday 27th November 2017
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The Thai legislation regulating insolvency issues is the Bankruptcy Act BE 2483 (AD 1940). There are several specialized courts in Thailand which deal with bankruptcy and reorganization matters. Our Thai lawyers can help you become familiarized with the relevant local legislation and help you comply with it for restructuring or closing down your business in Thailand.
Restructuring proceedings in Thailand
In 1998, Thailand has introduced an amended act to the bankruptcy legislation, introducing an alternative restructuring procedure for companies. Thus, the corporate rehabilitation procedure takes place through a Court process. Debtors and creditors need to negotiate and agree in view of a restructuration plan.
The management of a Thai company which goes through a restructuration process is not necessarily affected by this procedure, but a financial adviser is usually employed in order to supervise carefully the transactions and cash flow of the enterprise.
Insolvency proceedings in Thailand
Insolvency proceedings in Thailand start by a creditor taking action against a company which crosses bankruptcy. A petition can be filed if the insolvent company owes to the creditor at least 2 million Baht.
In Thailand, the courts may give an order for compulsory liquidation or companies may take themselves the decision to close the company, through a meeting of the board. This second situation is called voluntary liquidation, through which a liquidator is employed in order to transform the remaining assets of the company in liquidities and pay the creditors.
Our restructuring and insolvency lawyers in Thailand can give you detailed information on these proceedings and can assist you at any stage of these legal processes.
Assistance in restructuring and insolvency matters in Thailand
Our Thai lawyers can offer legal counseling and professional assistance to companies which face a difficult financial situation. Our firm offers services such as:
• - financial restructuring as well as operational reorganization;
• - consultancy during insolvency procedure;
• - debt recovery;
• - preventive measures against insolvency.
Feel free to contact our lawyers in Thailand to help you in any insolvency or restructuring-related situation that you may face with your enterprise in Thailand.