New Debt Col­lec­tion Law Pro­vides a Mea­sure of Pro­tec­tion

Thai-American Business (T-AB) Magazine - - Legal Updates -

The Na­tional Leg­isla­tive As­sem­bly has passed the Debt Col­lec­tion Act. The new law, which took ef­fect on Septem­ber 2, seeks to es­tab­lish fair and stan­dard­ized col­lec­tion rules. It ap­plies to all debt col­lec­tors, from in­sti­tu­tional lenders such as banks to in­di­vid­ual cred­i­tors. Im­por­tantly, how­ever, while it ap­plies to in­di­vid­ual debtors, debtor com­pa­nies are not pro­tected by the law. Un­der the law, the way cred­i­tors col­lect debts will be more tightly reg­u­lated. Debtors will also have in­creased pro­tec­tion and rights.

For more in­for­ma­tion con­tact Tilleke & Gib­bins at alongkorn. t@ tilleke. com.

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