Amendments to Bankruptcy Act
New amendments to Thailand’s Bankruptcy Act aim to: ( 1) streamline the procedures which require court approval in reviewing claims for repayment of debt; ( 2) allow creditors additional time to file a claim for debt repayment if the cause of late filing was a force majeure event; and ( 3) increase the current penalties to match present economic and social conditions.
Section 105 has been amended to give the receiver, and not the court, the authority to examine claims for repayment of debts. Section 106 has been amended to give the official receiver, and not the court, the authority to review disputed claims of debt repayment and issue orders to dismiss or approve such claims.
Section 91 requires a creditor to file a claim with the receiver within two months of the bankruptcy order’s publication date, which can be extended for an additional two months if the creditor resides outside of Thailand. The amendments increased the penalties from THB 100, THB 200, THB 500, and THB 1,000 to THB 20,000, THB 40,000, THB 100,000, and THB 200,000, respectively, in various sections of the Bankruptcy Act.
These amendments came into effect on August 27, 2015, as codified in the Bankruptcy Act ( No. 8) B. E. 2558
For more information contact Tilleke & Gibbins at lui. r@ tilleke. com.