Amend­ments to Bank­ruptcy Act

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

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.

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