Overview of Thai Bankruptcy Reorganization Law -The Closest Thing to a Chapter 11 in Thailand
A Summary of Thai Bankruptcy Reorganization Proceedings. To review article on firm site, go to: http://www.pricesanond.com/knowledge/overview-of-thai-bankruptcy-reorganization-law.php
Overview & Commencement of ProceedingsBankruptcy laws often require courts and parties to make hard choices. In a bankruptcy there is simply not enough money to satisfy everyone, and difficult decisions must be made about who gets what. In a bankruptcy, property is seized, reputations are ruined, contracts are dismembered and jobs are lost.
Examination Hearing and the "Insolvency" Requirement -The Court will examine the petition to determine if (i) the debtor is insolvent, (ii) a good candidate for reorganization, (iii) a creditor is owed not less than Baht 10 Million, and (iv) if the petition was filed in good faith. At the end of the hearing, the Court will either dismiss the petition or issue an order for the business reorganization of the debtor (the Reorganization Order).