Business Reorganization is a court process by which a petitioner may file a case to the Central Bankruptcy Court for the debtor’s business reorganization under the provisions in the Thailand Bankruptcy Act.
1. A single creditor or multiple creditors owed a fixed amount of not less than 10 Million Baht.
2. The debtor who is insolvent and indebted to a single or multiple creditors for a fixed amount not less than 10 Million Baht.
3. The Bank of Thailand when the debtors are the following:
4. The Securities Exchange Commission and the Stock Exchange of Thailand when the debtors are securities companies.
5. The Insurance Department when the debtor is a Life Insurance Company or Insurance against loss Company.
6. Government Offices with the authority to supervise debtor’s business operations under the Ministerial Regulations.
A petition for Business Reorganization must clearly show:
1. the insolvency of the debtor;
2. list and contact details of all creditors owed an amount of at least 10 Million Baht;
3. reasonable grounds and prospects rehabilitate the business;
4. name and qualifications of the Plan Preparer; and
5. a letter of consent from the Plan Preparer.
If a creditor is the petitioner, they must provide the data of other known creditors. In case a debtor is the petitioner, they must attach the list of all existing assets and debts. The list must include the names and addresses of all creditors.
Reference: Business Reorganization Office, Legal Execution Department, Ministry of Justice
