Bankruptcy Case
Bankruptcy Case
Bankruptcy cases arise when debtors cannot repay debts. Heard by the Central Bankruptcy Court.
Bankruptcy Case Services
- Filing bankruptcy petitions
- Business rehabilitation petitions
- Debt composition (compromise with creditors)
- Filing claims for debt repayment in bankruptcy
- Opposing a discharge from bankruptcy
Frequently Asked Questions
How much debt is needed to file for bankruptcy?
A creditor can file for a debtor's bankruptcy if the debtor is insolvent, owes the suing creditor(s) (one or several together) at least 1 million baht for an individual or at least 2 million baht for a company or other juristic person, and the debt amount can be determined with certainty (Bankruptcy Act s.9).
What should I do if I am sued for bankruptcy?
Talk to a lawyer straight away to decide whether to contest the case, seek a debt composition, or accept bankruptcy. Each option has different conditions and legal effects.
Can I still work after being declared bankrupt?
Yes, you can still work, but the law imposes restrictions. For example, you must report income and property you receive to the official receiver, and you may not leave Thailand unless the court or the official receiver gives written permission (Bankruptcy Act s.67). Some positions or professions, such as company director, may also be barred under specific laws. A lawyer will check what applies in your case.
Related Topics
Note: The information on this page is for general educational purposes only and not specific legal advice. If you have a case or need guidance, please contact a lawyer directly at 081-544-0944