As Covid19 continues to wreak havoc around the globe, its devastating impact on Thailand’s economy is becoming increasingly apparent. With its borders closed to international travelers for the foreseeable future, Thailand’s tourism industry, whose revenues account for more than 15% of the country’s total GDP, has been largely decimated. Businesses heavily reliant on tourism have closed their doors in the thousands – and many companies who were already experiencing financial difficulties pre-Covid19 have now been pushed over the edge into insolvency. 

In episode 3 of our Business Rehabilitation Spotlight Series, we will discuss on the most crucial stage for creditors in a business rehabilitation proceeding, which is the “Debt Repayment Application.” According to Section 90/26 of Thai’s Bankruptcy Act B.E. 2483 (A.D.

In the first article of our Business Rehabilitation Spotlight Series, we provided an overview of the anatomy of a typical business rehabilitation in Thailand where we focused on the key considerations for Thai and Foreign Creditors.