Criteria for debtors that may be filed for bankruptcy
In the case of general creditors It complies with the rules in section 9, namely:
1 The debtor is insolvent.
2 If a natural person must have debt amount of not less than 1,000,000 baht, while a juristic person must have debt amount of not less than 2,000,000 baht, whether one creditor or multiple creditors.
3 Must be a certain amount of debt whether the debt is due immediately or in the future
In the event that the creditor is insured in accordance with the rules in the section 10 (subject to Article 9) are:
1 is not a forbidden person shall not enforce the payment of debts to the debtor's property in excess of the assets used as collateral; and
2 said in the lawsuit that If the debtor is bankrupt Will give up collateral for the benefit of all creditors or appraisal of the collateral in the lawsuit, which when deducted with the amount of their debt The money is still lacking for the debtor who is a natural person in the amount of not less than 1,000,000 baht or a debtor who is a juristic person in the amount of not less than 2,000,000 baht.
Filing a petition for bankruptcy
1 File a complaint with the Central Bankruptcy Court
2 While the Regional Bankruptcy Court has not yet opened for business in any locality shall be filed with the provincial court where the debtor is domiciled within the jurisdiction or operates business in that jurisdiction.
Court fees : The plaintiff must deposit a deposit of 5,000 baht for court expenses.
litigation process After the court accepts the complaint for consideration
1 The court must consider the fact that Does the debtor qualify for the bankruptcy lawsuit?
» If you see that it's complete The court will have absolute receivership of the debtor.
» If the qualifications are not complete, or the debtor can attest that the debtor may be able to pay all debts or there are other reasons that the debtor should not be bankrupt The court will immediately dismiss the case (Section 14).
2 During the consideration of the creditor's complaint and before the court has issued an absolute receivership order, the debtor may have unreliable behavior in moving the property. The creditor has the right to submit an application unilaterally. by making a request for temporary receivership of the debtor which the court will make an immediate inquiry When the case is deemed to have grounds, there will be a temporary receivership order. This approach can mitigate creditors' damage to some extent.
3 When the court has issued an absolute receivership order The Receiver will take care and control the business or property. or rights on behalf of the debtor immediately Including civil litigation, litigation, defense, compromise on the debtor's assets as well. The debtor must deliver the property Documents relating to the debtor's property and business to the Receiver and must provide truthful information as well, otherwise subject to criminal fines or imprisonment or both. Up to the discretion of the court
4 Other creditors may request for repayment. In the bankruptcy case together with the announcement of the absolute receivership order which the court will have a time limit.
5 The Receiver will consider the debt repayment applications of the creditors to determine whether Who has the right to average the debt repayment from the debtor's property according to the law. Then the first meeting of creditors was called. To discuss whether the debtor should accept the debtor's request (in case the debtor submits a request for debt reconciliation) or should the court adjudicate the debtor bankruptcy including how to manage assets
6 The court will investigate the debtor. by disclosing to know the financial position The reason for insolvency behavior. Then there is a consideration of the debtor's request for debt reconciliation according to the official receiver's report with the opinion of the meeting of creditors whether they should agree to the compromise or not.
7 after the court has approved the compromise which the meeting of creditors has accepted will begin the process of managing the property according to the agreement immediately If the debtor refuses to pay the debt as agreed in the compromise or delays without reasonable grounds or has fraudulent intent The Receiver reports or any creditor would have a request made as a petition, the court has the power to cancel the compromise and sentence the debtor to bankruptcy as well
In the following cases, the court has to adjudge the debtor bankruptcy (Section 61):
1 The creditors vote at the first or the next creditor's meeting. Ask the court to judge the debtor bankruptcy.
2 Not voting
3 There are no creditors to the meeting.
4 Compounding is not approved.
in either case The Court shall adjudicate the debtor's bankruptcy and the Receiver shall have the power to manage the debtor's property to divide among the creditors. It shall be deemed that the debtor's bankruptcy commences from the date of the court's receivership order after the bankruptcy.
Debtor's Practice Guidelines
1 The debtor must ask the official to determine the pension and if there is any future income. must be delivered to the Receiver to be averaged back to creditors
2 The management of the debtor's property must be authorized by the Receiver first.
3 The debtor cannot go out of the Kingdom. unless the court or the Receiver grants permission in writing. Even the relocation must be notified.
How to get out of bankruptcy
1 The reconciliation is approved and the agreement is fully complied with.
2. The court canceled the bankruptcy. When there are grounds under Section 135, for example, the debt has been paid in full. or after the last division of property or no property will be divided After that, within 10 years, the property could not be collected again. and no creditors ask to collect the bankrupt's assets again or the creditor does not cooperate with the Receiver, etc.
3 The court has issued an order to discharge from bankruptcy.
4 The debtor is discharged from bankruptcy after 3 years from the date of the court adjudication of bankruptcy for a natural person. and the debt which is the cause for filing for bankruptcy is not corrupt
Collection of popular questions
1 When the court has issued an absolute receivership order against the debtor, if the debtor
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