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Net Tightens on Thai Debtors Hiding Assets.
Byline: Wichit Sirithaveeporn
Nov. 4--Creditors could be granted a period of up to 10 years in which to foreclose on assets in bankruptcy cases, following a court ruling made under a revision of the country's bankruptcy laws.
A drafting committee responsible for amending the law has approved giving creditors a broader timeframe to claim assets in bankruptcy cases, to guard against borrowers hiding assets away during the bankruptcy period from creditors.
Current law calls for a three-year bankruptcy period after a court ruling. After three years, the borrower's status automatically returns to normal and claims are dropped.
One committee ...
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Source: HighBeam Research, Net Tightens on Thai Debtors Hiding Assets.