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Eased Rules to Bankruptcy Code Will Speed Up Restructuring Process in Thailand.
Byline: Chatrudee Theparat
Mar. 6--The cabinet yesterday approved amendments to the bankruptcy code in a bid to accelerate debt restructuring.
Justice Minister Pongthep Thepkanchana said the changes included a reduction in fees for bankruptcy and debt restructuring cases to a maximum 3 percent of debt from 5 percent, increasing creditors' returns. For cases where assets have been seized but not yet sold, fees were reduced to 2 percent from 3.5 percent.
To protect small creditors during consideration of rehabilitation plans, the new minimum holding for creditors will rise to 75 percent from 50 percent of debt before any plan could proceed.
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- Bangkok Post, Thailand, KPMG Column.
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Source: HighBeam Research, Eased Rules to Bankruptcy Code Will Speed Up Restructuring Process in...