Best Bankruptcy Lawyers in Thailand

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GPS Legal

GPS Legal

Bangkok, Thailand

Free Consultation: 15 mins


Founded in 2014
12 people in their team
We are GPS Legal, a full-service law firm providing legal counsel to resident and overseas individuals, local and regional SME’s, and global...
English
Thai

Legal guides written by GPS Legal:

  • Land Ownership in Thailand: Title Deeds
  • Thailand’s SMART Visa program: What you should know
  • Estate planning goes beyond wills
SORASAK LAWFIRM

SORASAK LAWFIRM

Bangkok, Thailand

Founded in 2003
21 people in their team
Sorasak Law Office and International Consultants Co., Ltd. 21 Years of providing our clients a wide range of legal services and complete...
English
Thai
Mahanakorn Partners Group Co., Ltd

Mahanakorn Partners Group Co., Ltd

Bangkok, Thailand

Founded in 1999
30 people in their team
Welcome to Mahanakorn Partners Group (MPG)Your Comprehensive Partner in Professional ServicesAt Mahanakorn Partners Group (MPG), we redefine the...
English
Italian
German
Swedish
Russian
Thai
French
Chinese
Japanese

Legal guides written by Mahanakorn Partners Group Co., Ltd:

  • Managing Risks in Public-Private Partnership Projects
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Pisut & Partners

Pisut & Partners

Bangkok, Thailand

Founded in 2016
18 people in their team
Pisut & Partners is a leading international law firm based in Bangkok and having profound connections with international law firms across the...
English
Thai
KKB International Law Firm Co., Ltd.

KKB International Law Firm Co., Ltd.

Bangkok, Thailand

Founded in 2020
15 people in their team
KKB International Law Firm is a modern, productive law firm based in Thailand, providing a full range of legal services to domestic and international...
Thai
English
Juslaws & Consult Co., Ltd.

Juslaws & Consult Co., Ltd.

Bangkok, Thailand

Founded in 2004
200 people in their team
Our CommitmentJuslaws & Consult are committed to our client's success and therefore, every task we undertake is geared towards this achievement....
Thai
English
Suppaboon Co., Ltd.

Suppaboon Co., Ltd.

Bangkok, Thailand

Founded in 2008
150 people in their team
Company Motto: “Pay attention to and take care of regular customers Instead of searching for techniques to attract new customers”Company Vision:...
Thai
International Business Consultancy

International Business Consultancy

Bangkok, Thailand

Founded in 2019
15 people in their team
International Business Consultancy (“IBC”) was formed by highly talented and progressive lawyers, financial advisors and accountants. Our...
English
Chinese
Thai
Japanese
Chandler MHM Limited

Chandler MHM Limited

Bangkok, Thailand

Founded in 1974
200 people in their team
Chandler MHM Limited (“Chandler MHM”) was established on 1 January 2017 when Chandler & Thong‐ek Law Offices Limited (“CTLO”), one of...
Thai
English

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About Bankruptcy Law in Thailand

Bankruptcy law in Thailand governs the process by which individuals or businesses can declare bankruptcy when they are unable to repay their debts. It provides a legal framework for debtors to be protected from creditors' legal actions while formulating a plan to repay their debts.

Why You May Need a Lawyer

Dealing with bankruptcy can be a complex and stressful process. A lawyer can help you understand your rights, navigate the legal system, negotiate with creditors, and create a plan for financial recovery. They can also represent you in court and ensure that your rights are protected throughout the bankruptcy process.

Local Laws Overview

In Thailand, bankruptcy proceedings are primarily governed by the Bankruptcy Act B.E. 2483 (1940) and the Bankruptcy Court Act B.E. 2483 (1940). These laws outline the procedures for declaring bankruptcy, the rights and responsibilities of debtors and creditors, the distribution of assets, and the discharge of debts.

Frequently Asked Questions

1. What is the process for declaring bankruptcy in Thailand?

In Thailand, a debtor can file for bankruptcy by submitting a bankruptcy application to the Bankruptcy Court. The Court will review the application, appoint a trustee to manage the debtor's assets, and oversee the repayment process.

2. Will I lose all my assets if I declare bankruptcy?

Not necessarily. The Bankruptcy Act in Thailand allows debtors to retain certain exempt assets, such as essential property, tools of trade, and some personal belongings.

3. How long does the bankruptcy process typically take in Thailand?

The length of the bankruptcy process can vary depending on the complexity of the case. It can range from several months to a few years for the debtor to be discharged from bankruptcy.

4. Can creditors take legal action against me if I declare bankruptcy?

Once a debtor files for bankruptcy in Thailand, creditors are prohibited from taking legal actions against the debtor to collect their debts. The Bankruptcy Court will handle the distribution of assets and repayment to creditors.

5. How will bankruptcy affect my credit score in Thailand?

Declaring bankruptcy can have a significant impact on your credit score in Thailand. It may make it difficult to obtain credit or loans in the future, as lenders may view you as a higher risk borrower.

6. Can I operate a business while in bankruptcy in Thailand?

Yes, but you will need to seek permission from the Bankruptcy Court to continue operating your business while in bankruptcy. The Court may impose certain restrictions or conditions on your business activities.

7. Can I file for bankruptcy if I am a foreigner living in Thailand?

Yes, foreign nationals living in Thailand can also file for bankruptcy under the Bankruptcy Act. However, there may be additional considerations and procedures for foreign debtors to navigate.

8. Can I choose my own trustee in a bankruptcy case in Thailand?

No, the Bankruptcy Court will appoint a trustee to manage your assets and oversee the repayment process. The trustee must be a licensed insolvency practitioner approved by the Court.

9. Is it possible to appeal a decision made by the Bankruptcy Court in Thailand?

Yes, you can appeal a decision made by the Bankruptcy Court to the Court of Appeal within a specified timeframe. The Court of Appeal will review the case and make a determination based on the evidence presented.

10. How can a lawyer help me with my bankruptcy case in Thailand?

A lawyer can provide legal advice and representation throughout the bankruptcy process, help you understand your rights and obligations, negotiate with creditors on your behalf, and ensure that your interests are protected in court proceedings.

Additional Resources

For more information on bankruptcy law in Thailand, you can visit the Bankruptcy Court website or contact the Legal Execution Department for assistance. Additionally, seeking guidance from a reputable law firm specializing in bankruptcy law can provide valuable insights and support.

Next Steps

If you are considering filing for bankruptcy in Thailand or need legal assistance with a bankruptcy case, it is advisable to consult with a qualified bankruptcy lawyer who can guide you through the process and help you achieve financial recovery. Be sure to research potential law firms, schedule consultations, and choose a lawyer who has experience and expertise in bankruptcy law.

Disclaimer:
The information provided on this page is intended for informational purposes only and should not be construed as legal advice. While we strive to present accurate and up-to-date information, we cannot guarantee the accuracy, completeness, or currentness of the content. Laws and regulations can change frequently, and interpretations of the law can vary. Therefore, you should consult with qualified legal professionals for specific advice tailored to your situation. We disclaim all liability for actions you take or fail to take based on any content on this page. If you find any information to be incorrect or outdated, please contact us, and we will make efforts to rectify it.