101
[BANKRUPTCY, INSOLVENCY & REHABILITATION PROCEEDINGS IN THAILAND]
The newly revised Ministerial Regulations issued under the Bankruptcy Act, B.E. 2483 (1940) incorporate new additional pre-requisite for the individual or a corporate entity who desires to apply for a licenses of the rehabilitation planner and/or the rehabilitating administration and shall provide a cash security of THB 500,000 be deposited with the competent authority on the date of filling the application for the licenses. Lastly, the criminal penalties on fines only under this Act have been replaced by the new Act on Regulatory Fines B.E. 2565 (2022) meaning no criminal sanction under these specific provisions effecting from 22 June 2023.
ILN Restructuring & Insolvency Group – Bankruptcy, Insolvency & Rehabilitation Series
Made with FlippingBook Online newsletter maker