Personal Liability

[Rossi]

Hi,

what would happen if my wife as the owner of a sole proprietorship would be sued to pay a big amount of money and she wouldn't be able to pay this? Would I have to pay that as her husband? Is there something like a personal bankruptcy in Thailand and how is this handeled? Would she possilbly go to prison?

Are there insurances to cover this risk and about how much do they cost?

Cheers,

Rossi

[samran]

http://www.thaivisa.com/forum/index.php?sh...c=89112&hl=

I asked this question a while back.

All the best.

[Rossi]

@samran

thanks for the link, but this is not exactly the same thing. I thought to get more information about what might happen in case there is no insurance in place.

Anyway, thanks for helping me out with the insurance.

Rossi

[Rossi]

Does really nobody know how this would be handeled in Thailand? Lets say my wife would be sued to pay a fine of 200.000 Baht and she just wouldn't have any money to pay that, what would then happen? Would I as her husband be the one who would have to pay the fine? Would the business be closed and her accounts distrained?

[rogerinthai]

Didn't you say you are going to export small items abroad? Who will sue you, someone who got an L sized T-shirt instead of XL???

[Paul MBMG]

all depends on your structure, sole proprietorship, partmership, LLC etc

Going forwards best to use LLCs and trusts to limit personal liability and then arrange PIC/liability cover

even then should have personal liability too....