What happens if I own a business in Thailand and have gone literally bankrupt...

[drronnie]

Can I just stop paying taxes and walk away from the business or do I have to close it officially but it would be difficutl as I do not have the money to pay a lawyer to close it.

[PoorSucker]

If you intend to do business in Thailand in the future you need to close it properly.

I

[drronnie]

1 minute ago, PoorSucker said:

If you intend to do business in Thailand in the future you need to close it properly.

I

Perhaps yes but at the moment I have no means to maintain this business. So can I leave it idle lets say for a year or two or would I be hassled by revenue or police?

[eisfeld]

2 minutes ago, drronnie said:

Perhaps yes but at the moment I have no means to maintain this business. So can I leave it idle lets say for a year or two or would I be hassled by revenue or police?

You are required to file the regular annual return, tax returns etc. You will be fined otherwise. You do not need a lawyer to close a business. If you can't pay any amount due then you have to file for bankruptcy.

[darksidedog]

That depends on the financial position of the company. If it owes nothing to creditors then closing it/laying it dormant, and simply being "late" (not) doing the annual financials is not a problem.

You can catch up later, though this is only something to be concerned about if you are still here of course.

I am not sure it is till the case, though it used to be after about three years without posting a return a company was considered ended anyway.