Advice Needed Please

[davethailand]

I know this is possible in the UK but i'm not sure about Thailand.

Basically I know a Thai businessman in Bangkok and he owes someone about 750000bht, He has cash difficulties and is in the process of selling his 30 million bht plus home in Bangkok.

Is it possible to legally put a claim on the funds he recieves so as he has to pay off the debt on collection of the sale proceeds?

The IOU was done legally via contracts etc.

Thanks in advance.

[OldAsiaHand]

I know a Thai businessman in Bangkok and he owes someone about 750000bht, He has cash difficulties and is in the process of selling his 30 million bht plus home in Bangkok.

Is it possible to legally put a claim on the funds he recieves so as he has to pay off the debt on collection of the sale proceeds?

<{POST_SNAPBACK}>

No.

[Sumitr Man]

No - unless:

(1) the house was used as security for the debt; thereby making them a secured, rather than unsecured, creditor; OR

(2) the debtor (or his/her creditors) has filed for bankruptcy.

Otherwise, they would have to file a civil claim for repayment in the normal manner of an unsecured creditor.

That said, once they have won their civil court case (and become a 'judgment creditor'), and the borrower still doesn't pay, if they become aware of the fact that the borrower is selling assets, they may make an attachment application to the court. But, critically, you cannot make the attachment application without first having won the civil case (and having become a 'judgment creditor'). And even then, the atachement application, even if given, is subject to an appeal by the borrower to a higher court.

SM

Edited April 8, 2005 by Sumitr Man