Thai Limited Company Closed/Suspended

[DaddyCool]

A friend formed a shell company to by a house here.

They then went back west.

They wish to sell the house as they have an interested party waiting with a deposit.

The problem is no accounts were submitted in the last 3 years!! they have come back and the accountant has told them the company has now been suspended/closed!

It has to go to through the courts to start up the company again and it could take anywhere between 1-3 months at an estimate.

The buyers will not wait that long.

Is there another way to sell the house?

[DaddyCool]

*buy

[FritsSikkink]

I think they could have a bigger problem because when they failed to pay taxes during that period the taxman won't be too happy.

Is the house still on the company assets or already sold by the taxman?

[12DrinkMore]

There is a whole lot of people out there who went through the misguided route of buying property in Thailand by setting up a company. Works as long as you comply with the law, annual accounts etc., and even then if it can be construed that you set up the company solely to circumnavigate the Thai laws, then you could lose the lot.

The application of the laws are being tightened.

Doubtless a chunk of cash has to be paid under or around the table to sort out this issue. You, or your friends, have to go and have a pleasant chat with the accountant and find out what can be done. More quickly means more money. And maybe try a different company, if you have the original papers or can get them from the accountant.

Renting is by far the best policy.

Buying a condo is way behind that.

Buying land through one means or another is not an option, IMO, unless you have enough cash to walk away from it. And that goes for the condo too.

Just my distilled tip from fifteen odd years here.

Edited February 9, 2012 by 12DrinkMore