Thai NLA resolves to endorse draft amendment of bankruptcy law

[webfact]

NLA resolves to endorse draft amendment of bankruptcy law


File photo. Source Internet

BANGKOK, 22 January 2015 (NNT) - The National Legislative Assembly has reached a unanimous vote to endorse the draft amendment of the bankruptcy law.

During the NLA sitting on Thursday, members of the legislature deliberated the draft amendment of the law on bankruptcy which was proposed by the Cabinet.

Justice Minister Gen. Paiboon Kumchaya told the meeting that the draft has been written to help revive small- and medium-sized enterprises or SMEs so that troubled operators will be able to resume their operations without having to remain bankrupt.

Gen. Paiboon added that SMEs which will be covered by this amended law must be registered with the Office of Small and Medium Enterprises Promotion and have a debt of not more than 3 million baht.

After NLA members debated the draft, they unanimously voted to approve it and set up a 15-member committee to work on the final details within 60 days.


-- NNT 2016-01-22

[kartman]

Large business to small & medium ones ' no credit for you jokers'.

[trogers]

The government can make the law. The businesses can vote with their actions.

The taxpayers are the losers, because of NPLs of the state banks.