Thai Cabinet approves bankruptcy bill to seize debtors' assets abroad

[webfact]

Cabinet approves bankruptcy bill to seize debtors' assets abroad

 

BANGKOK, 28 December 2016 (NNT) – The cabinet approved a bankruptcy bill to allow the authorities to seize debtors' assets in foreign countries. 

Prime Minister's Office Vice Minister Kobsak Pootrakool said the cabinet approved in principal the amended Bankruptcy Act which will improve the efficiency in the handling of bankruptcy cases in line with international standards. 

The new law gives more power to the authorities to access debtors’ status by cooperating with financial institutions, and creditors in effort to trace their assets. It will deal with international bankruptcy cases and result in the searching of the debtors’ wealths in foreign countries. 

The Bankruptcy Act, which will turn Thailand into a fourth Asian country with efficient international bankruptcy plans, is expected to be promulgated no later than June 2017 and to restore investors' confidence. 

Meanwhile, the cabinet approved a 10-year international maritime development plan to accommodate 500-ton cargo and passenger vessels in Lancang-Mekong region between southern China and northern Thailand. 

It will cost about 655 million US dollars to excavate a 900-kilometer stretch of the international river. The project will be wholly funded by the Chinese government through China- ASEAN Maritime Cooperation Fund.

 

-- nnt 2016-12-28

[Pib]

Not any details on the bill but if this bankruptcy bill works as efficiently as Thailand's attempts to extradite criminals/people from other countries who have fled Thailand with all their money...and with that money now safely in foreign banks...the law may turn out to be more of a paper tiger than anything else.

 

A country can have all the laws it wants in terms of trying to extradite people and funds from foreign countries but unless those foreign countries recognize Thai law and have appropriate treaties/agreement with Thailand nothing will happen.    

 

Maybe this bill is saying Thailand will comply/sign up to certain international bankruptcy standards/procedures/agreements which will then allow other countries to take Thailand more seriously for requests to seize assets, etc..

 

But the Thai govt can release impressive sounding media releases that they are going after a someone's money in country X....but going after does not mean even getting through the front door of the foreign countries. 

[elgordo38]

5 hours ago, webfact said:

handling of bankruptcy cases in line with international standards. 

Lets make this one of many that are in line with international standards. Good luck in trying to reach over the waters to seize someone's assets in a foreign country. On the surface looks like another pie in the sky pipe dream. 

[gk10002000]

4 hours ago, Pib said:

Not any details on the bill but if this bankruptcy bill works as efficiently as Thailand's attempts to extradite criminals/people from other countries who have fled Thailand with all their money...and with that money now safely in foreign banks...the law may turn out to be more of a paper tiger than anything else.

 

A country can have all the laws it wants in terms of trying to extradite people and funds from foreign countries but unless those foreign countries recognize Thai law and have appropriate treaties/agreement with Thailand nothing will happen.    

 

Maybe this bill is saying Thailand will comply/sign up to certain international bankruptcy standards/procedures/agreements which will then allow other countries to take Thailand more seriously for requests to seize assets, etc..

 

But the Thai govt can release impressive sounding media releases that they are going after a someone's money in country X....but going after does not mean even getting through the front door of the foreign countries. 

Yeah, laws are nice, but if not enforced, big deal.  In addition, the Thai way allows for so many ways for somebody to buy their way out of trouble or situations.  Kind of curious if this was a reaction to that doctor that defaulted on all the monies she borrowed from Thai investors then she stayed in the USA.

[Emster23]

I wonder if this has anything to do with Ying Luck....

[GAZZPA]

5 hours ago, Pib said:

Not any details on the bill but if this bankruptcy bill works as efficiently as Thailand's attempts to extradite criminals/people from other countries who have fled Thailand with all their money...and with that money now safely in foreign banks...the law may turn out to be more of a paper tiger than anything else.

 

A country can have all the laws it wants in terms of trying to extradite people and funds from foreign countries but unless those foreign countries recognize Thai law and have appropriate treaties/agreement with Thailand nothing will happen.    

 

Maybe this bill is saying Thailand will comply/sign up to certain international bankruptcy standards/procedures/agreements which will then allow other countries to take Thailand more seriously for requests to seize assets, etc..

 

But the Thai govt can release impressive sounding media releases that they are going after a someone's money in country X....but going after does not mean even getting through the front door of the foreign countries. 

Quite right, this requires reciprocal agreements with other countries. Bankruptcy in one country does not mean bankruptcy in another. 

 

If Thailand wants to seriously do this then it will need to reciprocate. That means if a Thai person has filed bankruptcy in a foreign country the creditors will have the right to seize assets in Thailand and sell them to cover the foreign debt. I just dont see it happening and it will be a crazy expensive process as laws in Thailand are not alike to other countries.

 

I think the cases where this will be a viable option are few and far between. it would need to involve huge sums of money to warrant the legal bills.

 

I just don't see it happening to be honest.

[arrowsdawdle]

9 hours ago, elgordo38 said:

Lets make this one of many that are in line with international standards. Good luck in trying to reach over the waters to seize someone's assets in a foreign country. On the surface looks like another pie in the sky pipe dream. 

 

This is especially true of a military coup trying to fulfill international standards.

[elgordo38]

12 hours ago, arrowsdawdle said:

 

This is especially true of a military coup trying to fulfill international standards.

Yes sometimes life here is like being in a car and not knowing if one should go forward and greet international standards  or reverse it and stay in the past. Then one can always just leave things idle. 

[dcnx]

They can't even detain a monk who is hiding inside a temple. Good luck getting anything abroad.