Thai Banks - what do you make of this...?

[sloperating]

7 hours ago, jimmybkk said:

 

It was "lent" by way of agreeing to payment terms of 30 days net on goods purchased, and we only gave credit to corporate entities, which I thought provided some security. There was no interest charged provided payment was made in full within 30 days. When this company failed to make payment within 60 days we instigated legal proceedings, it went to court and we won. They made a request to the court that they be allowed to pay off the debt 5,000 per month and the court agreed, subject to interest of 1.5% per month for all overdue amounts. We weren't asked if that was OK with us. When they defaulted on those monthly payments we went back to the court and they issued a court order stating that they should pay us what was owed or else any assets they owned could be seized and auctioned. So with the court order in hand we were able to identify this land that they owned it looked like it would all work out OK for us in the end... until we found out about this 15m mortgage.

Thanks for that explanation - and apologies for any offence.  You now have my sympathy but, unfortunately, you can't bank that either.

Are there any assets of the partners that are not encumbered?

Needless to say, unless you can recover legal costs, there may come a time when you write this off to the risk of doing business in a developing country. Good luck.