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The Bankruptcy Act (No.9) B.E. 2559 (2016) became effective on 25 May 2016, broadening the provision relating to the reorganization of a debtor’s business to allow a debtor who is unable to repay his debt avoid bankruptcy.
Previously, such reorganization was limited only to debtors that were a limited company, a public limited company or any other juristic person as prescribed in the Ministerial Regulations. This amendment to the Act has widened the definition to include a debtor who is a natural person; a group of persons; a non – registered ordinary partnership; a registered ordinary partnership; a limited partnership; a limited company; any other juristic person as prescribed in the Ministerial Regulations that conducts business related to “ small or medium sized enterprises” and is registered with the Office of Small and Medium Enterprises Promotion or any other Government Agency.
If you’re still unsure with any of these terms or other accounting buzzwords you’ve heard around our Bangkok accounting company office, get in touch with B-Accounting today, we’re happy to help with all your accounting needs. Call us on +66 (0)2 234 4889 (available in both Thai and English).