Cabinet approves bankruptcy bill to seize debtors’ assets abroad

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

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