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Business Rehabilitation & Bankruptcy Petition
Court-supervised restructuring under Bankruptcy Act ch.3/1 — preserve going concern with automatic stay and creditor-approved plan.
Quick Answer
For debts ≥ THB 10 million with viable business, we file rehabilitationin the Central Bankruptcy Court — triggering automatic stay on all enforcement actions. Alternative: liquidation bankruptcy for wind-down. End-to-end from petition through plan execution (3–5 years).
FAQ
- Business rehabilitation vs bankruptcy — which do I choose?
- Rehabilitation (fื้นฟูกิจการ under Bankruptcy Act ch.3/1) preserves the company as a going concern with a court-approved plan and automatic stay. Bankruptcy (liquidation) dissolves the entity and distributes assets. Rehab requires debts ≥ THB 10 million and reasonable rehabilitation prospects.
- How long does rehabilitation take?
- Petition → planner appointment: 1 month. Plan preparation: 3 months (+1 extension). Creditors' meeting + court approval: 2 months. Plan execution: typically 3–5 years with quarterly monitoring by the Official Receiver.
- Automatic stay effect?
- Once the court accepts the petition, ALL enforcement actions freeze — no new lawsuits, no seizures, no bank garnishments, no contract termination for insolvency-related default. This gives the debtor breathing room to negotiate.
- Cross-border insolvency?
- Thailand has NOT adopted the UNCITRAL Model Law on Cross-Border Insolvency (2026 draft pending). Foreign insolvency proceedings receive limited recognition. We coordinate with foreign administrators and file parallel proceedings when required.
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The information on this page follows the official sources below. Always check the latest version before you file.
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Frequently asked questions
- Can a foreigner own 100% of a Thai company?
- Generally no for activities listed in the Foreign Business Act, where majority foreign ownership requires a Foreign Business Licence, a BOI promotion, or treaty rights such as the US–Thailand Treaty of Amity. Manufacturing and certain export activities are largely open, and BOI-promoted activities can permit full foreign ownership together with land-holding and visa privileges, so the right structure depends on the specific activity.
- What is the minimum registered capital for a Thai company?
- There is no general statutory minimum for a Thai-majority company, but practical thresholds apply: THB 2 million of paid-up registered capital per foreign work permit, or THB 1 million if the foreigner is married to a Thai national, and THB 3 million per foreign shareholder for a Foreign Business Licence. Capital should therefore be planned around the visa and work-permit outcome you need, not the incorporation minimum.
- How long does company registration take?
- Registration at the Department of Business Development can be completed within one to three working days once the name reservation, shareholder documents and company objectives are ready, and the VAT registration and social security registration follow afterwards. The realistic end-to-end timeline including bank account opening is two to six weeks, with the bank account usually being the slowest step for foreign directors.
- What ongoing accounting obligations does a Thai company have?
- Every Thai company must keep statutory accounts, file monthly withholding tax (PND 1, 3, 53) and VAT (PP 30) returns by the middle of the following month, file the half-year corporate income tax return (PND 51) and the annual return (PND 50), and have its financial statements audited by a Thai CPA and filed with the DBD each year. Dormant companies are not exempt — nil returns and an audited statement are still required.