I OVERVIEW OF RESTRUCTURING AND INSOLVENCY ACTIVITY

In Thailand, the bankruptcy and insolvency regulations were enacted in 1940, but the concept of restructuring under the supervision of the court was not recognised until 1998.2 An enactment of the restructuring regulations was pushed forward as a measure to deal with the 1997 financial crisis, known in Thailand as the Tom Yum Goong crisis.3

The concept of restructuring and insolvency has since been developed to accommodate Thailand's economic status. In 2016, in particular, the law extended its reach to allow small and medium enterprises (SMEs) to enjoy the benefit of restructuring law, which was previously an exclusive solution for limited and publicly listed companies. In other words, from 20 May 2016, an individual, a non-registered ordinary partnership, a juristic ordinary partnership and a limited partnership are also entitled to file a petition to the Bankruptcy Court for restructuring.4

With regard to Thailand's restructuring and insolvency activity in 2020, unlike in other years, business in all sectors have been heavily impacted as a result of the covid-19 pandemic since early 2020. While more measures have been introduced in response to the covid-19 situation, certain businesses tend to lean slightly towards a solution by way of restructuring.

It is our expectation that the market for restructuring will become more important for the next year or two because of the effect of business interruption due either to orders from the government (e.g., emergency decrees to temporarily close certain businesses, such as liquor stores, theatres or airlines) or to new behaviour by end users (e.g., fear of the pandemic resulting in reduced demand for air travel, hospitality and hotels).

It will be challenging for Thailand's economy to thrive in this situation.

II General introduction to the restructuring and insolvency legal framework

i The restructuring and insolvency legal framework

At present, the main law governing restructuring and insolvency in Thailand is the Bankruptcy Act B.E. 2483 (1940) and its amendments (the Bankruptcy Act). However, the court procedures for restructuring and insolvency are also set out in the Establishment of and Procedures for Bankruptcy Court Act B.E. 2542 (1999).

While the concepts of restructuring and insolvency are largely similar, each is approached differently. That is to say, the insolvency procedure is perhaps mainly viewed from the creditors' perspective in the sense that they will receive debt repayments fairly from the debtor's assets, while restructuring deals with the perspectives of both creditors and debtor as a means to maintain the debtor's business and to fairly repay the debts to creditors under the restructuring plan.

Insolvency

This is an option tailored to serve the benefits of creditors in the event that (1) an entity owing money possesses capital or assets significantly less than its debts and (2) such entity is no longer able to return the money to all creditors. In other words, the insolvency procedure deals with the situation in which the debtor's business is failing with no prospect of recovery. It will help all creditors to be reimbursed based on the ratio of debt to the total claims filed against the insolvent debtor.

Whether an entity is considered as an insolvent debtor is evaluated by the Bankruptcy Court. Generally, an insolvent debtor is an individual or organisation whose financial liabilities exceed the value of its own assets5 and such individual or organisation is no longer in a position to meet its financial obligations when they become due.

In this regard, the law has its own presumption under Section 8 of the Bankruptcy Act, where it lists certain circumstances in which it could be assumed that the debtor is insolvent.6 The most common presumptions are situations in which a debtor notifiies any of its creditors of its inability to pay the debt or a debtor makes a debt composition proposal to at least two creditors (e.g., a debtor informs its creditors of its intention to take a moratorium or enters into restructuring agreement with financial institutions).

The presumption under Section 8 of the Bankruptcy Act is a mere legal assumption. Any concerned parties are entitled to prove otherwise.

With regard to the brief bankruptcy procedure under the auspices of the Thai Bankruptcy Court, a creditor is entitled to file a complaint to the court for the insolvent debtor to be declared bankrupt. The conditions under which a creditor may initiate a bankruptcy action are prescribed in Sections 9 and 10 of the Bankruptcy Act.7 For instance, among other conditions, if the bankruptcy case is to be filed against a juristic person, such person must be in debt for not less than two million baht (US$62,000) or if the case is to be filed against an individual, such person must be in debt for not less than one million baht (US$31,000).

After the court is satisfied that the conditions under Section 9 and 10 have been fulfilled, it will issue an absolute receivership order against the debtor.8

After the absolute receivership order is issued, the official receiver will have sole power to manage and dispose of the debtor's property, to collect and receive money or property and to enter a settlement agreement or initiate any action or defend any action arising from a lawsuit in connection with the debtor's property.9

Also after the absolute receivership order is issued, the first meeting of creditors will be held for all creditors.10 If such a meeting, or the adjourned meeting, passes a resolution requesting the Bankruptcy Court to adjudge the debtor bankrupt or passes no resolution or no creditors attend the meeting or the composition in satisfaction of debts fails to be approved, the Bankruptcy Court will adjudge the debtor bankrupt and the official receiver will then have the power to manage the bankrupt's property for distribution among all creditors.11

Moreover, to receive payment, creditors are required to submit an application for debt repayment in accordance with the insolvency procedure.12

Restructuring

This is an option tailored to serve the interests of a debtor and creditors in the event that (1) an entity owing money to creditors possesses a capital or assets significantly less than its debts or is unable to pay its debt within the time specified and (2) the business of such an entity has the potential to recover. In other words, the restructuring procedure deals with the situation in which the debtor's business is declining but has some room to manoeuvre, and if it is properly managed, the business could potentially generate sufficient income. This will help all creditors to be reimbursed while the debtor can maintain its business operation.

Thailand adopted the concept of out-of-court restructuring long before 1998 when the restructuring regulations were added to the Bankruptcy Act (in-court restructuring). That is to say, in the usual course of business, it is always the case that a debtor with a significant amount of debt will make an attempt to negotiate its financial obligations with its creditors by way of renovation, debt restructuring, extension of the due date of the payment, or acquisition of additional security. This out-of-court restructuring is normally agreed in the form of a written contract or agreement. However, difficulties may arise if the debtor owes money to various creditors. It will be a challenging task to persuade all the creditors to agree to the terms.

With this problem in mind and in conjunction with the Tom Yum Goong crisis in 1997, written regulations for restructuring were first introduced to the Thai legal regime in the Bankruptcy Act in 1998.

As with the brief restructuring procedure under the auspices of the Thai Bankruptcy Court, a creditor, debtor or state agency (the Bank of Thailand, the Office of Securities and Exchange Commission, the Department of Insurance, etc.)13 is entitled to file a petition to the court requesting restructuring of the debtor's business.14 The conditions for filing the petition for normal business operation are prescribed in Section 90/3 of the Bankruptcy Act, while those for SMEs are in Section 90/92. For instance, among other conditions, if the petition for restructuring is to be filed for a normal business operation, such an entity must be in debt for not less than 10 million baht (US$311,000),15 or if the petition is to be filed against an SME, such an entity could be in debt for a lesser amount.16

To be successful in the restructuring application, apart from establishing that the debtor's financial liabilities significantly exceed the value of its own assets or the debtor is unable to pay its debt when it becomes due, it is required to prove that the business has the potential to regain its competitiveness in the market and is able to generate sufficient income to largely cover its debts. It is advised to further prove that the restructuring of the debtor's business will result in a positive economic benefit to the country (e.g., avoiding laying-off of employees).17

After the restructuring petition is accepted by the Bankruptcy Court, an automatic stay, which provides certain protections for the debtor, will be triggered. During this period, certain actions with regard to the debtor's business are not allowed, so as to maintain the sustainability of the debtor's business operation and prevent any action that might incapacitate the debtor's business and jeopardise the success of the restructuring.18 For instance, it is not allowed to file a civil action or submit an arbitration claim against the debtor in connection with the debtor's property, or to take bankruptcy action against the debtor.19 A secured creditor is not allowed to exercise enforcement for payment of the debt against property given as security unless given permission by the Bankruptcy Court,20 and a debtor is not allowed to make any disposal, distribution or transfer, grant a lease, make repayment of debt, create debts or perform any action having the effect of creating any encumbrance over the debtor's property other than what is necessary for the continuance of normal operation of the debtor's business, unless otherwise ordered by the Bankruptcy Court,21 etc.22

This period of automatic stay lasts until the process of restructuring at the Bankruptcy Court ends.23

Subsequently, and after evidence and testimonies have been heard and examined by the Bankruptcy Court, if the court finds that there is a reasonable cause for business restructuring, the court will issue a business restructuring order.24

Once the order has been issued, certain rights of shareholders in the debtor's company will be temporarily suspended.25 The debtor's executive will no longer be able to manage its assets and business operation. This privilege will shift to the plan preparer26 and the plan administrator respectively27 unless the executive of the debtor's company is appointed by both a majority of the creditors and the Bankruptcy Court to be the plan preparer28 and appointed to be the plan administrator as specified in the restructuring plan.29

The duty of the plan preparer is to draw up a restructuring plan for the debtor's business for creditors and the Bankruptcy Court's consideration. This plan is required to be completed within three months from the date of appointment of the plan preparer. An extension of one month is allowed on no more than two occasions.30 After the plan is approved by a creditors meeting and the court, the plan administrator will take charge and run the debtor's business in accordance with such plan.31 This approved plan binds all the creditors.32

After the plan has been implemented, two possible scenarios may follow:33

  1. The period of time for the implementation of the plan has not expired but the business restructuring has been successfully completed in accordance with the plan.

    In this case, the debtor's executive, the plan administrator, the interim plan administrator or the official receiver, as the case may be, will report to the Bankruptcy Court and request the court to issue an order cancelling the business restructuring.

    If the Bankruptcy Court finds that the business restructuring has been successfully completed in accordance with the plan, the court will issue an order as such.34

    If the Bankruptcy Court issues an order cancelling the business restructuring order, the powers and duties to handle the management of the debtor's business and property will also be restored to the debtor's executive, and the debtor's shareholders rights under the law will be restored.35 This order will also have the effect of discharging the debtor from all debts except for those owed to a creditor that has applied for repayment of debt before the court renders such order and is specified in the plan.36

  2. The period of time for the implementation of the plan has expired but the business restructuring has not been successful in accordance with the plan.

    In this scenario, the plan administrator, the interim plan administrator or the official receiver, as the case may be, must report to the Bankruptcy Court within 14 days from the expiry date.

    The Bankruptcy Court will then have two options:37

    • if the court deems it appropriate to adjudge the debtor bankrupt, the court will issue an absolute receivership order against the debtor; or
    • if the court does not deem it appropriate to adjudge the debtor bankrupt, the court will issue an order cancelling the business restructuring.

In the event that the Bankruptcy Court issues an absolute receivership order against the debtor, the official receiver will then have the power to manage the debtor's property for distribution among all creditors.

ii The taking and enforcement of security

Generally, creditors with security can take matters into their own hands concerning the enforcement of security. We will not go into the details of securities available under Thai law and methods of enforcement (e.g., pledges, mortgages or business security under the Business Security Act B.E. 2558 (2015)). This article will merely focus on the issue of the enforcement of security under the insolvency and restructuring regime.

Insolvency

Creditors can be categorised as either unsecured creditors or secured creditors. For the insolvency proceeding, they are generally required to file an application for the repayment of debt to the official receiver38 within two months after the publication of the absolute receivership order.39 Extensions of an additional two months (for a total four months) may be granted if the creditor resides outside Thailand.40

The submission of an application for the repayment of debt is compulsory for unsecured creditors, otherwise such creditors will not be entitled to receive their share once the assets of the debtor have been sold.41

After the application is submitted, the official receiver has discretion to approve the application or render an order as it sees fit. If the application is rejected or the amount of debt referred to in the application is adjusted by the official receiver, an unsatisfied creditor or any interested person may make an objection to the Bankruptcy Court within 14 days after becoming aware of the official receiver's order.42

Once the amount under the application is settled (either by way of the creditor being satisfied with the debt evaluation conducted by the official receiver or the amount in the application being adjusted by the Bankruptcy Court), the debtor's assets will be sold and allocated in accordance with the ratio in the application.

Secured creditors have two options. The first is to submit an application for the repayment of debt and proceed as mentioned above.43 Alternatively, secured creditors may opt not to submit an application and proceed separately with the enforcement of security provided by the debtor prior to filing the bankruptcy lawsuit. If this option is selected, creditors are required to allow such security to be examined by the official receiver before enforcing such security.44

Restructuring

In restructuring, all creditors are generally required to file an application for the repayment of debt to the official receiver within one month after the publication of the court's order appointing the plan preparer.45 We note here that the timeline for submission is one month shorter than for the insolvency process.

Failure to file an application may result in a situation in which a creditor is not entitled to receive any payment under the plan unless otherwise specified in the plan or the court revokes a restructuring order.46

After the application is submitted, similar to the process of insolvency, the official receiver will review and make a decision on the application, including the amount of debt. This decision may be appealed to the Bankruptcy Court by the applicant or any interested person (such as other creditors or the debtor) within 14 days after becoming aware of the official receiver's order.47

Subsequently, after the amount in the application is settled, the payment plan will be prepared and the creditor will be reimbursed as specified in the plan.

Secured creditors will be classified in a different category from unsecured creditors under the restructuring plan.

iii Duties of directors of companies in financial difficulties

Among other duties, the directors of a company in Thailand generally hold fiduciary duties to their company under the relevant laws.48

For a limited company, if the financial difficulties are out of control and the company suffers a significant loss, Thai law does not require directors to bring the company to the process of insolvency or restructuring at the Bankruptcy Court. Thai law only requires a director to call for an extraordinary general meeting of shareholders if the company encounters a financial crisis (e.g., the company's loss reaches half of the company's capital).49

In this regard, failing to call for an extraordinary general meeting, directors will be subject to a penalty not exceeding 20,000 baht under the Act on Offences Concerning Registered Partnerships, Limited Partnerships, Limited Companies, Associations and Foundations B.E. 2499 (1956).50

There is no direct liability for directors refusing or ignoring to file the bankruptcy or restructuring lawsuit to the court, even if the financial situation suggests that they should.

Insolvency and restructuring

If the company is in the process of insolvency or restructuring, the directors will be subject to various specific duties under the Bankruptcy Law. Noting in particular, they must:

  1. deliver all properties, seals, account books and documents related to the debtor's property and business that are in their possession to the official receiver;51
  2. provide material information on its properties to the official receiver or the plan preparer, as the case may be;52 and
  3. notify the official receiver upon gaining knowledge that false indebtedness has been invoked in applying for the repayment of debt.53

Failure to comply with certain duties may be subject to criminal sanctions.

iv Clawback actions

Regulations governing clawback actions for the insolvency process are in Sections 113 to 115 of the Bankruptcy Act, while those for the restructuring process are specified in Sections 90/40 to 90/41 bis of the Bankruptcy Act. Both regulations are largely similar, as they both adopt the doctrine of 'revocation of fraudulent acts' under the Thai Civil and Commercial Code.54

Insolvency

In the event that the debtor transfers its assets or allows for its assets to be transferred with the intent to enable any creditor to have an advantage over other creditors during the period of three months prior to the filing of insolvency lawsuit, the official receiver is entitled to request the Bankruptcy Court to revoke such transfer.55

The law also presumes that if the transfer (1) is made during the period of one year prior to the filing of the insolvency lawsuit, (2) is made as a gratuitous act, or (3) is made with unreasonably small remuneration, it is most likely that the debtor and the person enriched thereby know that it would be prejudicial to the creditor.56

Restructuring

Not only the official receiver but also the plan preparer or the plan administrator is entitled to request the Bankruptcy Court to revoke a fraudulent transfer.57 Similar presumptions to those in the insolvency procedure also apply.58

Even though the transfer is fraudulent, it will not be prejudicial to the rights of a third party acquiring such assets in good faith and acquiring such assets with proper consideration (e.g., buying or exchanging the assets) before the insolvency or restructuring lawsuit is filed with the Bankruptcy Court.59

III Recent legal developments

The most recent change in regulations concerning insolvency and restructuring occurred in 2018, when the 10th amendment was made to the Bankruptcy Act. One of the purposes of this amendment is to extend the criteria of a debtor in the restructuring process and the criteria of a creditor under the Bankruptcy Act to allow greater scope for debtors and creditors to enjoy the benefits under the act.

The restructuring process previously allowed only a debtor with insolvent status to file the restructuring petition. It now allows either an insolvent debtor or a debtor who is unable to pay its debt when it becomes due to file the petition.60

The law revised the definition of 'secured creditor', which previously referred only to 'the creditor having rights over the debtor's property by virtue of a mortgage, a pledge or a right of retention or the creditor having a preferential right capable of enforcement in a nature similar to that enforceable by a pledgee' to include other types of creditors under specific security law, such as the Business Security Act B.E. 2558.61

In addition, and in the light of the covid-19 pandemic, several regulations have been enacted as a countermeasure with the purpose of assisting an entity in a financial crisis. These methods, in other words, may be considered as restructuring out of court.

In this regard, the Emergency Decree re: Financial Assistance for Entrepreneur Affected from Coronavirus 2019 B.E. 2563 (2020) (Financial Emergency Decree) was declared on 18 April 2020. This decree aims to assist only SMEs.62

To reflect this policy, the Bank of Thailand has issued several notifications to financial institutions to assist SMEs by granting loans with a specific interest regime to increase their cash flow or offer a moratorium in accordance with the debtor's financial capability.63

IV Significant transactions, key developments and most active industries

The most recent and significant transaction in 2020 would be the potential restructuring deals of Thai Airways International PCL (Thai Airways).

Thai Airways was a state-owned enterprise, having the Ministry of Finance as the majority shareholder with 51.03 per cent of the shares. The percentage of shares was reduced shortly before submission of its restructuring petition.64 Its business has recently been heavily affected by the covid-19 situation and the measures imposed by the government, particularly the Civil Aviation Authority of Thailand (CAAT), in response to the spread of the virus.

Since 4 April 2020, CAAT has prohibited international flights65 and domestic flights have been restricted.66 At the time of writing, international flights are likely to be suspended under the state of emergency until 30 June 2020.67 This incident, in conjunction with Thai Airways' considerable burden of over 10 billion baht in expenses per month has resulted in significant losses and a reduction in cash flow.68

The matter was referred to the State Enterprise Policy Commission for consideration regarding the restructuring plan of Thai Airways on 29 April 2020.69 Thai Airways is now a step closer to restructuring after a key government panel backed the plan and the Cabinet resolved, on 19 May 2020, that Thai Airways is to file a restructuring petition to the Bankruptcy Court.70

Thai Airways' current total debt was preliminarily assessed as around 245 billion baht.71

V International

i The UNCITRAL Model Law

Even though the UNCITRAL Model Law is recognised and has been used as a guideline to legislate several domestic laws in Thailand. Thailand has not yet adopted the concept of cross-border insolvency of the UNCITRAL Model Law.

Nonetheless, there has been an attempt to amend the Bankruptcy Act to recognise cross-border cooperation and increase the level of recognition of foreign judgments. The amendment had been under consideration by the relevant government entities for some time, but the Minister of Justice withdrew the draft amendment of the Bankruptcy Act from their consideration around October 2019, stating that the draft amendment requires thorough study.72

If the law is passed, its concept, to some extent, will be similar to those specified in the UNCITRAL Model Law with regard to cross-border insolvency.

ii The Bankruptcy Act

Although the UNCITRAL Model Law has not been adopted, the Bankruptcy Act has its own section with regard to foreign elements.73 This was referred to, by the Minister of Justice, as one of the reasons why it is not urgent to adopt the concept of cross-border insolvency under the UNCITRAL.74

However, it is made abundantly clear in the Bankruptcy Act that receivership or bankruptcy under the law of any other country has no effect on the debtor's property located in Thailand.75

In addition, Thai courts generally do not recognise a foreign judgment. It can only be used as rather convincing evidence in the court, given that the core content of such a judgment is similar to the issues in dispute at the Thai court.

Despite some restrictions, the Bankruptcy Act allows a foreign creditor to submit an application for repayment of debt in insolvency proceeding if the following conditions have been satisfied:

  1. a foreign creditor is able to prove that creditors in Thailand are similarly entitled to apply for repayment of debt in a bankruptcy action under the law and in the court of the foreign creditor's country; and
  2. a foreign creditor makes a declaration as to whether, and to what extent, the foreign creditor has received or is entitled to receive property or a share in the property of the same debtor outside Thailand and a declaration that the foreign creditor agrees to deliver the property or the share in the property of such debtor (if any) to be added as part of the debtor's assets in Thailand.76

VI Future developments

As covid-19 spreads its effect globally, it is most likely that the regulations concerning cross-border insolvency will return to the consideration of relevant government entities. This is due to an expected increase in insolvency and restructuring lawsuits, particularly involving foreign creditors and debtors.

In addition, as can be seen above, the current bankruptcy law with regard to foreign elements is impractical. It places an unnecessary burden on foreign creditors residing outside Thailand to obtain a debt repayment under Thailand's current insolvency and restructuring regime.

Apart from cross-border insolvency, it may be anticipated that the Cabinet or Prime Minister will announce certain measures under the state of emergency to assist entrepreneurs financially. This includes a financial device specifically created through notification by the Bank of Thailand.

The government's focus may be on certain businesses heavily affected by covid-19, such as airlines, hospitality and hotels.


Footnotes

1 Warathorn Wongsawangsiri is a partner, and Rachata Champathong and Rujrawin Chiewchansilp are associates at Herbert Smith Freehills (Thailand) Limited.

2 Section 2 of the Bankruptcy Act.

3 Section 2 of the Bankruptcy Act (the fourth amendment) B.E. 2541 (1997).

4 Section 2 of the Bankruptcy Act (the ninth amendment) B.E. 2559 (2016).

5 Retrieved from http://www.businessdictionary.com/definition/insolvent.html (accessed on 14 May 2020).

6 Section 8 of the Bankruptcy Act.

7 Section 9 of the Bankruptcy Act and Section 10 of the Bankruptcy Act.

8 Section 14 of the Bankruptcy Act.

9 Section 22 of the Bankruptcy Act.

10 Section 31 of the Bankruptcy Act.

11 Section 61 of the Bankruptcy Act.

12 Section 27 of the Bankruptcy Act and Section 91 of the Bankruptcy Act.

13 Section 90/4 of the Bankruptcy Act.

14 Section 90/2 of the Bankruptcy Act.

15 Section 90/3 of the Bankruptcy Act.

16 Section 90/92 of the Bankruptcy Act.

17 Kamol Teeravetchapolkul. (2018). Bankruptcy Law and Business Rehabilitation (2nd edition), p. 472. Bangkok: Krungsiam Publishing Co, Ltd.

18 ibid, page 599.

19 Section 90/12 (4) of the Bankruptcy Act.

20 Section 90/12 (6) of the Bankruptcy Act.

21 Section 90/12 (9) of the Bankruptcy Act.

22 Section 90/12 paragraph 2 of the Bankruptcy Act.

23 Section 90/12 paragraph 1 of the Bankruptcy Act.

24 Section 90/10 of the Bankruptcy Act and Section 90/100 of the Bankruptcy Act.

25 Section 90/21 of the Bankruptcy Act.

26 Section 90/25 of the Bankruptcy Act.

27 Section 90/59 of the Bankruptcy Act.

28 Section 90/17 of the Bankruptcy Act.

29 Section 90/42 (7) of the Bankruptcy Act., Section 90/56 of the Bankruptcy Act, and Section 90/58 of the Bankruptcy Act.

30 Section 90/43 of the Bankruptcy Act.

31 Section 90/59 of the Bankruptcy Act.

32 Section 90/60 of the Bankruptcy Act.

33 Kamol Teeravetchapolkul. (2018). Bankruptcy Law and Business Rehabilitation (2nd edition), p. 670. Bangkok: Krungsiam Publishing Co, Ltd.

34 Section 90/70 paragraph 1 of the Bankruptcy Act.

35 Section 90/75 (1) (2) of the Bankruptcy Act.

36 Section 90/75 of the Bankruptcy Act.

37 Section 90/70 paragraph 2 of the Bankruptcy Act.

38 Section 27 of the Bankruptcy Act.

39 Section 91 of the Bankruptcy Act.

40 ibid.

41 Subject to certain exceptions, Section 77 paragraph 1 of the Bankruptcy Act and the Supreme Court's judgement No. 1673/2511.

42 Section 106 of the Bankruptcy Act.

43 Section 96 of the Bankruptcy Act.

44 Section 95 of the Bankruptcy Act.

45 Section 90/26 of the Bankruptcy Act.

46 Section 90/61 of the Bankruptcy Act.

47 Section 90/32 of the Bankruptcy Act.

48 Section 1168 of the Civil and Commercial Code and Section 85 of the Public Limited Companies Act B.E. 2535 (1992).

49 Section 1172 paragraph 2 of the Civil and Commercial Code.

50 Section 27 of the Act on Offences Concerning Registered Partnerships, Limited Partnerships, Limited Companies, Associations and Foundations B.E. 2499 (1956).

51 Section 23 of the Bankruptcy Act and Section 90/21 of the Bankruptcy Act.

52 Section 30 of the Bankruptcy Act and Section 90/34 of the Bankruptcy Act.

53 Section 90/84 (3) of the Bankruptcy Act and 163 (3) of the Bankruptcy Act.

54 Section 113 of the Bankruptcy Act and Section 90/40 of the Bankruptcy Act.

55 Section 115 of the Bankruptcy Act.

56 Section 114 of the Bankruptcy Act.

57 Section 90/41 of the Bankruptcy Act.

58 Section 90/40 of the Bankruptcy Act.

59 Section 116 of the Bankruptcy Act and Section 90/41 paragraph 3 of the Bankruptcy Act.

60 Section 90/3 of the Bankruptcy Act.

61 Section 6 of the Bankruptcy Act.

62 Section 3 of the Financial Emergency Decree.

63 Notification of the Bank of Thailand No. Sor Kor Sor 1. 2/2563 and Notification of the Bank of Thailand No. Sor Kor Sor 1. 3/2563.

64 The Stock Exchange of Thailand. (n.d.). Retrieved from https://www.set.or.th/set/companyholder.do?symbol=THAI&language=en&country=US (accessed on 15 May 2020).

65 The CAAT announcement re: Temporary ban on all international flights. (2020). Retrieved from https://www.caat.or.th/th/archives/49284 (accessed on 15 May 2020).

66 Clause 5 of the fifth regulation order under the Emergency Decree on Public Administration in Emergency Situation, B.E. 2548 (2005).

67 The CAAT announcement re: Extension of temporary ban on all international flights to Thailand until 30 June 2020. (2020). Retrieved from https://www.caat.or.th/th/archives/50431 (accessed on 17 May 2020).

68 Matichon Public Company Limited. (2020). 10 stories about Thai Airways Primary Loss – Liquidity Requires major surgery. Retrieved from https://www.prachachat.net/tourism/news-460987 (accessed on 12 May 2020).

69 Krungthep Turakij Media Company Limited. (2020). Sepo carrying Thai Airways Maintain state enterprises. Retrieved from https://www.bangkokbiznews.com/news/detail/878475 (accessed on 7 May 2020).

70 Bangkok Post Public Company Limited. (2020). Cabinet sends THAI to Bankruptcy Court. Retrieved from https://www.bangkokpost.com/business/1920760/cabinet-sends-thai-to-bankruptcy-court (accessed on 19 May 2020).

71 ibid

72 Manager Online. (2019). Withdrawing the draft amendment of the Bankruptcy Act regarding rehabilitation of multinational companies. Retrieved from https://mgronline.com/politics/detail/9620000096333 (accessed on 12 May 2020).

73 Section 177 of the Bankruptcy Act and Section 178 of the Bankruptcy Act.

74 Manager Online. (2019). Withdrawing the draft amendment of the Bankruptcy Act regarding rehabilitation of multinational companies. Retrieved from https://mgronline.com/politics/detail/9620000096333 (accessed on 12 May 2020).

75 Section 177 of the Bankruptcy Act.

76 Section 178 of the Bankruptcy Act.