Overview of Thai Bankruptcy Reorganization Proceedings
I was seconded (posted) to Thailand in the late 1990s during the Asia financial crisis in large part because of my experience with contested bankruptcy matters in the U.S. Because Thailand is again having financial problems, I decided to post an update version of a brief article I authored in 2012.
Overview of Thai Bankruptcy Reorganization Law
Bankruptcy laws often require courts...
Will Gambling be Decriminalized in Thailand?
In 1935, the Thai Royal Command enacted the Gambling Act (the “Gambling Act”). The Gambling Act prohibits any organization or participation in any form of betting excluding state-licensed lotteries and horse races. Although other Southeast Asian nations, including Laos, Malaysia, Cambodia, and Singapore, have legalized gambling, Thailand continues to criminalize gambling. Thailand’s strict...
No Notary Publics in Thailand, at least as that term is understood by any lawyer or business owner outside of Thailand.
Many law firms in Thailand offer so-called “notarial service lawyers”. But what does that term mean? Are those lawyers really notaries? In brief, “no”, not at least as the term “notary” is generally understood outside of Thailand. But first some background on notary publics.
Common and Civil Law Systems – Different
In common law jurisdictions, notary publics provide services...
Toyota is a Japanese Company. Why are US Authorities Investigating Toyota and its Thai Subsidiary for an Alleged breach of a U.S. Law?
After the Watergate scandals in the U.S. during the 1970s, the United States enacted the Foreign Corrupt Practices Act (the “FCPA”) in 1977 in response to revelations that U.S. companies had engaged in widespread bribery of foreign public officials. The FCPA was intended to halt the corrupt practices that had been revealed in the 1970s; create a level playing field for honest businesses; and...
Thai Unit of Toyota Motor Corporation ordered to Pay Extra Taxes
Nikkei Asia reported that:
Thailand Supreme Court on Thursday upheld a lower court ruling that the local unit of Toyota Motor Corp. owed the government 10 billion baht ($272.11 million) in extra taxes for importing components not subject to a reduced tariff.
Nikki Asia reported that “Toyota’s Thailand unit in a written statement said it was paying the lower tax rate for imported...
Foreign Ownership of Land Under Consideration (Again)
The Bangkok Post is reporting that the Thai government is again considering opening up land ownership to foreigners in Thailand. Foreigners are generally prohibited from owning land in Thailand, and this often comes as a surprise to foreigners from more open and developed jurisdictions where there are no such restrictions. Not surprisingly, this is generating controversy and cynicism about...
Four Announcements about Thailand’s PDPA in the Royal Gazette
On 21 June 2022, just a few weeks after Thailand’s Personal Data Protection Act (“PDPA”) came into full force, the Data Protection Committee published four announcements in the Royal Gazette about the PDPA. These announcements provide more detail about the PDPA and are intended to provide holders of personal data with more information about their duties and responsibilities under the...
Are you ready for the Thai Personal Data Protection Law?
The Thai Personal Data Protection Act B.E. 2562 (2019) (“PDPA”) comes into full force on 1 June 2022. The PDPA technically came into force in 2019, but enforcement of the core provisions of the PDPA, including those imposing duties on data controllers and data processors as well as punishments for violations of the PDPA, was postponed was until 1 June 2022 (“Full Enforcement Date”).
There was...
Sanction Tracker – Russia
As part of our compliance and international trade practice, we strongly encourage all of our clients and other interested parties to take appropriate measures to determine if they are directly or indirectly doing business with any party subject to the sanctions that have been imposed against Russia. You can view Correctiv’s sanction tracker here.
We do not maintain this check list. It is...
Thailand’s New Credit Term Regulation
By Douglas Mancill and Nat Uawithya
The Policy Rationale Behind Thailand’s Credit Regulation
Negotiated terms between commercial parties of equal bargaining power are generally considered better than dictated terms. But regulatory authorities don’t always agree.
Last year Thailand’s Trade Competition Commission (“TCC”) promulgated a credit terms regulation (the “Regulation”) intended to...