Proposed Guidelines for Decreasing Bankruptcy Filing Cases
Keywords:
Bankruptcy Law, Individual Debtors, Voluntary BankruptcyAbstract
The objective of this article is to suggest guidelines on decreasing bankruptcy filing cases by exploring the determination of the number of debts filing bankruptcies and chances of debt recovery given to natural person debtors to go through a rehabilitation procedure. From the study, it was found that the determination of the number of debts filing bankruptcies which creditors employed to sue natural persons indebted to one or more creditors for at least one million baht. Juristic persons indebted to one or more creditors for a total of at least two million baht. The determination of the number of debts which give the right to creditors to file bankruptcy against their debtors is not suitable for the present economic and social situation. Moreover, the consideration of a natural person debtor’s rehabilitation gives a chance for the debtor to request for financial rehabilitation which enables them to be free from litigation or filing bankruptcy. However, the determination had specified the minimum number of debts for a natural person debtor asking for rehabilitation, which makes debtors unable to fully go through the rehabilitation procedure. Hence, the findings were drawn to the following guidelines on decreasing bankruptcy filing cases: (1) Revise the number of debts which creditors file bankruptcy against natural person and juristic person debtors to be compatible with the present context; and (2) consider the minimum debts which a natural person debtor may request for the consideration of getting into a rehabilitation procedure without the determination of the minimum debts so that the debtor who is willing to go through the legal procedure can proceed without being sued for bankruptcy.
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