Academic journal article Southeast Asian Affairs

Other Reform Attempts

Academic journal article Southeast Asian Affairs

Other Reform Attempts

Article excerpt

During 1998-99, seven economic reform bills were promulgated. The Social Security Act BE 2541 (1998) became effective on 31 December 1998. The Act extends the social security system to cover retirement plans and thus lays the foundation for a more developed and comprehensive social safety net for Thai citizens.

Next, the bankruptcy procedure in Thailand has been completely reformed and raised to international standards with the passing of the Bankruptcy Court Establishment and Procedure Act BE 2542 (1999) on 3 March 1999, followed by the Bankruptcy Act BE 2542 (1999), and three more Acts amending the Civil and Commercial Code on 17 March 1999. According to the old bankruptcy system, the debtor had considerable leeway to delay court procedure while the creditor had no other option than to file a bankruptcy case once the debtor defaulted on loans. Moreover, a typical bankruptcy case might take up to ten years to complete because the case had to go through the ordinary, snail-pace civil court and the long-drawn foreclosure procedure. The new Bills provide alternatives to debtors and creditors, such as renegotiation and debt and corporate restructuring. They also establish a separate court specializing in bankruptcy cases, with its own more efficient court and foreclosure procedures.

The State Enterprise Capital Act BE 2542 (1999) was passed by parliament on 10 March 1999, providing the legal basis for state enterprise privatization. …

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