The Thailand Cabinet on February 10 approved in principle the bankruptcy draft act proposed by the Ministry of Justice.
The draft act adjusts criminal penalties to ensure that bankruptcy proceedings are fair.
Deputy Government Spokesman Maj.Gen. Sansern Kaeokamnerd said the draft act largely made changes to bankruptcy proceedings in order to make them more systematic, shorter and clearer.
The draft act was written after the World Trade Organisation expressed its desire for it. If Thailand passed the law, its transaction credibility would likely improve, the deputy spokesman said.
The Council of the State was asked to urgently review the law before it was submitted to the National Legislative Assembly.
Public hearings with relevant parties have been organised.-VNA
The draft act adjusts criminal penalties to ensure that bankruptcy proceedings are fair.
Deputy Government Spokesman Maj.Gen. Sansern Kaeokamnerd said the draft act largely made changes to bankruptcy proceedings in order to make them more systematic, shorter and clearer.
The draft act was written after the World Trade Organisation expressed its desire for it. If Thailand passed the law, its transaction credibility would likely improve, the deputy spokesman said.
The Council of the State was asked to urgently review the law before it was submitted to the National Legislative Assembly.
Public hearings with relevant parties have been organised.-VNA
