THAILAND Law and Practice Contributed by: Nathee Silacharoen, Tawatchai Boonmayapan and Norrapat Werajong, Chandler Mori Hamada
Business Rehabilitation Proceedings The planner, the plan administrator or the official receiver may file a petition with the court to cancel or revoke: • the transfer of the debtor’s assets made within three months before the rehabilitation proceed - ings petition was filed, if it has been proven that the debtor intended to give undue preference to a certain creditor or creditors; or • any fraudulent acts committed by the debtor, where the debtor received any amount that was below a reasonable amount in a transaction within one year before or after the filing of the business rehabilitation petition, which is presumed to preju - dice the rights of the creditors to be repaid. The Bankruptcy Act also provides that the cancella - tion or revocation of certain transactions in accord - ance with the foregoing will not affect the rights of third parties who acquired the assets in good faith and for valuable consideration before the proceed - ings started. 8.2 Claims to Set Aside or Annul a Transaction or a Transfer See 8.1 Circumstances for Setting Aside a Transac- tion or Transfer .
pany. If a director fails to discharge these duties, the company or its shareholders can bring a claim against the director under the Thai Penal Code for fraud or under the Corporate Offences Act. 8. Setting Aside or Annulling a Transaction 8.1 Circumstances for Setting Aside a Transaction or Transfer Bankruptcy Proceedings The official receiver may file a petition with the Bank - ruptcy Court to cancel or revoke: • the transfer of the debtor’s assets made within three months before the petition for bankruptcy proceedings was filed, if it has been proven that the debtor intended to give undue preference to a certain creditor or creditors; or • any fraudulent acts committed by the debtor within one year after the date that such fraudulent acts became known to the official receiver. The Bankruptcy Act also provides for the presump - tion that, if the debtor received compensation below a reasonable amount, this was intended to prejudice the rights of the creditors to be repaid.
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