09 October 2020
On 14 September 2020, pursuant to the Bankruptcy Act of the Kingdom of Thailand, 2483 (1940), the Central Bankruptcy Court of Thailand granted a petition for a business reorganisation filed by THAI on May 26, 2020 ("THAI Reorganisation Proceeding").
In order to preserve THAI's assets in Japan, THAI filed a petition with Tokyo District Court for seeking recognition of and assistance for the THAI Reorganisation Proceeding pursuant to the Act on Recognition of and Assistance for Foreign Insolvency Proceedings (Law No 129, 2000). On 1 October 2020, the Tokyo District Court issued an order recognizing the THAI Reorganisation Proceeding, and also an order prohibiting compulsory execution, provisional seizure or provisional disposition (collectively, "Compulsory Execution etc").
The order prohibits all creditors to initiate a procedure for Compulsory Execution etc against THAI's assets in Japan on and after 1 October 2020 excluding some exceptions. Also, procedures for such Compulsory Execution etc that had already been initiated were stayed.
Thank you for your understanding and continuous support for THAI Reorganisation Proceeding.