Cabinet Approves Law Amendments for Bankrupt Individuals' Qualifications

Prachachat•Politics•6h ago

Reader Briefing

Thai Cabinet approves the amendment of laws to reduce restrictions on bankrupt individuals holding positions or engaging in professions.

•The Thai Cabinet has approved amendments to laws concerning the qualifications of bankrupt individuals.
•The changes aim to reduce limitations preventing bankrupt individuals from holding or engaging in certain professions.
•The amendments address outdated and inconsistent regulations across various laws that restrict bankrupt individuals.
•A key aspect is differentiating between bankrupt individuals and those who have acted fraudulently.

Overview

•The Cabinet has approved the principle of a draft Royal Decree to amend provisions of law concerning the qualifications and disqualifications of individuals holding positions or practicing professions under bankruptcy law.
•Several Thai laws impose restrictions on bankrupt or formerly bankrupt individuals, prohibiting them from holding significant positions, serving on boards, receiving government employment, or practicing certain professions.
•These restrictions are considered outdated, inconsistently applied, and disproportionately punitive, failing to differentiate bankruptcy due to economic hardship from fraudulent bankruptcy.
•The legal limitations can cause bankrupt individuals to lose career opportunities, income, and social standing, potentially pushing them towards illegal activities.
•The proposed amendments aim to create a clearer, more modern framework by categorizing restrictions based on the nature of the position or profession and the cause of bankruptcy.
•The draft Royal Decree will be submitted to the Office of the Council of State for examination before being presented to a new Cabinet for consideration, following parliamentary dissolution protocols.
•The amendments will require the implementation of detailed criteria for determining restrictions, with a particular focus on differentiating between general bankruptcy and fraudulent bankruptcy.
•The draft bill proposes amendments to 12 different laws simultaneously to address the issue comprehensively.

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Key Entities

Organization

Cabinet(ครม.)ℹ️

The executive body of the Thai government that approved the legal amendments.

Office for the Driving of National Reform, National Strategy, and Reconciliation(สำนักงานขับเคลื่อนการปฏิรูปประเทศ ยุทธศาสตร์ชาติ และการสร้างความสามัคคีปรองดอง)

The governmental office that proposed the draft Royal Decree for amending bankruptcy laws.

Office for the Driving of National Reform, National Strategy, and Reconciliation(สำนักงาน ป.ย.ป.)

Abbreviation for the governmental office that proposed legal amendments.

Office of the Council of State(สำนักงานคณะกรรมการกฤษฎีกา)ℹ️

The legal advisory body that will examine the draft Royal Decree.

Office of the Council of State(สคก.)ℹ️

Abbreviation for the legal advisory body that will examine the draft Royal Decree.