Bankruptcy & Debt Collection

At Formichella & Sritawat, we understand how challenging it can be when clients or debtors struggle to pay their debts, leaving creditors in a difficult financial position. This can be a stressful time, especially when a company faces insolvency and risks liquidation or bankruptcy proceedings due to an inability to meet its obligations. Our compassionate yet expert legal team is here to support creditors, helping you recover the funds you’re owed so you can survive and thrive. With tailored debt collection services in Thailand, we guide you through this tough period with confidence and care.

Why Thailand Businesses Need Us

Thailand’s growing economy attracts investment, but unpaid debts can lead to insolvency. Our services help safeguard your business from the financial fallout of non-payment, ensuring compliance with the Central Bankruptcy Court’s strict regulations.
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When a Company Faces Inability to Pay Debt

Under Thailand’s Bankruptcy Act B.E. 2483 (1940), a company may be forced into liquidation or bankruptcy if:
  • It owes creditors more than 2 million THB and is deemed insolvent (e.g., unable to pay debts after formal notices).
  • Assets are insufficient to meet liabilities, triggering a court-ordered liquidation.
  • Creditors file a petition with the Central Bankruptcy Court, leading to an absolute receivership order.
Our team steps in to protect your interests, whether you’re a creditor seeking repayment or a debtor facing financial distress.
Our Debt Collection Process
  1. Assessment: Evaluate the debtor’s financial status and asset availability.
  2. Demand Letter: Issue a formal notice to prompt payment.
  3. Negotiation: Seek out-of-court settlements to avoid lengthy proceedings.
  4. Legal Action: File for bankruptcy or liquidation if necessary, managed by our litigation experts.
  5. Enforcement: Ensure asset seizure and distribution through court-approved channels.