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Business Security Agreement Thailand

In the event that the guarantee is provided by a third party, that third party would generally have the right of transfer, but in practice, that right of transfer is generally voided. Another remarkable development has been Thailand`s security interest regime. The implementation of the Business Security Act BE 2558 (2015) (BSA) broadened the category of assets that could be considered a guarantee and also resolved some problems related to the use of certain types of assets as collateral. The BSA therefore offers Thai borrowers more opportunities for access to financing and gives lenders more effective security rights. However, this security regime cannot currently be used in many cross-border financings, as foreign banks are only considered beneficiaries of BSA securities if they are lenders in a union facility alongside a Thai commercial bank. Thai law does not provide for tranches of creditors, unless mortgages are granted with different classifications (z.B. first mortgage, second mortgage). Therefore, a contractual agreement between all the creditors concerned is necessary to classify different categories of creditors under the same guarantee agreement (para. B, for example, an intercreditor agreement).

The insolvency procedures available in Thailand are the bankruptcy and restructuring of companies. Singapore News News The Singapore Standards Council (SSC) will next year develop more than 40 new standards for new technologies and business models such as drones, additive manufacturing and video analytics. Standards are specifications that serve as a guide for best practices that enhance innovation in market acceptance and quality. The SSC says the standardization of Singapore`s industry will help keep pace with economic transformation and new technologies and respond to disruptive developments. While disruptive developments can lead to economic change, they also provide opportunities for new business models, and the new standards will help businesses navigate and respond to disruptions. Natthida Pranutnorapal is a partner in the Arbitration and Trials Group of Weerawong C-P. She has extensive experience in corporate transactions, corporate restructuring and bankruptcies. Natthida is recognized by The Legal 500 as an emerging star in restructuring and insolvency. She is the author of several publications on restructuring and insolvency in Thailand. Natthida received an LLB from Thammasat University and an LLM (Merit) (International Business Law) from the University of Essex, UK.

She`s a Thai lawyer and a notary. The scope of secured obligations arising from a mortgage must be carefully defined in a contract, as Thai law requires that mandatory minimum information on future obligations be clearly defined. Incomplete information may lead to certain obligations not being covered by the mortgage agreement. A commercial security guarantee is established by a security provider for the benefit of a security recipient to ensure payment of the underlying debts (those of the security provider or a third-party provider). The security provider may be either a natural person or a legal person (a legal person), while the recipient of security must be a financial institution or another person who must be prescribed by a ministerial decree.