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Thailand's Corporate Restructuring Experience through Formal Bankruptcy Procedures: Economic and Legal Perspectives

In spite of fairly recent legal experimentation, Thailand's corporate reorganization through formal bankruptcy procedures has facilitated and speeded up financial recovery for big and medium-sized insolvent firms, especially after 1999. The study found co-operative restructuring to be more predominant than hostile and aggressive types. Though different in design, basic feature and pattern of U.S. Chapter 11 in which debtors manage the reorganized firms were empirically observed. Legal rules that are conducive to acceptance of the plan and judicial leniency may give rise to weak ex ante discipline, allocative inefficiency, various opportunistic behaviours, unfairness between creditors and debtors, and among creditors. Future changes in legal rules are suggested to enhance efficiency and fairness.