Restructuring and insolvency in Thailand

Baker McKenzie

Baker McKenzie acts for creditors and debtors in complex and often cross-border restructuring and reorganisation mandates and high-value disputes. The team is jointly led by Chirachai Okanurak and Kanit Vallayapet, both of whom have experience in corporate and debt restructuring work. Another key figure is managing partner Wynn Pakdeejit, who is instructed by major Thai banks in various insolvency and recovery proceedings. Paralee Techajongjintana, who has expertise in financial restructuring and bankruptcy litigation, is also recommended.

Practice head(s):

Wynn Pakdeejit; Chirachai Okanurak; Kanit Vallayapet

Other key lawyers:

Paralee Techajongjintana


‘Baker McKenzie has strong experience which is required for the nature of this practice.’

‘Wynn Pakdeejit and Paralee both provided good solutions for the legal issues.’

‘Responsive to clients and have a deep knowledge.’

Key clients

Credit Suisse AG

Bangkok Commercial Asset Management

Bank of China (Thai)

Pacific Alliance Operating Fund LP

All Season Property

Work highlights

  • Acted for Bangkok Bank of Commerce, a major bank, which collapsed and entered into insolvency proceedings worth $150m.
  • Acted for Deutsche Bank AG which entered into a facility agreement with Tungkum.
  • Acted for the trustee in the bankruptcy of Finspace S.A. for the benefit of its creditors.

DLA Piper

DLA Piper (Thailand) Limited is regularly involved in bond restructuring work, but has particular expertise in contentious insolvency matters, including investigation, enforcement and litigation. Practice head Timothy Tan is instructed by banks, borrowers and investment funds in debt restructuring mandates, and Don Rojanapenkul handles a range of bankruptcy litigation, including debt recovery claims.

Practice head(s):

Timothy Tan

Other key lawyers:

Don Rojanapenkul

Key clients

Tata Steel UK

Deutsche Bank

SSG Capital

Black Rock

Clearwater Capital Partners

Standard Chartered Bank

Platinum Partners Value Arbitrage Fund

Work highlights

  • Representing Tata Steel UK as a creditor in the ongoing Thai court driven rehabilitation proceedings of Sahaviriya Steel Industries.
  • Acted for Deutsche Bank as anchor investor in the $115m new notes offering by Paladin Energy.
  • Representing the “white-knight” investor in respect of the on-going debt restructuring and recapitalisation of the Royal Chemie group.

Weerawong, Chinnavat & Partners

Weerawong, Chinnavat & Partners handles insolvency-related litigation, restructuring and cross-border debtor/creditor negotiations. Of recent note, practice co-head Weerawong Chittmittrapap represented Triple T Broadband in connection with its debt reorganisation, while litigator Sakchai Limsiripothong was involved in several cases in the bankruptcy court. Also recommended are practice co-head Phisit Dejchaiyasak and senior counsel Suntus Kirdsinsap, who stands out in the debt restructuring space. Senior associate Natthida Pranutnorapal is a name to note on the more junior end.

Practice head(s):

Weerawong Chittmittrapap; Phisit Dejchaiyasak


‘Weerawong, Chinnavat & Partners has very strong knowledge regarding law and regulations.’

‘Always reachable and promptly get ready to find an answer for any matter, particularly Ms. Natthida.’

Key clients

Sahaviriya Steel Industries PLC

Energy Earth PLC

Export-Import Bank of the United States

Jasmine PLC

Bridge View Co. Ltd.

Ladprao Plaza

Work highlights

  • Sahaviriya Steel Industries borrowed $1.9bn from three lenders and SSI entered into business reorganisation as demanded by the major creditors of SSI.
  • Represented the Export-Import Bank of the United States defending against tort claims by major shareholders.
  • Acted for Jasmine PLC which underwent restructuring through the Bankruptcy Court which was completed in 2013.  Rehabilitation plan was fulfilled and Jasmine was released from the process.

Mayer Brown

Mayer Brown has a broad client base consisting of banks, international funds and professional services firms, which it advises on cross-border restructuring mandates and liquidation proceedings. Maythawee Sarathai is highly regarded in court supervised restructuring cases, but is also active in out-of-court restructurings and debt recovery. Senior associate Kesara Summacarava is also recommended.

Practice head(s):

Maythawee Sarathai

Key clients

Lone Star

Standard Chartered

FTI Consulting



Watson Farley & Williams (Thailand) Limited

Watson Farley & Williams (Thailand) Limited has experience in insolvency proceedings, voluntary liquidation and restructuring mandates, and is especially active in the real estate, transport and energy sectors. Christopher Osborne is particularly sought after by foreign creditors, which he represents in insolvency proceedings in the Thai bankruptcy courts. Osborne also handles corporate restructuring for clients in the energy and real estate sectors. Senior associate Kulkanya Vorawanichar is also active in the practice group.

Practice head(s):

Christopher Osborne

Key clients

Advanced Marine Energy

Guardforce AI

Work highlights

  • Advised Synova on the corporate restructuring of two of its subsidiaries to comply with introduced Thai regulatory requirements affecting the renewable energy sector.