Thailand Officially Opens New M&A Pathway—Plus Eight Other Notable Changes In The Amended CCC

On November 8, 2022, the Act Amending the Civil and Commercial Code B.E. 2565 (No. 23)—which Tilleke & Gibbins wrote about last month as the law was poised for enactment—was published in the Government Gazette, completing a lengthy process that had been under scrutiny for over two years. The act is expected to come into effect on February 6, 2023 (i.e., 90 days after the date of publication).

New M&A Option

The new amendments contain a number of important changes, but perhaps the most notable is the introduction of a new type of business combination. The Civil and Commercial Code (CCC) previously only allowed "amalgamation," which is a consolidation of two or more companies resulting in the formation of a new entity, with all the amalgamating companies being dissolved.