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ARTICLE · 01 MARCH 2016

Thailand's New Business Collateral Act

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Thailand's long awaited and much anticipated Business Collateral Act B.E. 2558 (2015) (Act), was published in the Royal Thai Government Gazette on 5 November 2015 and will come into force on 1 July 2016.

ThailandFinance and Banking
Maythawee Sarathai
Maythawee Sarathai
James Rix
James Rix
Kesara Summacarava
Kesara Summacarava
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Thailand's long awaited and much anticipated Business Collateral Act B.E. 2558 (2015) (Act), was published in the Royal Thai Government Gazette on 5 November 2015 and will come into force on 1 July 2016.

The objective of this Act is to help boost Thailand's economic growth and will provide business operators, especially SMEs, greater access to sources of investment for their businesses.

Under the Thai Civil and Commercial Code (CCC), the only security capable of being given by a borrower was by way of a pledge or mortgage. Even then, only land and buildings could be mortgaged. Until now, it has been illegal to mortgage, or pledge, certain types of moveable assets such as raw materials, work in progress, or unregistered machinery. Additionally, it has been necessary for a borrower, or a pledgor, to deliver the pledged property to the lender to create a valid and binding pledge. A floating charge was an alien concept.

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