Creditor Opposition to Rehabilitation Plan Designations and Benefits
Company A, in the amount of one million baht, defaulted on payment to the Bank for approximately one year. Subsequently, the Bank declared bankruptcy, attempting to rehabilitate Company A’s business operations. Company A presented a rehabilitation plan, designating Company B as one of the shareholders of Company A, with Company B holding one-third of the shares of Company A. Company A asserted that Company A still possessed the capacity to continue operations if internal management was improved and able to pay debts to the Bank. Furthermore, Company B asserted that Company B should be designated as the drafter of the rehabilitation plan, receiving excessively high benefits from the plan, which could potentially burden Company A in the future. Company B was a tenant of Company D’s automobile manufacturing plant. Company B asserted that the Bankruptcy Court, Company C, itself would be affected by the rehabilitation plan, and the drafter might increase the rental fees for the automobile manufacturing plant. Company B requested to appear as a party to oppose the rehabilitation request, as Mr. Dam is one of the one-third shareholders of Company A, and did not object to the rejection of the rehabilitation request. Therefore, Company A could not reject Company B or the rehabilitation drafter to create a new plan. Mr. Dam is merely one of the one-third shareholders of Company A, and is not a creditor of the Bank. The answer is therefore contested.
The Rehabilitation Drafter may, pursuant to the Bankruptcy Act B.E. 2483 (R.B.E. 2541) Section 91/9, designate a tenant of the automobile manufacturing plant of Company D to use or receive benefits from the assets leased, and Company B, as a “creditor” of Company A, as amended by the Bankruptcy Act (Revised Version No. 4) B.E. 2541, Section 90/1, as amended by the Bankruptcy Act (Revised Version No. 4) and the Bankruptcy Act B.E. 2483, has the right to oppose the rehabilitation request in this case, pursuant to Section 90/9, as amended by the Bankruptcy Act (Revised Version No. 4) and the Bankruptcy Act B.E. 2483, B.E. 2541.