Bangkok Legal Service

Mr. A and Mr. B, amounting to two million baht, therefore borrowed money from the bank to invest in construction without circulating funds valued at 20 installments, paid the debt to the bank according to the agreed-upon schedule. The bank issued two letters demanding payment, spaced at least one day apart, but Mr. A still did not have the funds to pay. Mr. A consulted Mr. B to seek assistance regarding issue 30, which was the subject of the bank’s demand for payment, as the construction was nearing completion for the final installment. Mr. A requested a loan of five hundred thousand baht from Mr. B to complete the final construction installment in order to deliver the work and receive payment from the client to pay off the debt to the bank and return it to Mr. B. Mr. B complied with this request, based on their status as friends without knowledge that Mr. A sought to borrow money to pay off debts to another creditor, who was pursuing legal action. Therefore, Mr. B allowed Mr. A to borrow money under a loan agreement as evidence. After Mr. B allowed Mr. A to borrow money, the bank filed a lawsuit against Mr. A for bankruptcy. The court issued an order to protect Mr. A’s assets definitively. The court will take the debt according to the loan agreement to request payment to the official receiver. Can the official receiver protect assets? The answer is when the court has issued a definitive order to protect the debtor, all creditors whose debts arose before the date of the definitive order to protect the debtor must submit their claims to the official receiver within two months from the date of publication of the Bankruptcy Act B.E. 2483 Section 91 and for the purpose of collecting debts, the debt must arise before the date the court issues a definitive order to protect the debtor, even if the debt is due. Unless the debt was incurred through fraud against the principles of good faith, allowing the business of the debtor to continue to operate according to the Bankruptcy Act B.E. 2483 amended by the Bankruptcy Act (No. 5) B.E. 2542 Section 94 (2) Section 25. The facts revealed that Mr. B allowed Mr. A to borrow money through Mr. A having debts with the bank and not having funds to pay until the bank demanded payment twice, but on day 30, which is a presumption according to Section 8 (9), Mr. A was a person with overwhelming debts, but Mr. B gave the loan because he believed that Mr. A had a construction project nearing completion and had the right to claim a construction payment of 20 million baht. Mr. A would be able to pay off the debt to the bank and still have funds to pay off the loan to Mr. B. This is considered that Mr. B believed that there was circulating business funds, not a person with overwhelming debts, and therefore agreed to lend money. Furthermore, Mr. A and Mr. B did not know that Mr. A had other creditors pursuing legal action against Mr. A for issuing checks without funds, and Mr. B allowed Mr. A to borrow money through Mr. A having overwhelming debts. In addition, the fact that Mr. B allowed Mr. A to incur debt to continue the business of Mr. A is an exception according to Section 94 (2). Therefore, the debt according to the loan agreement can be brought to the official receiver to request payment within the specified time.