Revocation of Debt Payments Under Bankruptcy Regulations
The Debtor’s Absolute Priority.
It is established that during the preceding month, the Defendant, Mr. Somchit, was subject to three bankruptcies. Mr. Somchit managed to settle debts in two instances as follows:
A) Payment to Mr. Udom, the creditor, pursuant to the judgment in the Civil Court, which compelled him to pay an amount, and payment of taxes to the Revenue Department in another amount.
B) In both cases, it was stated that each creditor had received the debt paid in good faith. The Receiver of Assets will seek to revoke Mr. Somchit’s actions as debtor and reclaim them to the debtor’s assets to what extent or not. The debtor’s choice to pay debt to one creditor, even if it was answer A, the creditor pursuant to the judgment, and had a compulsory payment, the debtor would know well that this creditor had an advantage over other creditors, therefore, is subject to the Bankruptcy Act B.E. 2483, Section 115, which allows the Receiver of Assets to revoke.
The debtor’s payment of taxes and fees to the state is a normal business transaction in good faith, and is not considered an act intended to benefit one creditor over another, and therefore cannot be revoked pursuant to the Bankruptcy Act B.E. 2483, Section 115.
Mr. Daeng sued Mr. Dam for the amount owed pursuant to the loan agreement, and the court issued a judgment.