Thailand has been ranked first in Asean for three consecutive years in its efforts to resolve insolvency, Legal Execution Department (LED) director-general Ruenvadee Suwanmongkol said, citing the World Bank's latest assessments of the ease of doing business in 190 countries.
The results were released yesterday. Ms Ruenvadee said the results show Thailand's score for resolving insolvency rose from 75.64 last year to 76.64 this year. Before claiming the top spot, the country stood at No 3 in Asean, she said.
Thailand sits at No 24 in the world regarding this indicator, she said. The improvement resulted from a 69.8% success rate in the return of creditors' assets seized from debtors, up from 68% a year before.
She said the LED is in the process of coming up with two pieces of bankruptcy-related legislation, concerning cross-border insolvency and official receivers. The agency, she said, also aims to develop an e-insolvency system that will boost efficiency among official receivers. The system is expected to start next year. The ease of doing business in Thailand dropped one position to No 27 this year, she said.
Ms Ruenvadee said Thailand's score has not changed on the ninth indicator, enforcing contracts, which measures the time and cost of resolving a commercial dispute and the quality of judicial process.
