On 9 March 2021, the Cabinet approved a Draft Amendment to the Thai Civil and Commercial Code (the “Draft Amendment”) which proposes changes in (i) an interest rate or default interest rate under the Thai Civil and Commercial Code where it is not expressedly determined in an agreement or in the laws and (ii) the method for default interest calculation.
Key proposed changes under the Draft Amendment are as follows:
The Draft Amendment will likely be further submitted for consideration of the parliament within this year which we will keep you updated if there is any progress on this.
Please feel free to contact the authors for further information about the Draft Amendment or any related legal matters.
This document is solely intended to provide an update on recent development in Thailand legislation and is not purported to provide a legal opinion, nor a legal advice to any person.