Bangkok--May 4--FRA
The Cabinet in its meeting on April 28 approved
the amendments to the Emergency Decree on the Financial
Sector Restructuring (B.E.2540) submitted by the Ministry
of Finance.
According to Mr.Amaret Sila-on, FRA Chairman, the
original decree restricts the operation of the FRA in
auctioning assets of the 56 shut-down finance firms and in
liquidating them.
The amendments will give greater powers to the FRA
in the sale of assets through the stock markets and other
means, in addition to auctioning. The buyers of assets
will have absolute rights over the acquired properties.
Moreover, FRA is solely empowered to file for
bankruptey of companies which are in the process of
liquidation, under the new bankruptcy law. The Amendments
will also enable the Financial Institutions Development
Fund to receive debt repayments. End.