Educational Information Only
The content on this page is for general educational purposes and does not constitute legal advice. Every legal situation is unique. For matters involving investigation, arrest, litigation, or formal proceedings, consult a qualified legal professional.
Concealment of Assets in Thailand
Hiding, removing, or transferring assets to prevent them from being included in the bankruptcy estate.
Bankruptcy Act Section 163
Imprisonment up to 5 years and/or fine up to THB 100,000
serious
Definition
Hiding, removing, or transferring assets to prevent them from being included in the bankruptcy estate. Under Thai law, this offence is classified as a serious offence within the category of Asset Fraud.
Legal Basis
Bankruptcy Act Section 163
Primary legislative provision for concealment of assets offences.
Elements of the Offence
For a conviction, the prosecution must prove all of the following elements beyond reasonable doubt:
Existence of bankruptcy proceedings
Assets subject to bankruptcy estate
Act of concealment or removal
Intent to defeat creditor claims
Penalties
Maximum Penalty
Imprisonment up to 5 years and/or fine up to THB 100,000
Actual sentences depend on factors including the severity of the conduct, harm caused, prior convictions, and mitigating circumstances. Courts have discretion to impose lesser sentences within the statutory range.
Possible Defences
The following defences may be available depending on the circumstances:
Assets not part of bankruptcy estate
Transfer made before bankruptcy filing
Ordinary business transactions
Note: The availability of defences depends on specific facts. Professional legal advice is essential.
For Foreigners
Special Considerations for Foreign Nationals
Assets held by nominees or in foreign accounts may be traced. International cooperation agreements facilitate asset recovery.
When Legal Representation Matters
If you are accused of concealment of assets or facing investigation, immediate legal representation is essential to protect your rights and build an effective defence.
Anglo Siam Legal provides experienced legal services across Thailand for both Thai nationals and foreigners.
feedback.wasThisHelpful