Page 429 - วารสารกฎหมาย ศาลอุทธรณ์คดีชํานัญพิเศษ

ฉบับพิเศษ ประจำ�ปี 2564

The Legal Measures for Relief of Debtors’ Financial

Problems During Covid-19 Pandemic

Virat Visitvongsakorn
Justice in the Research Division of the Court of Appeal for Specialized Cases

(Bankruptcy Case Division)

Abstract

Resolving the debt problem during the Covid-19 pandemic is different from
resolving the debt problem during the 1997 financial crisis. The 1997 crisis was a result

of overleverage of companies and failure of the monetary policy by the government.
The recent economic crisis is caused by the pandemic which is an external factor that
companies cannot anticipate. To prevent the spread of Covid-19, lockdown and social

distancing measures have been imposed, which subsequently reduce economic activities
and consumption immensely. Such preventative measures affect earnings of both

businesses and households. Therefore, legal measures and alternative dispute resolution
become necessary to relieve debts of companies. Additionally, monetary policies by
the Bank of Thailand and stimulus plans by the government are necessary to allow

business and financial sectors to survive until the economic activities are back to normal
at the end of the pandemic or when people are fully vaccinated.

427