Next Generation Partners

Rising Stars

Restructuring and insolvency in Thailand

Baker McKenzie LLP

Baker McKenzie LLP has demonstrable experience in debt restructurings, divestment of distressed businesses, devising onshore and offshore fundraising structures and the protection of creditors’ rights, with additional expertise in the consumer goods, energy and manufacturing and transport sectors. The practice is jointly spearheaded by Wynn Pakdeejit, who is noted for his capability in the litigation sphere, and Paralee Techajongjintana, who is well-versed in financial restructuring, stakeholders’ rights under bankruptcy and business reorganisations and litigation in the bankruptcy court. Senior associate Yada Yuwataepakorn excels in commercial litigation, bankruptcy and the enforcement of debts, and fellow senior associate Karnsuda Oue-Amornrat is another key contact in the group.

Responsables de la pratique:

Wynn Pakdeejit; Paralee Techajongjintana

Autres avocats clés:

Yada Yuwataepakorn; Karnsuda Oue-Amornrat

Les références

‘They have always thoroughly analysed the issues at hand and provide consistently provided intelligible advice. They are reliable and always provided answers to our questions in a timely manner as expected.’

DLA Piper

Entrusted by Thai and international corporates, shareholders and distressed debt and asset purchasers and investors, DLA Piper is noted for its capability in handling contentious issues, with the team regularly involved in investigations, litigation and enforcement cases. The practice is vastly experienced across a range of sectors, including aviation, financial services, real estate, energy and manufacturing. Waranon Vanichprapa leads the team, fielding a diverse practice including all forms of restructuring, while Komson Suntheeraporn routinely advises Thai and multinational clients in domestic and international arbitrations. Don Rojanapenkul’s insolvency experience incorporates commencement through to claims against directors or third parties, and Timothy Tan handles contentious debt restructurings, with recent involvement in advising creditors in relation to the distressed PRC real estate sector.

Responsables de la pratique:

Waranon Vanichprapa

Autres avocats clés:

Komson Suntheeraporn; Don Rojanapenkul; Timothy Tan

Principaux clients

The Siam Commercial Bank Public Company Limited

Bank of Ayudhya Public Company Limited

CIMB Bank (Thai) Public Company Limited

ASM Security Management Co., Ltd. (a subsidiary of Loxley Plc.)

Deutsche Bank, Hong Kong Branch

Tata Steel UK

Platinum Partners Value Arbitrage Fund

SSG Capital


Clearwater Capital Partners

Principaux dossiers

  • Advising an aircraft engine manufacturer, as one of the largest group of creditors, in the rehabilitation process and debt repayment of Thai Airways and representing for the clients in the restructuring proceeding in the Thai court.
  • Advising IRPC Clean Power Co Ltd on the debt restructuring in respect to the construction and development of a luxury hotel in Myanmar.
  • Representing a financial institution on the restructuring of convertible debentures issued by a well-known company operating retail platform in Thailand.

Chandler MHM Limited

Chandler MHM Limited's restructuring and insolvency practice advises creditors on claims when companies enter debt rehabilitation, as demonstrated by its advice on the debt rehabilitation of Thai Airways, where the team acted for creditors representing around 25% of the value of the debt claims submitted. The 'practical and responsive' practice is jointly led by Joseph Tisuthiwongse, who specialises in banking and finance, Waree Shinsirikul and Nathee Silacharoen, who are noted for their experience in litigation and alternative dispute resolution.

Responsables de la pratique:

Joseph Tisuthiwongse; Waree Shinsirikul; Nathee Silacharoen

Les références

‘Cost efficient advice, very practical and responsive.’

‘They are very thorough. In a jurisdiction where there is a tendency to cut corners, they are intent on ensuring every aspect is covered off from a legal perspective.’

‘They are a responsive and responsible team.’

Principaux clients

Avolon Aerospace Leasing Limited

Kudun & Partners

Representing creditors, corporate debtors, distressed debt purchasers, financial institutions and plan administrators, Kudun & Partners advises on financial restructuring mandates, insolvency proceedings, litigation and distressed M&A. 'Strategic, helpful and responsive' Somboon Sangrungjang co-leads the practice, with demonstrable capability in the dispute resolution and litigation sphere, while team co-head Pariyapol Kamolsilp is noted for his expertise in the steel, mining and telecoms industries. Saravut Krailadsiri, who helms the corporate restructuring practice, is another key contact in the group.

Responsables de la pratique:

Somboon Sangrungjang; Pariyapol Kamolsilp; Saravut Krailadsiri

Autres avocats clés:

Niruch Winiyakul; Kongwat Akaramanee

Les références

‘Good team, proactive and go beyond to help us achieve our goals. Very responsive.’

‘Somboon Sangrungjang is strategic, helpful and responsive to our needs. What sets him apart is that he takes time to learn and understand our business acumen. His advice is always on point and beneficial to us in the long run.’

Principaux clients

Shenzhen Airport Co., Ltd.

Shenzhen Cargo International Co., Ltd.

Shenzhen CTI Pest Management Co., Ltd.

Freelly (Shenzhen) Aviation Service Co., Ltd.

Zipmex Thailand Limited

Electricity Generating Authority of Thailand

Provincial Electricity Authority’s Employees Saving and credit Cooperative Limited

Chulalongkorn University Savings Cooperative Limited

PTT Saving and Credit Cooperative Limited

The Thai Red Cross Society Saving and Credit Co., Ltd.

Thanulux Public Company Limited

Altitude Development Co., Ltd.

King Marine Foods Company Limited

Wow Factor Public Company Limited

Vero Public Relations Co., Ltd.

Motor Image (Thailand) Co., Ltd.

S Hotels and Resorts Public Company Limited

Saha Pathana Inter-Holding Public Company Limited

Mongkolkulwittaya School Foundation

Principaux dossiers

  • Advising Thai AirAsia X (TAAX), the long-haul low-cost carrier under the AirAsia Group, which was granted by the court to enter into the rehabilitation process. Kudun and Partners represented four Chinese creditors to file four sets of debt claim applications to the official receiver, the total debt amount claimed is around THB 27m.
  • Appointed as the legal counsel of the creditors’ committee; representing every creditor in THAI business rehabilitation proceeding with initial estimated total debts of THB 352.49bn (approximately $11.34bn).
  • Representing Zipmex Group, including Zipmex Thailand Limited and Zipmex Asia Ltd in (i) cross-border restructuring process in Singapore court (ii) dealing with Thai creditors in relation to such restructuring, (iii) dealing with accusations from the Thai SEC and other Thai authorities in respect of restructuring and digital assets regulations compliance and (iv) disposal of its shares to a potential investor who aims to acquire majority of Zipmex Thailand’s shares through a merger and acquisition process.

Tilleke & Gibbins

Led by Cynthia M. PornavalaiJohn Frangos and Thawat Damsa-ardTilleke & Gibbins's restructuring and insolvency practice is well-versed in matters concerning business rehabilitation, distribution of assets amid company closure and managing business renewals. Pornavalai and Damsa-ard’s expertise broadly covers bankruptcy, restructuring and insolvency, with the latter recently achieving success in protecting numerous creditors’ interests in the Thai Airways rehabilitation case.

Responsables de la pratique:

Cynthia M. Pornavalai; John Frangos; Thawat Damsa-ard

Principaux clients

American Express

Carlyle Aviation

Collins Aerospace, a Raytheon Technologies company

Dnata Catering

Euler Hermes

General Motors Thailand and General Motors Powertrain

Pratt & Whitney

Principaux dossiers

  • Representing an aviation operating and leasing company in the Thai rehabilitation proceedings of an airline that defaulted on three lease agreements, including preparing and submitting a debt repayment application (valued at $10m).
  • Retained to assist a world leader in the aircraft leasing industry in filing an approximately $2m debt repayment claim under the business rehabilitation plan of an airline.

Weerawong, Chinnavat & Partners

Weerawong, Chinnavat & Partners's multi-disciplinary service offering includes pre-litigation, litigation, and out-of-court restructurings, as well as assisting with the implementation of local and cross-border negotiations for creditors and debtors. The team has also recently been involved in a variety of rehabilitation work. Practice head Natthida Pranutnorapal has experience in corporate transactions, business reorganisation and insolvency, while senior counsel Suntus Kirdsinsap is adept at managing debt restructurings and bankruptcy proceedings. Senior partner Weerawong Chittmittrapap also remains a key contact in the team.

Responsables de la pratique:

Natthida Pranutnorapal

Autres avocats clés:

Suntus Kirdsinsap; Weerawong Chittmittrapap

Principaux clients

Sahaviriya Steel Industries Public Company Limited

Saha Farms Company Limited and Golden Line Company

Business Limited as EY Corporate Advisory Services Company Limited

EY Corporate Advisory Services Company Limited

Triple T Broadband Public Company Limited

Export Import Bank of the United States

Jasmine Public Company Limited

Sahaviriya Plate Mill Public Company Limited

Bridge View Company Limited

Pace Development Corporation Public Company Limited and

Dean & DeLuca Inc.

BravoNext S.A.

DFDL Legal & Tax

Leading DFDL Legal & Tax's restructuring and insolvency practice is Audray Souche, Nipaporn Supha-Utchaichan and Kraisorn Rueangkul. The team represents banks, financial institutions, hedge funds, debtors, creditors and other constituencies of distressed situations across the region, with demonstrable experience in the technology, aviation, hospitality and retail sectors. Key undertakings for the practice include insolvency planning, divestment of distressed businesses and enforcing securities.

Responsables de la pratique:

Audray Souche; Nipaporn Supha-Utchaichan; Kraisorn Rueangkul

Principaux dossiers

  • Assisting Ekornes on international corporate rationalization project involving restructuring of operations and entities to streamline overall organization and optimize inter-company relationships.

Siam Premier International Law Office Limited

Bancha Wudhiprecha, Kong Suriyamontol,  Techatat Udomsiri and senior consultant Sumit Masrungson jointly helm Siam Premier International Law Office Limited‘s restructuring and insolvency practice, noted for its capabilities in handling debt for equity and asset swaps, formal and informal restructurings, as well as acquisitions of distressed assets and loan portfolios. Key contact Somchai Yungkarn routinely advises on issues relating to labour and employment, telecoms, banking, and business rehabilitation matters. Maythawee Sarathai joined from Hunton Andrews Kurth LLP in June 2022, bolstering the practice with demonstrable experience in distressed debt matters and foreign investments.

Responsables de la pratique:

Bancha Wudhiprecha; Kong Suriyamontol; Techatat Udomsiri; Sumit Masrungso

Autres avocats clés:

Somchai Yungkarn; Maythawee Sarathai

Watson Farley & Williams (Thailand) Limited

Watson Farley & Williams (Thailand) Limited is principally focused on representing international clients engaged in corporate restructuring for regulatory compliance concerns, as well as handling insolvency and voluntary liquidation proceedings. The team is well-equipped to advise on matters arising out of the aviation, energy and real estate sectors. Piyanuj (Lui) Ratprasatporn leads the practice, and is supported by Ivy Liu. Sydney-based Alan Polivnick is a key contact, contributing his broad capability in handling contentious and non-contentious matters.

Responsables de la pratique:

Piyanuj (Lui) Ratprasatporn

Autres avocats clés:

Ivy Liu; Alan Polivnick

Principaux clients


AMECO Beijing TG



MUFG Bank Ltd