National Broadcasting files for bankruptcy of CAT Telecom
The National Broadcasting and Telecommunications Commission (NBTC) has successfully filed for the bankruptcy of CAT Telecom Public Company Limited.
The announcement was made public in the Royal Gazette today (November 25). The order for the asset protection of CAT Telecom Holding Limited was issued on November 3, in line with the Bankruptcy Act, 1940.
The court’s decision came after the NBTC, as the plaintiff, filed a bankruptcy case against the debtor, CAT Telecom Holding Limited. Following the court’s ruling, the assets of the debtor are now under the sole management of the bankruptcy officer in accordance with section 22 of the Bankruptcy Act, 1940.
Any person owing money to the debtor or in possession of the debtor’s property is required to report the debt or property to the bankruptcy officer within one month from the date they learn of this order. Failure to comply with this requirement, as stated in section 24/1 of the Bankruptcy Act, is punishable by a fine not exceeding two hundred thousand baht under section 173/1 of the same act.
Creditors seeking debt repayment in this case, whether they are plaintiffs or not, must submit their debt repayment requests to the bankruptcy officer at the Legal Affairs Bureau, Office of the Permanent Secretary, Legal Execution Department, or the Legal Execution Office where the debtor resides within two months from the date of this announcement, reported KhaoSod.
The bankruptcy officer has set the advertisement date in the Royal Gazette yesterday (November 24), which can be verified on the Royal Gazette working group’s website at https//ratchakitcha.soc.go.th.
In related news, Instant Brands, the company behind Pyrex glassware and Instant Pot multicookers, has filed for bankruptcy protection, citing liabilities of up to US$1bn. The firm attributes its financial troubles to high interest rates and weak demand. With over 2,400 employees, Instant Brands plans to continue operations while restructuring the business. This follows a warning from fellow kitchenware brand Tupperware in April, which stated it could face bankruptcy unless it secured new financing. Read more about this story HERE.
