Thailand
Foreigners Excluded from Agricultural Land Leases in Thailand. The Agricultural Land Lease Act B.E. 2524 (A.D. 1981) as amended recently by the Agricultural Land Lease (No. 2) B.E. 2559 (A.D. 2016) prohibits foreigners from leasing agricultural land in Thailand effective from 30th April 2016.
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Thailand's Business Collateral Act Will Come into Force on 2nd July 2016. The Business Collateral Act B.E. 2558 (A.D. 2015) governing business securities allowed in Thailand will finally become effective on 2nd July 2016. Projects, businesses, accounts receivable, inventory, immovable assets used directly in development projects and intellectual property can be used as collateral. The collateral provider can retain the physical possession of the collateral property and put the collateral property to commercial use during the collateral period.
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Amendment to the Bankruptcy Act of Thailand Helps SMEs. The Bankruptcy Act (No. 9) B.E. 2559 (A.D. 2016) ("Amended BA") has come into force since 25th May 2016. The Amended BA permits SMEs facing a liquidity crunch and unable to repay their debts to request rehabilitation. This will help an ordinary person or a juristic person who has debts of no more than 10 million baht to restructure debts more easily.
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Myanmar
Draft of Myanmar Companies Law. Myanmar is drafting Myanmar Companies Law ("MCL") to replace its century-old Myanmar Companies Act 1914 ("MCA"). The Directorate of Investment and Companies Administration ("DICA") drafted the MCL with assistance from the Asian Development Bank. The draft is now being reviewed by the Attorney General Office. It is expected to be submitted to the Parliament this year.
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New Official Fees for Company Registration and Corporate Documentation in Myanmar. The DICA has annouced new offcial fees for company registration and other related company matters effective from the 1st of June 2016.
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