Office Information No.: 19 (EN)

Duties and Liabilities of Directors
in Thailand

 

March 2022

 

 

TABLE OF CONTENTS

 

 

 

 

1 Introduction …………………………………………………………………………………………………………………………………………….3
2 Liability of the directors of limited company…………………………………………………………………………………………….5
2.1 Establishment of the company………………………………………………………………………………………………………………5
2.2 General obligations……………………………………………………………………………………………………………………………….5
2.2.1 Prohibition of competition………………………………………………………………………………………………………………….7
2.2.2 Accounting and protocol…………………………………………………………………………………………………………………….7
2.2.3 Other key duties…………………………………………………………………………………………………………………………………7
2.2.4 Unwritten duties – attendance at shareholders’ meetings…………………………………………………………………8
2.2.5 Range of liability…………………………………………………………………………………………………………………………………8
2.2.6 Liability triggering assumptions………………………………………………………………………………………………………….9
2.2.7 Claims against the directors……………………………………………………………………………………………………………….9
2.3 Closure or liquidation of a Thai limited company………………………………………………………………………………..11
2.3.1 Closure……………………………………………………………………………………………………………………………………………..11
2.3.2 Mandatory dissolution reasons………………………………………………………………………………………………………..11
2.3.3 Liquidation……………………………………………………………………………………………………………………………………….12
2.3.4 Deletion from company registration………………………………………………………………………………………………..12
3 Liability of directors for criminal offences …………………………………………………………………………………………….12
3.1 Liability under the Act on Offences…………………………………………………………………………………………………….13
3.2 Liability under the Accounting Act……………………………………………………………………………………………………..15
3.3 Liability under the Penal Code……………………………………………………………………………………………………………15
3.4 Liability under the Labour Law…………………………………………………………………………………………………………..16
3.5 Liability under the Revenue Code………………………………………………………………………………………………………17
3.6 Liability under the Anti-Money Laundering Act………………………………………………………………………………….17
3.7 Act Amending Provisions of Laws Relating to Criminal Liability of Juristic Person Representatives…..17
4 Relevant case law………………………………………………………………………………………………………………………………….18
 

 

 

 

We hope that this information brochure can be of any help to you. Please do not hesitate to contact us in case you
have further questions.

 LORENZ & PARTNERS Co., Ltd.
27th Floor Bangkok City Tower
179 South Sathorn Road, Bangkok 10120, Thailand
Tel.: +66 (0) 2-287 1882
E-Mail: [email protected]
www.lorenz-partners.com

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