To support the workout process and resolution of NPL problems the Thai authorities instituted a number of important policies under a general philosophy of maximising the creditors chances of getting repayment subject to the debtors ability to repay the loan. The multi-faceted framework involves amendments to the existing bankruptcy law and procedures as well as establishment of special entities to coordinate informal debt workout. The paper documented practical problems in the out-of-court debt restructuring negotiations concerning the creditors debtors independent advisors Inter-Creditor Agreement on Restructure Plan Votes and Executive Decision Panel Procedures (ICA) and Debtor-Creditor Agreement on Debt Restructuring Process (DCA) and the simplified agreement for single-creditor and debtor negotiations (SA). The informal workout as prescribed by the ICA DCA and SA is found to be innovative in that it allows the appointment of a mediator in case negotiations reach a deadlock. This allows the opportunity for all parties involved to resolve the dispute without having to immediately resort to the court process.
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