Bankruptcy Act 2026: Pol. Col. Tawee Welcomes Passage
Pol. Col. Tawee Sodsong announced on Sept 23, 2026, that the new Bankruptcy Act amendment has passed the House, aiming to shift from punishment to economic recovery.
Stock photo for illustration only, not from the actual event
- The new Bankruptcy Act amendment successfully passed the House of Representatives on Sept 23, 2026.
- Pol. Col. Tawee Sodsong highlighted the shift from punitive laws to human and business rehabilitation.
- The law builds upon previous groundwork from the 25th House committee which held 9 previous meetings.
- It introduces modern financial innovations designed to assist debtors and stimulate the broader economy.
On September 23, 2026, Pol. Col. Tawee Sodsong, a party-list MP for the Prachachat Party and former committee member reviewing the Bankruptcy Act draft, shared a celebratory message on his Facebook page. He reflected on the long journey from traditional bankruptcy laws to modern legislation focused on rehabilitating individuals, businesses, and the national economy as a whole, following the successful passage of the new bankruptcy bill amendment through the House of Representatives.
Pol. Col. Tawee recalled the extensive background behind the legislation, emphasizing that such a crucial reform did not happen overnight. During the 25th House of Representatives, he served as the first vice-chairman of the special committee tasked with drafting the bill. At that time, the committee convened nine times and successfully completed its review of the draft, preparing it for the second and third readings in parliament. However, those legislative efforts were temporarily halted when then-Prime Minister Gen. Prayut Chan-o-cha dissolved the House.
Photo by charlesdeluvio / Unsplash
Despite the setback caused by the previous House dissolution, the determination to reform financial regulations persisted, ultimately leading to the recent legislative milestone in parliament. Business sectors and citizens now look forward to how this legal framework will provide viable pathways out of severe debt crises.
Shifting bankruptcy frameworks from punitive measures to rehabilitative approaches aligns with global economic practices. Traditional bankruptcy laws often focused solely on asset liquidation and strict penalties, which frequently left debtors with no chance of recovery and severed potential economic value. Enabling structured debt restructuring and rehabilitation helps preserve employment and sustains economic circulation during financial downturns.
While clearing the House of Representatives is a major achievement, the legislation will proceed through remaining legal steps before officially taking effect and providing practical relief to individuals facing financial distress.
Source: Khaosod Politics
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