A customer of mine owes about 8,000 baht. Unless he sells off part of the business or gets a new investor, it seems that he will be unable to pay as his restaurant/guesthouse is failing. He has lost the cook and owes all the staff money, so I just do not see his business lasting much longer. How can I make sure that he pays his debt if he does manage to raise some money?
Asked on Friday, June 22, 2001 | 06:39 AM
It’s unfortunate that you did not draw up an agreement signed by both of you before you lent the money. Without a signed contract, you cannot take him to court to get your money back. However, you can still draw up an agreement stating that the money has already been borrowed and that your customer will pay the debt by a specific date that you both agree on. The agreement must be signed by both of you and it must be dated. It can be written in any language, but the court will ask for a Thai translation of it. The agreement does not have to be witnessed, but the more witnesses there are, the better.