Green Shoots Soup: number of bankruptcies explodes in may (+113 %)

The Green Shoots Saga continues, unabated.

Number of “dissolved companies” (AKA = dissolved and bankrupt : LTD companies + LTD partnerships + Ordinary Partnerships) has exploded by 113 % in may, compared to may 2008 !

10 251 companies disappeared from the radar screens in may versus 4 811 the previous year (and 3 125 in may 2007).

It’s unprecedented

And don’t forget : this is a very lagging indicator (dissolution of a company can take… months… even years to be completed…)… So it’s clearly not a good news.

But no one (even among clowns) should be surprised : businesses face very tough environment… therefore, it’s perfectly normal… many companies are closing. And it could even get worse.


As for the creation, we had -7 % in may year on year.


(Source Department of Business Development)

Anyway. Be cool. The clowns gang, Abhisit, the Bank Of Thailand… they all repeat that the thai economy has bottomed out… and the “recovery” is under way 😉

Sleep well. 😉

11 Responses to “Green Shoots Soup: number of bankruptcies explodes in may (+113 %)”

  1. 1 Robert 8 July 2009 at 7:35 am

    Are data available showing how many of these companies are just paper companies, like the ones used for house/land ownership, and how many are “real” companies?
    I know you have previously said that SET/MIA are not the real economy, but are data available for delisting of companies?

  2. 2 laurent 8 July 2009 at 12:29 pm

    It could be interesting to know how many of them where farang owned
    In Pattaya and in Pucket bars, restaurants , some new discos are symply closing their gates. No customers , no buyers …..

  3. 3 ThaiCrisis 8 July 2009 at 1:11 pm

    We don’t know. But it’s still a good comparison point : paper or not… businesses are suffering.
    (watch out, public companies are excluded from this set of data).

  4. 4 antipadshist 8 July 2009 at 1:36 pm

    “I think that US economy is already gone

    the trouble with the dollar maintaining that role [of global currency] is that too many of them are being produced so, as the supply outruns the demand, people are concerned about the value of the dollar and they do not see it as a safe place or a good place to hold wealth…

    what would most likely happen is US will experience a tremendous drop in living standards once it can’t pay for all its imports in its own currency … the value of american labour will drop because of drop in currency and in order to be supplied with things that they import now, they would have to again start manufacturing in the US for the american market, which would start a reconstruction of the american economy… ”

    Dr. Paul Craig Roberts interview
    (former US asst. Sec. of Treasury)

    also in last Part 4 of video there was mentioned about rumored “Bank holidays” in US in Sep.

    the point is: USD & US economy is going more and more down.
    in fact even Thai newspapers (as Bkk Post) mentioned that Baht will likely become stronger and trade at 33B per 1$
    and that is despite the efforts to control the Baht and keep it at lower level possible – in other words, practically purposely devalue it.

    so, WHAT RECOVERY anyone can talk about for Thailand in Q4 – as it is widely propagated on national TV ?!

    unless of course Korn & Abhisit have some special surprise plan for Thais? which I doubt very much.

  5. 5 Pricilla 8 July 2009 at 5:19 pm

    Yeah Antipadshist I heard about that US bank holiday as being a test run? Jim Rogers says he is offloading all US dollars and will be shorting treasuries soon. In fact I haven’t read a blog lately with a good comment about the US at all, mostly predicting the real crash yet to come and talking about the unrepayable debt implications. Let alone what the the “out there” crowd is predicting about a coming fascist state.

    I closed by Thai company although probably yet to show up in figures, business was slow anyway, but really just couldn’t be bothered with all the red tape, hassles and taxes. No doubt other foreigners feel the same.

  6. 6 Tarrin 8 July 2009 at 8:37 pm

    Instead of talking about open up more market and encourage improvement to Thai products, which I have to admit a very hard thing to do but a necessity, they are instead talking about devalue baht….. what a world.

  7. 7 Balance 9 July 2009 at 10:04 am

    Devaluing the baht would drain further on exports. Ie: fuel and oil IMPORT costs are the essential ingredients for all those EXPORTS.

  8. 8 Robin 9 July 2009 at 9:39 pm

    Devaluing the thai baht is gonna help the Thai economics. They still need the support of money from abroad.

    If the baht continue to have this high course. No one will put the money into the wheels.

  9. 9 antipadshist 10 July 2009 at 8:42 am

    LPACTV: Weekly Update 07.07.2009

    Despite all of the claims coming out of the various of the financial press that we’ve reached the buttom of the collapse and we can expect to see a recovery coming later this year or perhaps early in 2010, the reality of the situation is exactly the opposite.

    We are about to move into the next major phase of not just a US economic collapse, but a global financial systemic meltdown. ”


    Bullish on Silver, Bearish on the US Dollar

    Q: where are we now, how much further down do we ned to go?

    A (P. Schiff) : we’re not gonna be at the buttom till government stops supporting the market.

    but of course smart-a$$ Korn (a TRUE exemplary CEO of Thai JP Morgan 😉 – yeah, well, former, but nevertheless their man to the very bones’ marrow ) won’t ever accept such evaluations. he and his buddy Abhisit would continue doing everything possible in the same way – “propping up the market”

    so, people who are REALISTIC can’t say that US economy has even reach the bottom yet – then what to talk about any “recovery”!

  10. 10 Lothar 10 July 2009 at 3:28 pm

    I have to say that i don’t like Peter Schiff anymore.

    Yes he saw the problems and the crash comming but my problem with him is that he is just another broker who now tries to make money by selling gold and commodities to the arabs.

    He never critized the fundamental system. Saying that there is a system fault in the money system and we need to change it.

    Like Waren Buffet, Jim Rogers or Marc Faber, they see the problems but they are so biased by there ideologie that finally they come up with the conclusion that we can hit a reset button and then the whole game can continue as before (in the good years before the new economy).

    We need people with a vision – a new Karl Marx or Silvio Gesell.

  11. 11 antipadshist 11 July 2009 at 10:39 am


    I think there is no need to like any of them. the thing is – at least they give a BETTER assessment of the situation.

    sure, of course no one of them would do it merely out of some pure altruistic motives. they are all businessmen, and therefore naturally they are interested to make money themselves.

    but at very least – they provide an ALTERNATIVE viewpoint to the mainstream “green-shoots” BS.

    and in the times of total corporate media control and banksters’ CONTROLLED DEMOLITION of not only US, but also global financial system and economy – even the biased but ALTERNATIVE opinions are unfortunately very rare. 😉

    so, sure he is biased. but at least he (and also J. Roberts & VERY few others) provides some sort of refreshing angle at the TOTAL propaganda BS unleashed by Wall street, Fed and their cronies in other countries.

    and certainly Korn is a perfect example of one of such cronies of global financial elite – have you any doubts about that?

    if you loath or dislike Schiff – well, there is also Max Keiser, who is more like an investigative journalist, rather than a businessman as Schiff or Roberts. (although he himself also has certain business as I remember – like Karmabanque? he is former founder and CEO of HSX). personally I would say I like him more than those 2 others.

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Thailand Crisis

Coup, Economic slowdown, Terror In the South... The situation is worsening in Thailand. Bumpy road like often before.

But this time, it's different.

The key to understand the present turmoil is the inevitable... succession of King Bhumibol.

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