Green Shoots Som Tam : number of bankruptcies explodes in august (+428 %)

The number of “dissolved companies” (= dissolved and bankrupt : LTD companies + LTD partnerships + Ordinary Partnerships) has exploded by +428 % in august, compared to august 2008 (5 329 versus 1 009).

And furthermore, the striking jump in may (12 384 companies dissolved) was absolutely not revised.

BIZISSOLAUG2009

I guess this is another Green Shoots Story ?

Everything is fine.

And it’s a lagging indicator… It takes months, sometimes even years… to close a company in Thailand… It was so difficult before that (the law has changed since) it was easier to put businesses at sleep… No need to close them down. Too complicated. 😉 Why bother with papers ? And the thai bureaucracy was so stupid… Anyway.

My point : the massacre we see now… is like a picture taken a few months ago… Now ask yourself : will the situation improve in the coming months ? Do you believe we will have less or more bankruptcies ?

Congratulations, you just have won a picture of Abhisit (with his grey suit, in Super 150’s Fine Virgin Wool). 😉

Next time, if you’re lucky, you’ll get a picture of me. Running naked in a Green Shoots forrest.

(Source Department of Business Development, direct link here )

5 Responses to “Green Shoots Som Tam : number of bankruptcies explodes in august (+428 %)”


  1. 1 Bedwyr 8 October 2009 at 11:33 am

    Meanwhile over at ‘News in Bangkok’ (http://news.inbangkok.org/?p=645), appears a wonderful commentary on our esteemed Prime Minister, from which Bedwyr has pulled this extract.

    “With the steel-trap intellectual rigor with which he is rapidly becoming associated, PM Abhisit Vejjajiva has decided to close down all those dirty, nasty, unwanted manufacturing projects and replace them with shiny, shiny, shiny tourism resorts. Mr Abhisit, who is not believed to have done an honest day’s work in his life, seems not to have explained why it would be a good idea to get rid of skilled, high-paying, long-term manufacturing jobs and replace them with low-paid, low-skilled, seasonal tourism jobs – however, the strong suspicion is that, like so many other subjects, he has no idea what he is talking about. He has no connection with the working people of Thailand and his sleazy, repressive administration is an increasingly embarrassing failure.”

    Seems fair to Mr Bedwyr, though Mr Abhisit ought to be screaming in pain.

  2. 2 Mr.? 9 October 2009 at 12:36 pm

    UK unemployed to flock to Democratic Thailand in their 100’s of thousands on spiritual journey!

    Will be interesting to see how TAT will spin their comment that they will “make sure that the political unrest will not affect tourism.”

    Might also help if TAT got its figures right on the currency Exchange Rate for buying GBP which currently stands at 52.61. It hasn’t been at, & may not return to 59-60 for many months.

    *****************************
    TAT to join the World Travel Mart in London Bangkok, 8 October 2009 (NNT) – The Tourism Authority of Thailand has allocated 20 million baht to take Thai business entrepreneurs to the World Travel Mart in London.

    Executive Director of Europe, Africa and Middle East Region of TAT, Mr. Thawatchai Arunyik expected the number of British tourists to increase due to the appreciation of the Pound Sterling as the value of the Pound to a Thai Baht is now between 59 and 60.

    The TAT’s objective is to increase up to 500,000 tourists from the United Kingdom by 2010. A total value of 20 billion baht is likely to be circulated in the country. The theme ‘Worthiness of the Journey’ is to be promoted in the fair. TAT will also promote other attractions including the renowned Thai beaches, golf courses and various cultural sites as well as to make sure that the political unrest will not affect tourism.

    Source:
    http://thainews.prd.go.th/en/news.php?id=255210080058

  3. 3 ray 9 October 2009 at 6:06 pm

    after reading mr.? post i dunno whether to laugh or cry since my business depends on tourists..

  4. 4 Mythbuster 9 October 2009 at 9:33 pm

    Ray ,

    If u want an honest answer , you should probably cry your guts out .
    The mass of tourists you have previously enjoyed before , will never come back.
    Why ?
    Because they are now broke, unemployed, high on debts,in negative equity…

  5. 5 ray 10 October 2009 at 10:45 am

    mythbuster

    i know . i was being sacarstic;-)

    my business is down no doubt but mainly my clients are mostly well to do. so my business is off by 40%.. this high season will be the indicator. but i very well know that the previously high tourists numbers is a thing of the past.

    i have following the economic train wreck since 2007 so iam somewhat prepared.


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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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