The 1997 Asian financial crisis had crippled many Asian economies in its wake, but it had also left behind it a lasting legacy to the economies that it ravaged. Faced with sharp economic slowdown and a wave of corporate defaults, Thailand revamped its banking and financial institutions including various legal infrastructures. For example, it made a major amendment to its antiquated bankruptcy laws to allow for corporate restructuring similar to U.S. Chapter 11 procedures. While there is optimism that the present financial crisis in the United States will not affect the Asian economies as it did in the late 1990s, it is nevertheless worthwhile to review Thailand’s bankruptcy laws in anticipation of harder times ahead. This article examines the evolution of the Thai bankruptcy law and its basic provisions.