PROBLEMS AND OBSTACLES IN THE ENFORCEMENT OF THE CIVIL AND COMMERCIAL CODE AMENDMENT B.E.2564 STUDY ON INTEREST

Abstract

 The objective of this article is to study the history and background of the evolution of interest rates in accordance with the Thai and Foreign Laws specifically the problem in the calculation of interest rates under the Civil and Commercial Code (Amended in B.E.2564) The study found that the Civil and Commercial Code (Amended in B.E.2564) still has legal problems on the calculation of interest rates according to the Civil and Commercial Code in various aspects. If the government sector wishes to protect the debtors that have to bear the burden from a too high interest rate, it should therefore provide loan sources as in the articles 7, 224 and 224/1 with its will in protecting the debtors that bear such a too high interest rate. It could be seen that the amended law still could not truly achieve its objectives. Although the interest rate and the method of its adaptation have been set, under the principle of freedom in contracting or the principle of civil independence, the partners of contract could express their will in the agreement of the interest rate which is different from the requirement of law and the different agreement could be enforced according to the article 151 of the Civil and Commercial Code. If the government sector wishes to protect the debtors that have to bear the burden from a too high interest rate, it should therefore provide the loan sources with a low interest rate for helping the people specially in the period of economic crisis during the COVID 19 epidemics.