Abstract:
The process in issuing of debenture in Thailand requires the Representative of Debenture Holders to act as a medium between concerned parties between the Debenture Issuer and Debenture Holders in protecting, safeguarding and reserving the Debenture Holders interest. In promoting and developing the Debt Security Market to meet the acceptable standard as widely recognized by the public, the Representative of Debenture Holders should possess the authorities and liability concerning the collateral of the debenture, the Issuer and the Holders as stipulated in the Securities and Exchanged Act including the Terms and Conditions of Debentures. The pertinent rational and reason is due to its current situation whereby the role of the Representative of Debenture Holders still lacks of proper standpoint and supporting rule of law concerning the duty of the Representative of Debenture Holders is still inadequate. As a result, problems associated with the authorities and liability of the Representative of Debenture Holders still arise and have yet to be solved in protecting the Debenture Holders interests. Subsequent to the research and study, the author has discovered that the Representative of Debenture Holders should possess the power in negotiation with the Issuer concerning the Terms and Conditions of Debentures, the Role in prevention of the Issuers default. The Rule of equal treatment (pari passu) and the right to terminate the Debenture Holders right (No Action clause) including the application of the Draft of Trust Law Act concerning the transaction in the capital market and the Draft of Business Security Act. Whereas by applying the aforesaid concept, will definitely enhance the ability and empower the Representative of Debenture Holders in conducting its duty to its utmost efficiency for the interest of Debenture Holders and Debt Instrument Market.