Thai bank suing foreigner for non repayment of loan

[ric]

A Thai bank is suing a falang business man for not being able to repay a loan of 17,000,000 baht. The business man has no assets/money, other than his business which he has for sale at 4,000,000 baht but unable to obtain a buyer.
Question- With not being able to get their money, will/can the Thai Bank, thru Thai Immigration, expel this man from the country ?

Has anyone heard of a situation like this in Thailand ?
Thank you in advance for any replies.

[Pagey]

Due to the seriousness of this situation I think you should be talking to a Thai lawyer, not a forum.

However, I would be interested to know what happened to the 17 mill loan ???

[heartofmidlothian]

I dont think ric is talking about himself. There is no way a farang businessman would be able to borrow that sort of money from a Thai bank. He must have Thai partners and he must have assets as security. Thai banks got really tough on this sort of thing after 1998.
Ric, where did you get your info?

[ric]

That's correct. I'm not the one involved. It's a friend of a friend. I heard the story, became curious as to an outcome and wondered if anyone in the Forum had heard of a similar situation and what could possibly happen to the person.
I have no idea what happened to the 17 million baht.

[heartofmidlothian]

I think I know the story. He has Thai partners so it will be his company that is being sued. I am sure the bank will just want their money back and he must have assets otherwise they would not have leant him money.