April Fool's Day was expected to be a landmark day for Thailand's embattled business community as the newly designated bankruptcy court came into being in Bangkok. The court was scheduled to open its doors after months of wrangling finally resulted in a revised bankruptcy bill being approved by the country's House of Representatives.
The new legislation is considered one of the most crucial of 11 new economic reform bills currently going through the Thai parliament and is seen by many investors and bankers as the key to the country's economic recovery.
Cautious optimism
Opinions remain divided on whether Thailand has hit the bottom, or is even starting its long climb back to recovery. But there is nevertheless an air of cautious optimism beginning to creep into many bar-room conversations between the expatriate managers in town.
"It's a jigsaw puzzle and we are beginning to see 70% of it now," said Philip Adkins, head of research at Seamico Securities. Direct investment seems to be leading the way, with a "staggering" number of foreign companies setting up business in the kingdom, he observes. That enthusiasm has yet to filter into the stock market, however.