@Neil ******
, trying to arbitrage matter is always sought out rather court and legal ways. Different scenarios always,. In your present situation if you see that even survival is impossible for you and son (priority1) than going back makes sense= no work/visa in thauland.
Now about the settlement your employer gives is mere 25% and that is on unknown future point! Best is you check with labour law office of your judiciary (not court). Before court employer can file grievances in labour law office. They have rule to make decision and meetings within 60days. This step will jolt him believe me and your legal dues he has to pay,. Now as far as I know, you can file this complaint within next 2 years anytime after you had issue! But after you file complaint you will need to visit labour office when called in those 60days to check facts and negotiations or appoint somebody on your behalf= I think thats unlikely as you can't stay for 2 months more nor can risk making complaint later as company gets diluted.
BUT let's think may be they won't be able to get a deal sooner , you go back home country and manage to work and you can afford to get back here within 2 year to complain the same grievance?
My suggestion do make a visit to your labour office please and consult the officer your scenario and listen to their options on your case. Many times employers try to settle issue as soon as you file complaint!== May be it can be more than 25% and even before they can sell company? Ofcourse all contacts and pay slip other proofs will make things more smooth and favourable for you!
I have limited knowledge,but I think positive for you. You too stay strong, always there are good things on way! Goodluck and try that, hope it works