Companies registered in Myanmar can be voluntarily wound up by its shareholders or creditors or compulsorily wound up by a court order. The voluntary winding up is more common and easier than the compulsory winding up. The key legislations governing the company liquidation are the Insolvency Law 2020 and the Insolvency Rules 2020.

Procedures

Key Legislations

(1) The Insolvency Law 2020; (2) The Insolvency Rules 2020 issued by the Union Supreme Court of Myanmar; and (3) The Notification No. 95/2020) dated 3^rd November 2020 of the Directorate of Investment and Company Administration (“DICA”).

Voluntary Winding Up

The shareholders of a company can voluntarily wind up the company by holding a general meeting and passing a resolution to wind up the company under Section 147(a) of the Insolvency Law.