23 June 2019
On 14 February 2020, Myanmar’s Parliament (Pyidaungsu Hluttaw) enacted the new Insolvency Law (“the Law”)[1] which came into force on 25 March 2020 except for Part X relating to cross border insolvency which shall be effective only when the President issues a notification. The Law modernises the legal framework for corporate insolvency and individual bankruptcy in Myanmar and repeals the archaic Yangon Insolvency Act 1909 and the Myanmar Insolvency Act 1920. The passing of the Law is lauded as a welcomed moved which follows the trend of modernisation of pre-independence laws in Myanmar that have happened in recent years such as the Myanmar Companies Law in 2017 and the suite of intellectual property laws being the Trademark Law, Industrial Design Law, Patent Law and the Copyright Law in 2019.
The objectives provided under the Law inter alia states that it is to:
For more information, please contact:
Geraldine Oh, Resident Partner, ZICO Law Myanmar
geraldine.oh@zicolaw.com
