Myanmar report (February 2021 update)– Corporate Restructuring and Insolvency in Asia 2020

A. PRELIMINARY OUTLINE

B. RESCUES: OUT-OF-COURT AND IN-COURT (GOVERNANCE AND SUPERVISION)

i. Out-of-court workouts

ii. Pre-insolvency proceedings

iii. Formal insolvency proceedings in general

C. SUPPORT STRUCTURES (COURTS AND STATE AGENCIES)

D. INSOLVENCY OFFICE-HOLDERS

i. General

ii. Office-holders under the Insolvency Law

E. DIRECTORS AND MANAGERS OF DISTRESSED ENTITIES

F. CONVERSION OF PROCEEDINGS

G. RESCUE FINANCING

H. EFFECT OF STAY AND MORATORIUM

I. ORDINARY AND SPECIAL CONTRACTS

J. RANKING, PRIORITY AND RESOLUTION

K. CREDITOR SUPERVISION OF PROCEEDINGS

L. AVOIDANCE AND CLAWBACK RULES AND SAFE HARBOUR PROVISIONS

M. RESCUE PLANS AND SALE AS A GOING CONCERN

N. MICRO, SMALL AND MEDIUM-SIZED ENTERPRISES

O. OTHER MATTERS

i. Treatment of foreign creditors

ii. Group insolvency

iii. International and cross-border insolvency

iv. Others

APPENDIX OF LEGISLATION AND REGULATIONS REFERRED TO