Please use this identifier to cite or link to this item:
Winding up of a company in Myanmar
- The Word "company" ordinarily means an association of a number of individuals formed for some common purpose. In doing business transactions, one of the most popular business organizations is company. The defining feature of a corporation is its legal independence from the people who create it. When a company is created by its members or shareholders, it is needed to apply a permit to trade under Myanmar Law. A company is formed by relevant company law and it possesses a distinct personality different from its shareholders, members and directors. The relations between these persons and company are only by contract(s). A company can die when they lose money into insolvency. The situations relating to company creation and dissolution are governing by the Myanmar Companies Act, 1914, the Myanmar Companies Rules, 1940, and the Special Companies Act 1950. The Myanmar Companies Act, 1914 was amended twice in 1989 and 1991. In Myanmar there are three ways of winding up of a company, by Court, voluntary winding up, it may be either by members or by creditors, and by supervision of the Court. The process of winding up of a company may be done by a liquidator. He shall carry out the company winding up in accordance with the Myanmar Companies Law.
Thit Oo Hlaing
- Myitkyina University Research Journal