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Challenging Times Ahead? What Lenders and Other Creditors Need to Know About Myanmar’s New Insolvency System
July 30, 2020The Corona Pandemic hits Myanmar nearly at the same time as the new Insolvency Law 2020 (“the IL” was enacted on 14 February 2020). We all hope that the damage to the Myanmar economy will be as limited as possible, but it does not hurt to prepare for tough times ahead.
Highlights of this note
- What is really new in terms of the laws on the subject of insolvency?
- How does a company rescue work? Is it good for the creditors or good for the debtor?
- Can an unsecured lender, bank or other creditor get its money back first despite all these procedures?
- How about secured lenders, banks or other creditors?
- Can the creditors choose their own Rehabilitation Manager, Plan Supervisor or Liquidator?
- Are secured creditors always paid back first?
- Can creditors force a company to go into rescue proceedings?
- More protection from court proceedings
- Tight deadlines
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