About 50 companies reported dissolving on MyCo registry system

The Directorate of Investment and Company Registration (DICA) received a report for dissolution of 50 corporate enterprises on the online registry system, MyCO, under the Myanmar Companies Law 2017, said U Thant Sin Lwin, director-general of the DICA.
At present, there is no corporate insolvency or personal bankruptcy registered on the DICA, he continued.
“The DICA receives the report for dissolution of corporate enterprises. There are many work procedures to dissolute the company. We still cannot regard them as bankruptcy for now. About 40-50 companies were filed for dissolution,” he affirmed.
Those companies include business failure and dissolution, dissolution of partnership, deadlock and dissolution and closing the business for new collaboration and new corporation.
“As far as I am concerned, corporate insolvency includes liquidation or winding-up process for non-viable businesses. Some companies are insolvent, he explained.
Those filed for dissolution are small firms, he added.
The Insolvency Law came into effects on 25 May 2020. The DICA is responsible for the insolvency register.  (Translated by Ei Myat Mon)

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