Abstract

• Winding up refers to the procedure through which a business ceases its operations and its assets are liquidated to settle debts and distribute any remaining funds to shareholders or creditors. This research explores the complexities inherent in the winding up proceedings of companies in Myanmar, with a particular emphasis on the legal structure dictating this process and its implications for corporate rescue and rehabilitation. The study aims to examine and define key legal aspects, including provisions, definitions, and regulations surrounding the winding up of companies. Additionally, it seeks to evaluate the effectiveness of the legal framework in addressing corporate rescue and rehabilitation during the winding up process. The outcomes of the research show that Myanmar's rehabilitation and restructuring regime provide a structured framework for companies suffering financial distress. The initiation of rehabilitation, whether voluntary, by a secured creditor, or through a court order, includes a crucial aspect: the imposition of a three-month moratorium during the rescue stage. This provides a protective shield against legal actions during the development of a rehabilitation plan, with certain improvements to the existing legal framework identified. This research highlights the strengths and limitations of Myanmar's legal framework for the winding up of companies, offering practical suggestions for enhancement. Through implementing these suggestions, Myanmar has the opportunity to fortify its insolvency framework, making it more adaptable, supportive, and conducive to successful corporate restructuring amidst financial challenges. Focusing on effective corporate governance and legal reforms contribute to a more resilient and sustainable business environment in Myanmar, fostering long-term prosperity and peace through improved insolvency practices.