Category: Uncategorized
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Void Contracts and Voidable Contracts
“You see? The contract’s legal, binding, and completely unbreakable, even for you.” – Ursula, from the Little Mermaid The term “void” means that a lack of existence and a nullity. The Oxford Law Dictionary defines “void” as having no legal effect and “void contract” as a contract that has no…
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Myanmar Labor Laws Digest (General Understanding on Labor Laws of Myanmar)
“ ’Tis no sin for a man to labor in his vocation.” It has always been the responsibility of Myanmar Government to promulgate the laws to protect the rights of workers in accordance with Section 24 of the Constitution of the Republic of the Union of Myanmar. In addition, the…
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The Importance of the Validity of a Business Contract
1. Introduction As of 2012, Myanmar created a modern and accessible environment in which to conduct business by replacing 100-year Companies Act with Myanmar Companies Law, 2017 and combining Foreign Investment Law and Myanmar Citizen Investment Law as Myanmar Investment Law, 2016. Due to these two major changes in operating…
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Piercing the Corporate veil
Have you ever wondered what kind of protection shareholders have when the company or corporation has liabilities or in some cases, bankrupt? Will they be personally liable for the company and have to pay back debts incurred by the corporation? The answer to such questions is related to the concept…
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Creating Security in Myanmar by an Oversea Corporation/a Foreign Bank Branch
According to Section 1 (c) (xiv) of Myanmar Companies Law 2017 (“MCL”), a company incorporated in the Union in which an overseas corporation or other foreign person (or combination of them) owns or controls, directly or indirectly, an ownership interest of more than thirty five percent is defined as a…
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Briefing on Financial Assistance under Myanmar Companies Law (“MCL”)
Financial assistance, pursuant to Section 1 (c) (xiii) of MCL, means that the giving of financial assistance by means of the making of a loan, the giving of a guarantee, the provision of security, the release of an obligation or the release of a debt or otherwise. Under Section 128…
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Briefing on the Share Buy-Backs under Myanmar Companies Law (“MCL”)
Under Section 120 (b) of Myanmar Companies Law (“MCL”), there are two types of share buy-backs: (i) equal and (ii) selective. Equal buy-back is defined under Section 120 (c) of MCL that a share buy-back is an equal buy-back if: (i) the buy-back offers concerns with the Ordinary Shares; (ii)…
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Issuing Bonds and Debentures by Foreign Companies in Myanmar?
In Thailand, foreign companies can sell their securities by listing with Stock Exchange of Thailand as long as those securities are not traded on any foreign exchange. However, this is not permitted in Myanmar. Last year, in 2022, when the inflation starts to rise up obviously due to the sanctions…
Legal Band-Aid 