Insolvency Practitioners’ Regulatory Council held its first meeting for 2020 at the training school of the Union Auditor-General’s Office in Yangon yesterday morning.
At the meeting, Union Auditor-General U Maw Than recounted the establishment of the council on 26 March 2020 under notification 25/2020, and dealt with the formation of the practitioner certification committee, the practitioner disciplinary committee, the advisory committee or the executive committee and the council office for the effectiveness of the council’s functions. He said the regulatory committee should be formed with advocates for legal matters, accountants for financial matters, and economists for the functions. The Union Auditor-General called for inclusive participation for the successful enforcement of the Insolvency Law, which has eleven parts.
The chairman of the Advocates Council, the governor of the Central Bank of Myanmar, the president of the Union of Myanmar Federation of Chambers of Commerce and Industry, a member of Securities and Exchange Commission, the patron, the chairman and the members of board of Myanmar Institute of Certified Public Accountants, and the head of the Directorate of Investment and Company Administration, who are members of the Insolvency Practitioners’ Regulatory Council, took part in the discussions.
The meeting elected the Union Auditor-General as the chair of the council, acknowledged the formation of the insolvency practitioner association, and focussed on issuance of insolvency practitioner certificates soonest, and gave suggestions on priority matters.— MNA
(Translated by TMT)
