diff --git a/x/exchange/keeper/matching_test.go b/x/exchange/keeper/matching_test.go
index cec454b0..392a6ca2 100644
--- a/x/exchange/keeper/matching_test.go
+++ b/x/exchange/keeper/matching_test.go
@@ -273,6 +273,58 @@ func (s *KeeperTestSuite) TestOrderSourceMatchingAsMakerNearMinPrice() {
 	s.AssertEqual(expectedOsBalancesDiff, osBalanceDiff)
 }
 
+func (s *KeeperTestSuite) TestOrderSourceMatchingAsMakerNearMinPriceWithMinQty() {
+	// Order book looks like:
+	//  market order #####.1    | 10^-14+2*10^-17  |                --> prev. last price
+	//                          | 10^-14+10^-17    |  # (os)
+	//                          | 10^-14           |  ###### (os)   --> new last price
+
+	firstPrice := types.MinPrice.Add(sdk.NewDecWithPrec(1, 17))
+	secondPrice := types.MinPrice
+
+	os := types.NewMockOrderSource(
+		"mockOrderSource",
+		types.NewMockOrderSourceOrder(true, secondPrice, sdk.NewInt(60000)),
+		types.NewMockOrderSourceOrder(true, firstPrice, sdk.NewInt(10000)))
+	s.FundAccount(os.Address, enoughCoins)
+	s.App.ExchangeKeeper = *s.App.ExchangeKeeper.SetOrderSources(os)
+	s.keeper = s.App.ExchangeKeeper
+
+	market := s.CreateMarket("ucre", "uusd")
+	mmAddr := s.FundedAccount(1, enoughCoins)
+	lastPrice := types.MinPrice.Add(sdk.NewDecWithPrec(1, 17)).Add(sdk.NewDecWithPrec(1, 17))
+
+	// make last TestOrderSourceMatchingAsMakerNearMinPrice
+	s.PlaceLimitOrder(market.Id, mmAddr, true, lastPrice, sdk.NewInt(1000_00000_00000_00000), time.Hour)
+	s.PlaceLimitOrder(market.Id, mmAddr, false, lastPrice, sdk.NewInt(1000_00000_00000_00000), time.Hour)
+
+	feeCollector := market.MustGetFeeCollectorAddress()
+	feeAmountBeforeMatching := s.GetAllBalances(feeCollector)
+	osBalanceBeforeMatching := s.GetAllBalances(os.Address)
+
+	ordererAddr := s.FundedAccount(2, enoughCoins)
+	_, _, err := s.App.ExchangeKeeper.PlaceMarketOrder(s.Ctx, market.Id, ordererAddr, false, sdk.NewInt(50001))
+	s.Require().EqualError(err, "quote is less than the minimum order quote allowed: 0 < 10000: bad order amount")
+
+	_, res := s.PlaceMarketOrder(market.Id, ordererAddr, false, utils.ParseInt("10_00000_00000_00000_00000"))
+	s.AssertEqual(types.MinPrice, *s.App.ExchangeKeeper.MustGetMarketState(s.Ctx, market.Id).LastPrice)
+
+	s.AssertEqual(sdk.NewInt(70000), res.ExecutedQuantity)
+	s.AssertEqual(utils.ParseCoin("70000ucre"), res.Paid)
+	s.AssertEqual(utils.ParseCoin("0uusd"), res.Received)
+
+	feeAmountAfterMatching := s.GetAllBalances(feeCollector)
+	feeAmount := feeAmountAfterMatching.Sub(feeAmountBeforeMatching)
+	s.AssertEqual(utils.ParseCoins("1uusd"), feeAmount)
+
+	osBalanceAfterMatching := s.GetAllBalances(os.Address)
+	osBalanceDiff, _ := osBalanceAfterMatching.SafeSub(osBalanceBeforeMatching)
+	expectedOsBalancesDiff := sdk.Coins{
+		sdk.Coin{Denom: "ucre", Amount: sdk.NewInt(70000)},
+		sdk.Coin{Denom: "uusd", Amount: sdk.NewInt(-1)}}
+	s.AssertEqual(expectedOsBalancesDiff, osBalanceDiff)
+}
+
 func (s *KeeperTestSuite) TestOrderSourceMatchingAsMakerNearMaxPriceWithMaxQty() {
 	// Order book looks like:
 	// (os) ########## | 10^24          |  --> new last price
diff --git a/x/liquidamm/types/public_position.go b/x/liquidamm/types/public_position.go
index e83cd21f..f17450bf 100644
--- a/x/liquidamm/types/public_position.go
+++ b/x/liquidamm/types/public_position.go
@@ -113,6 +113,9 @@ func CalculateRemovedLiquidity(
 	if burnedShareAmt.Equal(shareSupply) { // last one to burn
 		return totalLiquidity
 	}
+	if shareSupply.Add(prevWinningBidShareAmt).IsZero() {
+		return sdk.ZeroInt()
+	}
 	return totalLiquidity.Mul(burnedShareAmt).Quo(shareSupply.Add(prevWinningBidShareAmt))
 }
 
diff --git a/x/liquidamm/types/public_position_test.go b/x/liquidamm/types/public_position_test.go
index 4e5f6f66..84840e36 100644
--- a/x/liquidamm/types/public_position_test.go
+++ b/x/liquidamm/types/public_position_test.go
@@ -225,6 +225,14 @@ func TestCalculateRemovedLiquidity(t *testing.T) {
 			prevWinningBidShareAmt: sdk.ZeroInt(),
 			expectedAmt:            sdk.NewInt(100_000_000),
 		},
+		{
+			name:                   "burn all: with previous winning bid",
+			shareSupply:            sdk.NewInt(100_000_000),
+			totalLiquidity:         sdk.NewInt(110_000_000),
+			burnedShare:            sdk.NewInt(100_000_000),
+			prevWinningBidShareAmt: sdk.NewInt(10_000_000),
+			expectedAmt:            sdk.NewInt(110_000_000),
+		},
 		{
 			name:                   "burning small amount #1: no previous winning bid",
 			shareSupply:            sdk.NewInt(100_000_000),