Chairman of Hanwell and Tat Seng declared bankrupt but status not disclosed by firms
This is despite Companies Act prohibiting a bankrupt from being director
Singapore
THE executive chairman of Hanwell Holdings and Tat Seng Packaging Group was made bankrupt in August, but these two Singapore-listed companies have to date not acted on Allan Yap's directorship even though the law prohibits a bankrupt from being director.
Mr Yap was declared bankrupt after the court in Hong Kong granted a bankruptcy petition by creditors over debts of more than HK$685 million (S$121 million) arising out of personal guarantees given by the 64-year-old in respect of the liabilities of Hong Kong-listed Master Glory Group.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
BlackRock, Citadel reap billion-dollar deals from Australia fund
Credit Suisse faces 50 billion won South Korea short-sale fine
Nvidia supplier SK Hynix says HBM chips almost sold out for 2025
Jim Beam owner bets on canned vodka cocktails to double revenue
Hot stock: Nio climbs about 19.8% on stronger vehicle delivery performance
Cutting the cord?: Events leading up to Cordlife’s MOH suspension and arrests of its directors, ex-group CEO