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
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Tay Peck Gek
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.
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