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Man charged for taking part in management of 7 companies while bankrupt: SPF
A MAN has been charged in court for allegedly taking part in the management of seven companies while being an undischarged bankrupt, the Singapore Police Force (SPF) said in a press statement on Thursday.
He purportedly did so between April 22, 2004 and April 5, 2017, without permission from the Court or the Official Assignee, which administers the affairs of bankrupts.
The SPF did not identify the man or the companies, but said the firms were in the business of operating medical clinics, as well as manufacturing and distributing medical supplies such as surgical gloves and masks.
The 47-year-old is charged for contravening Section 148 (1) of the Companies Act, which disqualifies an undischarged bankrupt to act as director of a company, or to directly or indirectly take part in, or be concerned in the management of any corporation, except with permission from the Court or the Official Assignee.
Each offence is punishable with imprisonment for a term which may extend to two years, or a fine of up to S$10,000, or both.