Ann: Appointment of Joint Company Secretary, page-49

i recall posting up that a person with the exact same name as  tanzil has an appearance on the bankruptcy register a while back, but did not get a paid copy of the document as i thought it may be a current action by xstate itself..

i did a full search this morning myself and came up with the same conclusion agent2018 had. that there is an individual with the name hidayat tanzil on the register, whether that person is or is not full discharged is conjecture imho

if your concluding the person on the register is the same person associated with the xstate transaction then you would have to say that bankruptcy laws and penalties are pretty severe in singapore for any breaches..

you are allowed to continue business and can be allowed to head up companies, under restrictions,  but all bank accounts must be surrendered from what i could see

Depending on which condition is breached, you may be required to pay a financial penalty or be liable, upon conviction by a court, to a fine of up to $200,000 and/or imprisonment for a term of up to 3 years.

you would have to conclude that if this is the same person, then all transactions done during bankruptcy must be done with the explicit and direct knowledge and cooperation of his OA in singapore if you were undischarged, if not there are repercussions.

equally, if this is the same individual, then sanston must have been acutely aware of this also, they were the sole agency that handled all high wealth investors into xstate at that time. they were paid directly for providing such a service.  their due diligence would have been impeccable and thorough, there is no way they could have forwarded a high wealth  investor to xstate without a comprehensive background and financial check, proof of money would have been made, that would have been their mandate.

if this is the same individual,  you have to say that at a minimum that sanston and the OA in charge if the bankrupt must have been acutely and explicitly aware of every part of this


Restrictions on an Undischarged Insolvent

As an undischarged insolvent there are some things the bankrupt cannot do. These include the following:

1. Travelling overseas without the OA’s permission.
   (b) Bringing any Court action, other than an action for damages or compensation in respect of personal injuries or wrongful acts against him, without the OA’s permission.

1. Obtaining credit.

(d) Acting as trustee or personal representative without the Court’s permission.
(e) Managing a business or corporation without the Court’s or OA’s permission.
In addition to the above, other offences which relate to fraudulent acts by insolvents and are punishable with imprisonment of up to 3 years or a fine up to S$10,000 or both are prescribed in the Bankruptcy Act (Cap 20), mainly in Part X of the same. These include, among others:

• Non-disclosure of information relating to his affairs and making misrepresentations to the OA, e.g. making material omissions in any statement to the OA, concealment of assets or concealment of books and papers, destruction of books affecting your property or affairs.
• Leaving or attempting to leave Singapore with his property in order to defraud his creditors (absconding with property).

Applications By Insolvents To Manage A Business Or Act As Director

Principle: It is important that an insolvent remains economically productive even during insolvency as this will allow him to settle his debts earlier and be discharged from bankruptcy quickly. It will also allow the insolvent to continue contributing economically to society. It is for these reasons that the law has been amended to make it easier for an undischarged insolvent to engage in business or trade, take part in the management or act as director of a company or business, especially if he is experienced in business.
An undischarged insolvent may apply to the High Court or to the OA for permission to take part in or to be concerned in the management of any business or company or to act as a Director of a company.

Please note that it is an offence punishable with imprisonment of up to 2 years, a fine not exceeding S$10,000, or both, for an undischarged bankrupt to directly or indirectly take part in or to be concerned in the management of any business or company or to act as Director of a company without the leave of the High Court or the written permission of the OA, under Section 26(1) of the Business Registration Act (Cap 32) and Section 148(1) of the Companies Act (Cap 50).