Sdn Limited

Being a director of a private limited company whilst bankrupt?

Is it an offence to be a director of a pvivate limited (Sdn Bhd) company whilst bankrupt? Can you be the sole proprietor of a company if you are a bankrupt? How does one get financial assistance to start a business while being bankrupt?

Question:
Is it an offence to be a director of a private limited (Sdn Bhd) company whilst bankrupt?

My opinion / Answer:
Undischarged bankrupts acting as directors -
-Statement pursuant to Section 125,Companies Act 1965 (Act 125)

1) Every person who being an undischarged bankrupt acts as director of, or directly or indirectly takes part in or is concerned in the management of, any corporation except with the leave of the Court shall be guilty of an offence against this Act.

Penalty: Imprisonment for five years or one hundred thousand ringgit or both.

2) The Court shall not give leave under this section unless notice of intention to apply therefor has been served on the Minister and on the Official Receiver (OA) and the Minister and the OA or either of them may be represented at the hearing of and may oppose the granting of the application.
---------------------------------------------------------------

Question:
How does one get financial assistance to start a business while being bankrupt?

My opinion:
A bankrupt still can get financial assistance from his family members, relatives, friends or investors who believe the bankrupt can success.

---------------------------------------------------------------
***No matter what constraints and difficulities faced by the bankrupt, with strong desire to success in business, they are many solutions out there. IF THERE IS A WILL, THERE IS A WAY.

The producer of Apprentice - Mr. Donald Triump, is a discharged bankrupt.