Jannie Chan reinstated as director of TYC
High-profile businesswoman Jannie Chan, whose bankruptcy was set aside last December, has won reinstatement as director of the family holding company she ran with her ex-husband.
The High Court ruled that she be automatically reinstated as a permanent governing director of TYC Investment after her bankruptcy was set aside.
The case dealt for the first time here with what happens when the court sets aside an order to bankrupt a company director and its effect on his directorship.
Judicial Commissioner Audrey Lim said the various authorities show the effect is in general the same as when a bankruptcy is annulled, which means "the bankruptcy is treated as not having occurred".
"The fact that the bankruptcy order has been set aside on appeal should have the effect of restoring Jannie Chan to her original position as though no bankruptcy order has ever been made against her," she explained in judgment grounds issued on Tuesday.
Ms Chan, 72, together with then husband Henry Tay, had incorporated TYC as a family holding company in 1979, with each holding a founder share of 44 per cent and 46 per cent of voting rights in TYC respectively.
Their three children share the remaining 10 per cent voting rights in varying amounts.
The judge noted TYC was set up to hold shares in The Hour Glass and other "not insubstantial" family assets for themselves and their childrens' benefit. - THE STRAITS TIMES
FOR MORE, READ THE STRAITS TIMES TODAY