Condition of approval
3.  A person mentioned in paragraph 2 ceases to be an approved liquidator if —
(a)the person is adjudged a bankrupt in Singapore or elsewhere;
(b)the person assigns the person’s estate for the benefit of the person’s creditors or makes an arrangement with the person’s creditors pursuant to any law relating to bankruptcy; or
(c)the person is convicted of an offence involving fraud or dishonesty punishable on conviction by imprisonment for 3 months or more.