Ex-singer Stella Ng declared bankrupt: Singapore ex-singer, Stella Ng (Stella Huang Xiang Yi, 黃湘怡), who owes dark chocolate cake firm Awfully Chocolate a total of $249,000, was declared bankrupt in a recent lawsuit.
According to Lianhe Zaobao, she signed a franchise agreement with Awfully Chocolate in 2006. However, the cake firm terminated her licence in July 2007 and sued her company for violating terms in the franchise contract.
As the guarantor of her company, she was ordered by the court to pay approximately $224,000 excluding interest payments. However, as she did not make any payment, the cake firm decided to issue a letter of statutory demand in January this year to get back the amount of money she owed. According to the law, she must clear her debts within 21 days of receiving the letter of statutory demand or face being sued for bankruptcy. As she did not respond to the letter, the cake firm brought the case to court on April 23 this year. To date, Stella Ng owes Awfully Chocolate a total of $249,000, including interest payments.
Following the termination of her franchisee licence, Stella promptly set up a new bakery "Black As Chocolate".
Her lawyer told Lianhe Zaobao that he would issue a plea to the court so as to slow down the proceedings of Stella's bankruptcy declaration.
Click
here to see the video of Stella's NUS graduation (provided by chioeves) and another video montage
here.
Too bad for her lar... Anyway, she just need to pay for that 200k++ only right? I hope she's okay.
ReplyDeletethink its some catfight between her and awfully choc.
ReplyDeleteAdoi, business novice. Must've thought her franchisee commitments were over upon receiving the 2007 termination letter. Cannot just ignore any related lawsuit, mah.
ReplyDeleteUp to her to immediately start up another cake shop. But, if her new business was doing well (as reported) & her showbiz income was still better off back then, then she should've fortuitously use the funds to resolve this matter ASAP (either defray the debt, negotiate a settlement, or fight the suit).
Hopefully her cash flow now is good, if her lawyer can delay the final proceedings. (Think it's too late to offer to repay by installments, though.)
Otherwise must declare her financial status to the Official Receiver, who shall in turn auction off her material assets to remunerate the creditors. In other words, she's likely to lose her Black As Chocolate bakeries.
Minimum debt to petition for bankruptcy (statutory demand) in SG is $10k, if I'm correct.
Hello !.
ReplyDeletemight , probably very interested to know how one can make real money .
There is no need to invest much at first. You may begin to get income with as small sum of money as 20-100 dollars.
AimTrust is what you thought of all the time
The firm incorporates an offshore structure with advanced asset management technologies in production and delivery of pipes for oil and gas.
It is based in Panama with structures around the world.
Do you want to become a happy investor?
That`s your chance That`s what you desire!
I`m happy and lucky, I began to take up real money with the help of this company,
and I invite you to do the same. If it gets down to choose a correct partner utilizes your funds in a right way - that`s AimTrust!.
I make 2G daily, and my first investment was 500 dollars only!
It`s easy to join , just click this link http://ovahybuhad.exactpages.com/pexywizi.html
and go! Let`s take our chance together to feel the smell of real money