Case Study 6 - Bankrupt and Successful Businesswoman? - Salary.sg Forums
Salary.sg Forums  

Go Back   Salary.sg Forums > The Salary.sg Discussion Forums: > Income and Jobs

Income and Jobs Discuss jobs, career options and of course salaries




Case Study 6 - Bankrupt and Successful Businesswoman?

Reply
 
Thread Tools
  #1 (permalink)  
Old 31-05-2009, 09:45 PM
Salary.sg
Guest
 
Posts: n/a
Default Case Study 6 - Bankrupt and Successful Businesswoman?

Former one-hit-wonder Stella Ng has recently been declared bankrupt by the Singapore court. She's a mandopop singer before her foray into the chocolate cake business.

Back in 2007, Zaobao reported that her cake business in Taiwan was raking in S$500,000 a month in sales. She had obtained the franchise rights from Awfully Chocolate in Singapore and opened 3 such cake shops in Taipei, with much success apparently.

She later split with her shareholder and started her own Black As Chocolate cake shops, obviously (to me) selling the same stuff, but still as successful.

The details are not clear, but according to the asiaone report, she somehow owed (and still owe) Awfully Chocolate a total sum of $249,000 for violating the franchise contract. To chase for payment, the firm had sent her a letter of statutory demand, which she ignored. And then the firm sued her for bankruptcy.

If her business is indeed as successful as reported, I wonder why she would not simply pay up and just settle the problem.

Can a person be both bankrupt and successful in business?

See other case studies.

http://www.salary.sg/2009/case-study...businesswoman/

Reply With Quote
  #2 (permalink)  
Old 31-05-2009, 11:10 PM
ron--
Guest
 
Posts: n/a
Default 4801

somtimes it makes me ponder too, what really makes a person bankrupt even when he/she seems to has amass a fortune.

Reply With Quote
  #3 (permalink)  
Old 31-05-2009, 11:29 PM
kai--
Guest
 
Posts: n/a
Default 4802

she is rich in Taiwan, poor in Singapore. Even if she is bankrupt in singapore, if she does not intend to return to singapore, there is nothing to lose and nothing the authorities can do to her.

Reply With Quote
  #4 (permalink)  
Old 01-06-2009, 09:29 PM
SLim--
Guest
 
Posts: n/a
Default 4818

Hmmm, if you have millions in assets but no money in the bank then you are technically bankrupt, right? It's all about cash flow... because she can't pay interest on loans, salaries of employees, cake suppliers etc.
Reply With Quote
  #5 (permalink)  
Old 02-06-2009, 09:32 AM
catring--
Guest
 
Posts: n/a
Default 4828

she has franchise rights.
so must appear to be successful to be successful frachisor.

... feels like all those MLM recruitors
Reply With Quote
  #6 (permalink)  
Old 04-06-2009, 10:28 AM
funny--
Guest
 
Posts: n/a
Default 4844

that's funny.. meaning all taiwanese can start business here, and declare bankrupt when it's not going well without liabilities, and reap profit when it goes well? what an investment heaven.
Reply With Quote

  #7 (permalink)  
Old 05-06-2009, 04:46 PM
Anonymous--
Guest
 
Posts: n/a
Default 4861

you obviously don't know much about bankruptcy law if you think that only liquid assets can seized. read this for a layman's primer:

What it means to be trapped in bankruptcy
Reply With Quote
  #8 (permalink)  
Old 01-07-2009, 10:56 PM
WJ-
Guest
 
Posts: n/a
Default

Ya.. she does not want to pay the damages so she let them bankrupt her loh.

Itís only technical.. and iím sure stella does not intend to start any business in singapore.. so it does not matter to her.
Reply With Quote
  #9 (permalink)  
Old 17-07-2009, 01:08 PM
Anonymous
Guest
 
Posts: n/a
Default

The company sued her is taiwan and the company lost the case, that is why she was able to continue her business in taiwan.
Reply With Quote
Reply

Bookmarks

« Previous Thread | Next Thread »
Thread Tools

Posting Rules
You may not post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are On
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Case Study 1 - How Poly Lecturer became Millionaire Salary.sg Investments and Net Worth 19 31-12-2022 01:21 AM
Case Study 3 - How Couple got Stuck with Property Salary.sg Investments and Net Worth 16 19-07-2009 04:42 PM
Case Study 4 - How High-Income Lady Lost $33k in Shares Salary.sg Investments and Net Worth 4 30-06-2008 01:37 PM
Case Study 5 - Shrewd Millionaire Employee Salary.sg Investments and Net Worth 9 18-06-2008 01:46 PM
Case Study 2 - How Engineer made Half Million Salary.sg Investments and Net Worth 4 10-02-2008 11:38 PM

» 30 Recent Threads
Lawyer Salary ( 1 2 3... Last Page)
20,292 Replies, 9,348,889 Views
How is life as a doctor in... ( 1 2 3... Last Page)
6,262 Replies, 2,912,677 Views
DBS tech seed programme ( 1 2 3... Last Page)
3,158 Replies, 1,238,507 Views
Career as Teacher ( 1 2 3... Last Page)
9,405 Replies, 5,701,523 Views
Compare civil service salary ( 1 2 3... Last Page)
15,885 Replies, 11,592,120 Views
MAS for Mid Career Professionals ( 1 2 3... Last Page)
1,596 Replies, 877,762 Views
IMDA (under MCI) ( 1 2 3... Last Page)
953 Replies, 425,943 Views
Q: Big4 - Yearly salary increment ( 1 2 3... Last Page)
11,735 Replies, 4,229,402 Views
Civil Svc/ Statboard - Typical... ( 1 2 3... Last Page)
5,714 Replies, 3,359,386 Views
CSA (Cyber Security Agency) ( 1 2 3... Last Page)
757 Replies, 406,869 Views
MINDEF DXO (All FAQ on it) ( 1 2 3... Last Page)
5,517 Replies, 4,196,205 Views
OKX SuperNova Graduate Program ( 1 2 3... Last Page)
80 Replies, 53,387 Views
Engineer in PUB ( 1 2 3)
21 Replies, 33,846 Views
LTA (Land Transport Authority) ( 1 2 3... Last Page)
486 Replies, 277,105 Views
JTC (Jurong Town Corporation) ( 1 2 3... Last Page)
53 Replies, 67,658 Views
Civil Service Performance Bonus ( 1 2 3... Last Page)
4,868 Replies, 4,182,670 Views
DSTA (under Mindef) ( 1 2 3... Last Page)
1,367 Replies, 1,224,551 Views
GovTech ( 1 2 3... Last Page)
4,239 Replies, 1,703,124 Views
NUS (National University of... ( 1 2 3... Last Page)
298 Replies, 267,700 Views
Visa Graduate Development Program ( 1 2 3... Last Page)
109 Replies, 88,349 Views
HTX (Home Team Science and... ( 1 2 3... Last Page)
424 Replies, 201,105 Views
Roles in accenture singapore ( 1 2 3... Last Page)
6,584 Replies, 1,942,664 Views
UOB Management Associate Program ( 1 2 3... Last Page)
1,169 Replies, 650,728 Views
NTU (non-faculty) ( 1 2 3... Last Page)
144 Replies, 191,840 Views
Work culture in IHiS ( 1 2 3... Last Page)
624 Replies, 438,226 Views
Cybersecurity/Info security career ( 1 2 3... Last Page)
492 Replies, 229,462 Views
NCS (SingTel subsidiary) ( 1 2 3... Last Page)
1,280 Replies, 993,728 Views
HDB (under MND) ( 1 2 3... Last Page)
517 Replies, 551,932 Views
PSA International ( 1 2 3... Last Page)
106 Replies, 68,482 Views
ByteDance / TikTok ( 1 2 3)
24 Replies, 23,930 Views
Powered by vBadvanced CMPS v3.2.2



All times are GMT +8. The time now is 10:35 PM.


Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2023, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.3.2