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?
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