An infamous business/businesman in Sim Lim, a repeat bankrupt, knowing the game borrowed to the hilt; paid himself & his wife indecent salaries to churn huge CPF savings knowing that the monies will be protected from creditors........... He went on to opened at least 15 companies with outlets here and in Malaysia. He borrowed from banks local and foreign to the tune of 20 millions,
When cashflow got him into trouble, he had to close all businesses with inventories scuttled by his Ali Baba buddy like Keith Wan of IMD after personal and company bankruptcies.........
Although bankrupted he continue to milk & steal assets belonging to creditors some of whom reported to OA but to NO avail as OA never reply to any of the complaints. OA is never bothered about being fair to creditor....... sees himself as protector of the bankrupts BUT does a fuckup job while getting superscale pay.
The biggest joke is OA despite knowing his crooked fought for his discharge from bankruptcy lying on his behalf. He still owe judgement creditors $6,000,000 but did not repay a single cent but got a discharge despite travelling 20 times overseas without OA approval.
What sort of signal are we sending to other bankrupts? What are we really telling investors esp foreign ones who also objected to his bankruptcy discharge???????/ Iswaran wants a trusted Business Hub........ my foot! With this sort of gerrymandering woe be those investors who trust our bankruptcy laws and mgmt of bankrupts,
How to get rich? Borrow to the hilt, sit tight and get a discharge in a few years to enjoy ill gotten wealth.
So my friend, advise would be investors to touch sg with a 10 foot pole. Our bankrupt laws and control stink......... OA is sleeping on the job but is a preferential creditor!!! OA office has lots of worms twiddling their thumb.......... waiting for next payday in exchange for eating snakes & napping!!
To rub salt into our wounds the High Court in cahoot with OA used its powers to discharge the bankrupt accepting OA's ground that it will take a long time for the bankrupt to repay his debt......... when the issue is why did OA accept repayment of pathetic $50 monthly? So what if it took a long time???? What fucking kangeroo court do we have??? OA is inefficient, ineffective and others must bendover to help out otherwise the population of bankrupts grows unimpeded,,,,,,,,,, must it be solved in this manner & at creditors' expense????? Why must OA or IRAS or CPF be paid first when it was creditors who lost the out of pocket money???? Fucking rotten the way things are done in sg
When cashflow got him into trouble, he had to close all businesses with inventories scuttled by his Ali Baba buddy like Keith Wan of IMD after personal and company bankruptcies.........
Although bankrupted he continue to milk & steal assets belonging to creditors some of whom reported to OA but to NO avail as OA never reply to any of the complaints. OA is never bothered about being fair to creditor....... sees himself as protector of the bankrupts BUT does a fuckup job while getting superscale pay.
The biggest joke is OA despite knowing his crooked fought for his discharge from bankruptcy lying on his behalf. He still owe judgement creditors $6,000,000 but did not repay a single cent but got a discharge despite travelling 20 times overseas without OA approval.
What sort of signal are we sending to other bankrupts? What are we really telling investors esp foreign ones who also objected to his bankruptcy discharge???????/ Iswaran wants a trusted Business Hub........ my foot! With this sort of gerrymandering woe be those investors who trust our bankruptcy laws and mgmt of bankrupts,
How to get rich? Borrow to the hilt, sit tight and get a discharge in a few years to enjoy ill gotten wealth.
So my friend, advise would be investors to touch sg with a 10 foot pole. Our bankrupt laws and control stink......... OA is sleeping on the job but is a preferential creditor!!! OA office has lots of worms twiddling their thumb.......... waiting for next payday in exchange for eating snakes & napping!!
To rub salt into our wounds the High Court in cahoot with OA used its powers to discharge the bankrupt accepting OA's ground that it will take a long time for the bankrupt to repay his debt......... when the issue is why did OA accept repayment of pathetic $50 monthly? So what if it took a long time???? What fucking kangeroo court do we have??? OA is inefficient, ineffective and others must bendover to help out otherwise the population of bankrupts grows unimpeded,,,,,,,,,, must it be solved in this manner & at creditors' expense????? Why must OA or IRAS or CPF be paid first when it was creditors who lost the out of pocket money???? Fucking rotten the way things are done in sg
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