SINGAPORE – Asked by her husband to sign some documents that would mortgage their detached house in Katong in order to secure a loan for his business, some seven years ago, a 49-year-old housewife agreed .
But the company defaulted on the loan, and the bank started bankruptcy proceedings against Madam Lim Lee Lee over an outstanding $16.2 million.
This is the remainder of the amount owed after she and her husband sold their Branksome Road house for $10 million in March this year (2017) to repay UOB.
Earlier this week, Madam Lim succeeded in staving off bankruptcy after the High Court set aside a statutory demand, a precursor to the bankruptcy application, from the bank.
In setting aside the statutory demand, Assistant Registra…
Read the full article at: http://www.straitstimes.com/singapore/courts-crime/houswife-staves-off-bankruptcy-over-husbands-16m-business-debt
