The singer-producer ran 5 F&B ventures that at the moment are shuttered
Native musician Hong Junyang has lately fallen sufferer to Singapore’s harsh food and beverage (F&B) industry.
Grappling with rising money owed from his now-shuttered Thai road meals restaurant chain, The Authentic Boat Noodle, the singer-producer has declared bankruptcy.
In an interview with AsiaOne, Hong shared that The Authentic Boat Noodle had been going through obstacles for the reason that pandemic a couple of years again. “Ever since COVID-19 began, it has been very, very robust for us, up until our closure… I attempted my greatest,” stated the 44-year-old.
Whereas he didn’t disclose the quantity of his money owed, he admitted that this was his first foray into the F&B business and that he lacked the required expertise for it.
Hong, who rose to fame in 2005 after rising as a male runner-up in native expertise search competitors programme Undertaking Celebrity and lately carried out as a visitor on JJ Lin’s JJ20 World Tour, opened The Authentic Boat Noodle’s first outlet at Changi Metropolis Level in 2018.
He expanded it to 5 extra places all through the years, together with Suntec Metropolis and Bugis Junction.
Along with The Authentic Boat Noodle, Hong had additionally operated a number of F&B ideas, together with the Korean meals stall Oppa Kitchen, Indian meals restaurant Bananabro and cafe Caf—all of which have since closed down too.
What does it imply to be bankrupt in Singapore?
In Singapore, chapter is a authorized course of involving a person or agency that’s unable to repay any outstanding debt of at least S$15,000. An individual might file for chapter voluntarily, or a creditor might file a chapter software in opposition to them.
As soon as declared bankrupt, the debtor’s title is entered into Singapore’s bankruptcy register, which is publicly accessible.
Chapter imposes a number of monetary restrictions.
The debtor should hand over their belongings to a trustee, who will promote them and channel the proceeds right into a chapter property for distribution to collectors. The debtor can also be required to make month-to-month contributions from their earnings. Nevertheless, certain assets are protected and excluded from the chapter property. These embody the debtor’s HDB flat, CPF financial savings, and objects obligatory for private employment use, akin to work-related autos.
Bankrupt people should additionally search permission from the trustee earlier than travelling abroad.
In accordance with PKWA Law, being declared bankrupt isn’t essentially a nasty consequence—particularly for individuals who are overwhelmed by debt and have exhausted all compensation choices. Chapter can halt the buildup of curiosity, provide a structured and extra manageable compensation plan, and shield the debtor from authorized motion by collectors.
In Singapore, chapter sometimes lasts three years. It could finish earlier by an annulment, if all money owed and bills are repaid in full or a settlement is reached with collectors, or by a discharge, which frees the debtor from remaining unpaid money owed after the three-year interval.
What’s subsequent for the singer-producer?
Reflecting on the chapter, Hong stated: “This has been a tough and painful expertise. However I really feel that it’s proper that I face it responsibly and I’ll proceed to decide on to face it responsibly.”
“I additionally take this second to replicate, transfer ahead, reset, relearn and most significantly to rebuild all the pieces to be stronger sooner or later. I don’t see this as the top.”
The singer-producer additionally informed AsiaOne that he’s grateful to have the help of his family members.
“I’ve household and shut mates who stood by me and supplied assist to me. They’re all the time there for me,” he stated. Hong highlighted that their help has made him cherish them much more, giving him “higher knowledge and discernment” about who his true mates are.
Concerning his present plans, Hong emphasised that his precedence is to maintain working to earn a dwelling and create music he’s keen about, which he stated can be one thing that by no means adjustments.
Featured Picture Credit score: Hong Junyang through Fb/ Shaun Chng
