In my previous application for discharge from bankruptcy,I had offered up to thirty three end one-third percent (33 1/3 %)of the debt due to the creditor. My application was refused by the courts.JB Jeyaretnam
This morning I made another application to the court offering $258,683-82 representing forty (40)percent of the debts.
Messr Goh Chok Tong and Jayakumar, two of the creditor, have refused to accept the offer. Their lawyer did not say why.
As previously stated,Jayakumar has already been paid $166,666-66 from the $200,000.00 Judgment he obtained.He will get a further $20,000-00 under my offer making in all $186,673-98 which will mean he would have recovered over 93.33 %. Apparently that is not enough for Jayakumar. I have to remain a bankrupt until he gets the full amount.
Similarly, Goh Chok Tong bas been paid $69,000-00 of his $100,000-00 judgment and I am now offering him 40% of the balance which i $14,485-60 making a total of $83,485-60 which will mean he would hate recovered 83.5 %. Apparently that is not enough for Goh Chok Tong and he wants to keep me bankrupt until he gets his full $100,000-00. And these are ministers of the government, who claim a million dollars a year, are determined to keep me a bankrupt.
The other creditor has also not accepted my offer without explaining why it was not acceptable. Under my offer they will be getting $252,100-00 which is 45.65% of the amount due to them.
All creditors have not sought to pursue the other defendants, who were sued along with me, but have made me a bankrupt.
CAO,a foreign company,was let off upon offering 54% to their creditors. I, a Singapore citizen, cannot be let off presumably until I offer 100%.
23 June 2005