Debt recovery singapore
Case Study #023: Restaurant Loan
The client and his best friend, the debtor, had always dreamed of opening a restaurant together. When the opportunity finally presented itself, the debtor asked the client for a loan of SGD $45,000 to cover startup costs. They agreed that the debtor would repay the loan once the restaurant became profitable, but they did not bother drafting any formal agreement. Their trust in each other seemed enough.
Unfortunately, the restaurant struggled to get off the ground, and after a year of losses.
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