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honestbee creditor Benjamin Lim applies to wind up company

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A CREDITOR of honestbee, Benjamin Lim Jia-Rong, has filed a court application to wind up the distressed startup, according to a notice filed on the Government Gazette. Read more at The Business Times.

A CREDITOR of honestbee, Benjamin Lim Jia-Rong, has filed a court application to wind up the distressed startup, according to a notice filed on the Government Gazette. understands that honestbee owes Mr Lim US$3.8 million, which he had previously extended to the startup via an unsecured loan. This makes him junior to honestbee's sole secured creditor, Formation Group, which has all-monies charges for US$4 million in debt.

In addition, honestbee's current and former employees who are still owed salaries and CPF contributions will likely be paid ahead of creditors in a liquidation scenario. The startup's total debt pile stands at about US$230 million. In August last year, Mr Lim filed a lawsuit against former honestbee chief executive Joel Sng seeking to recover the sum, but BT understands that the matter has since been resolved. Subsequently, Mr Lim filed affidavits opposing honestbee's restructuring bid.

 

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