Singapore High Court Grants Bankruptcy Order to Novena Global’s Terence Loh

The bankruptcy hearing of Terence Loh, the co-founder of Novena Global Healthcare (NGH) on Thursday (July 8) resulted in the High Court granting the order, The Singapore Independent reported. His proposal to the High Court last April for a “white knight” to seek refinancing for his loan of $24 million with DBS Bank fell through. Moreover, he planned on entering a voluntary arrangement with his creditors, so he could repay them. But by June, his lawyer, Muralli Rajaram of K&L Gates Straits Law, told the High Court that he would no longer proceed with the voluntary arrangement. Maybank has been seeking to recover more than S$3 million from the businessman, who is the guarantor for the loan the bank granted the Singapore subsidiary of NGH. Maybank started bankruptcy proceedings against Mr Loh last November. The following month, NGH was ordered by the High Court to wind up after it had failed to pay DBS a debt of over $14 million. Mr Loh’s cousin and business partner, Mr Nelson Loh, who had been the personal guarantor for the loan to DBS, was declared bankrupt. Mr Nelson Loh is currently at large. Read more.