'Last few weeks darkest of my life': Naiise founder Dennis Tay winds up business, filing for bankruptcy.

Based on what I know as well, not a legal lawyer here...

But the main reason why he went bankrupt was because he started taking personal debt (eg personal loans) and business debt (business loans) which he acted as a personal gurantee for.

With regards to the vendors claiming back money, it is almost impossible because two entities has gone bankrupt (ie not backed anymore)

• Company (PTE LTD) as a private limited, it is a living entity on its own but has now no way to pay back

• Personal director (Dennis himself) now has also gone bankrupt which his liability is just limited to himself, so he has also no way to pack back debtors

All that being said, I personally felt NAIISE was a great concept store and had many memories walking in and exploring the various items on offer. Hope he comes back stronger from this experience.. running startups and businesses are never easy..

Disclaimer: Not a lawyer

I believe it's not actually possible to claim back your money from the business if the business goes bankrupt (with the exception of sole proprietorship) since the business is a separate legal entity from the business owner. However, even so, since he filed for personal bankruptcy, there's nothing much the lenders can do anyways. They do have claims over business assets to settle their debts though, but that should be it.

Sad situation all around but such are the risks of businesses and also the risk when it comes to lending money.