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THE valid claims against high-society figure Jannie Chan have risen S$18.9 million, after the High Court on Wednesday (Feb 19) accepted a creditor’s previously rejected debts.

Chan, the co-founder of mainboard-listed luxury timepieces retailer The Hour Glass, was declared bankrupt in 2019.

The loan that she had guaranteed for JASC – one of the firms where she was the sole director and shareholder – was overdue. It landed her in bankruptcy when the licensed moneylender SME Care sought to have her honour the guarantee.

Yit Chee Wah acts as the private trustee of her estate, and has the duty to examine the debts submitted by creditors, and to determine whether to admit or reject these claims.

The trustee will distribute the bankrupt’s assets only to creditors who have debts that have been genuinely created and are legally due.