BANKRUPT

Katsu & curry house opened · BANKRUPT after 3 yr 10 mo

Liao Tsung-han, 45 · 3 yr 10 mo

“TL;DR: Would still do it again. Something is wrong with me.”

Debt of NT$1,220,041. Bankruptcy. And I am still alive.

The court's decision arrived. The debt rehabilitation process began. Cash -NT$1,145, debt NT$1,220,041, 1 employee, 1,095 customers. Your phone filled with creditors' numbers. You are still alive. This simulation ends here, but your life does not.

How it went

1. 2026 · preparing to openLiao Tsung-han, 42. You have decided to try starting a company in Kaohsiung and Tainan. No idea, no product yet. Savings NT$920,122, employed (NT$52,822 a month).
2. 5/2026: what now?Start a business: «Katsu & curry house» — You are going with «Katsu & curry house». Next: a location and people.
3. Where to start, and with whatGround floor with foot traffic — It is a good spot. People walking by see the sign. The money going out every month got heavier.
4. Who opens the doors with you?Part-timers for the rush hours only — Two students took turns. Both told you their exam weeks in advance. You were grateful.
5. 2026 · year 1 beginsChinese Demand Cooled
6. 5/14 · Building repairsWater leaked from upstairs. You and the landlord argued over who pays for the stain on the ceiling.
7. An insurance agent dropped byOnly the compulsory cover — The bare minimum. The rest is luck.
8. 6/6 · A competitor made a moveA nearby competitor started heavy social ads. Search for your shop and their ad comes up first.
9. 7/13 · Equipment stoppedThe fridge stopped during the afternoon rush. You threw out part of the stock and called a repair technician.
10. The “NT$320,000 a month or your money back” courseBlock the ad — You block it and another account posts the same ad. The money is still in your account.
11. 8/5 · Card terminal outageThe card terminal died at the busiest hour. You served only customers paying cash.
12. 8/14 · Oil reached the cost baseBrent rose to $123 a barrel. Quotes for packaging and freight are not what they were last month. You redid the cost sheet.
13. 10/23 · A small price riseEvery day there are more customers than you can take. You raised prices 5% and they kept coming.
14. A review farm makes an offerDecline — You deleted the message. That week one customer left a good review on their own. One.
15. 11/23 · Loan payment dayLoan payment day. NT$10,525 in principal and interest left the account. The balance is NT$926,675.
16. 11/26 · More regularsThe same customer came three times this week. “I don’t go anywhere else,” they said.
17. 12/7 · Word got aroundA post in a local community said “this place is good.” Customers came in without warning today.
18. 12/23 · Hygiene inspection noticeGetting ready for an inspection, you re-labelled every date sticker. It took two hours after closing.
19. 1/15 · Your mentorAn old mentor called. “What scares you most right now?” they asked.
20. 1/18 · Reviews piled upThree one-star reviews with the same wording appeared in one day. You could not tell whether they were customers or a competitor.
21. How to handle the bad reviewsIgnore them — The reviews did not disappear. They disappeared from your days. You only remembered them when a customer asked.
22. 2/7 · Card terminal outageThe card terminal died at the busiest hour. You served only customers paying cash.
23. 3/23 · A family emergencySomething came up in the family. You dropped what you were doing and went over.
24. 4/5 · A competitor made a moveA shop in your line opened across the street. A big grand-opening discount banner went up.
25. 4/22 · A small price riseEvery day there are more customers than you can take. You raised prices 5% and they kept coming.
26. Night market stall or delivery platform?List on Uber Eats and foodpanda — The first order came in. The moment you saw the commission line on the settlement, the price of a bowl of noodles was simply gone.
27. Chinese Demand CooledA prolonged slump in Chinese domestic demand and real estate lowered Asia's export outlook. Clients who bought raw materials cut orders, and domestic consumption turned cautious as well.
28. Year 1 closeRevenue NT$3,444,216, operating profit NT$815,713. Cash NT$485,252.
29. 2027 · year 2 beginsPeople Came Back to the Street
30. 5/17 · Building repairsWork started on the building’s facade. Scaffolding went up in front and hid your sign.
31. 5/28 · More regularsThe same customer came three times this week. “I don’t go anywhere else,” they said.
32. 6/4 · HeatwaveA heat warning. The air conditioning ran all day. The electricity bill is on your mind.
33. 7/20 · The exchange rate pushed up import billsThe TWD/USD rate rose to 33.06. Imported flour and cooking oil follow it up.
34. Demand is outrunning the teamDefer for free — You spent nothing and will reconsider at another opportunity.
35. 8/18 · Equipment stoppedThe technician said a repair would cost nearly as much as a new one. You bought new.
36. 9/20 · Delivery orders surgedYour ranking rose on Uber Eats and foodpanda. The kitchen stopped for a moment; the orders kept coming.
37. 10/23 · Hygiene inspection noticeA hygiene inspection notice arrived from the health department. You started with the fridge temperature log.
38. 10/27 · Reviews piled upThree one-star reviews with the same wording appeared in one day. You could not tell whether they were customers or a competitor.
39. Your staff member didn’t show upOpen short hours today — “Opening at 2 pm today.” One map review now reads: “wasted trip”.
40. 11/12 · Loan payment dayLoan payment day. NT$10,552 in principal and interest left the account. The balance is NT$832,515.
41. 11/22 · Funding costs rose againThe US 10-year yield rose to 5.59%. The bank is taking another look at your loan terms.
42. 12/3 · A family emergencyThe school called about your child. You left the work in other hands and rushed over.
43. 12/5 · The bank asked for documentsYour bank contact changed. The new one asked for the past year’s statements again.
44. Raise the service standardDefer for free — You spent nothing and will reconsider at another opportunity.
45. 2/7 · Records requested by the tax officeNational Taxation Bureau requested records for LINE Pay and JKOPAY sales and cash sales. You opened the books again.
46. 3/11 · A small price riseEvery day there are more customers than you can take. You raised prices 5% and they kept coming.
47. 4/17 · Delivery orders surgedYour ranking rose on Uber Eats and foodpanda. The kitchen stopped for a moment; the orders kept coming.
48. “There was something in my food. Pay up.”Report it to the police as extortion — It turned out the same photo had been used on three other shops nearby. The case went to the prosecutor.
49. People Came Back to the StreetFoot traffic increased and reservation calls never stopped. You know days like this do not last forever, but today you have to serve the customers.
50. Year 2 closeRevenue NT$3,942,486, operating profit NT$304,636. Cash NT$193,839.
51. 2028 · year 3 beginsPlatform Fees Went Up · An Unexpected Break
52. 5/27 · Down sickDay three of a cold that will not lift. No time to see a doctor.
53. 5/9 · Loan rate went upThe variable-rate loan followed the central bank up. Monthly payments rose by NT$208.
54. 6/15 · Building repairsThe landlord said the pipes need repair and asked you to cut opening hours for two days.
55. 6/24 · An employee quitAn employee said this month would be their last. The big store down the road pays more an hour.
56. A gap opened in the rotaMake an urgent replacement hire — There were a few mistakes in the first week. From the second week you had time to rest.
57. 7/29 · Heavy rainHeavy rain cut the foot traffic to nothing. Two reservations cancelled.
58. You are short of moneyHold on — You closed the loan papers. Instead you cancelled subscriptions, cut what you could do without and pushed the next payment date. Holding on is also a decision.
59. 8/5 · Reviews piled upThree one-star reviews with the same wording appeared in one day. You could not tell whether they were customers or a competitor.
60. 8/16 · A competitor made a moveThe shop directly opposite started 15% off. A few regulars went there.
61. 9/11 · The exchange rate pushed up import billsThe TWD/USD rate rose to 34.69. Imported flour and cooking oil follow it up.
62. 9/29 · Card terminal outageThe card terminal died at the busiest hour. You served only customers paying cash.
63. 10/10 · Records requested by the tax officeNational Taxation Bureau requested records for LINE Pay and JKOPAY sales and cash sales. You opened the books again.
64. 10/20 · Supplier price increaseThe supplier said prices go up 5% from the next order. You need to find another supplier.
65. Financing approvedBorrowing from family NT$320,000 · 0.0%/yr · 36 months
66. You are short of moneyBorrow from family — You brought it up with your family. The transfer was fast. The conversation stays. This money may cost more than bank interest. Borrowing from family NT$320,000 approved.
67. 11/12 · FamilyYou talked with your family for a long time. Someone said, “You come before the money.”
68. 12/25 · Down sickYou came down with something. You took medicine and pushed through, but could not concentrate.
69. 1/5 · A small price riseEvery day there are more customers than you can take. You raised prices 5% and they kept coming.
70. Demand is outrunning the teamDefer for free — You spent nothing and will reconsider at another opportunity.
71. 2/14 · The bank asked for documentsThe loan extension paperwork arrived: financial statements and copies of the business tax returns, please.
72. 2/16 · A competitor made a moveThe shop directly opposite started 20% off. A few regulars went there.
73. 3/26 · A family emergencySomething came up in the family. You dropped what you were doing and went over.
74. 3/11 · PandemicThe government announced opening-hour limits and a ban on gatherings. The streets emptied.
75. The restrictions drag onSwitch to delivery and online — You redid the app and online listings instead of the shop floor.
76. 4/24 · Equipment stoppedThe fridge stopped during the afternoon rush. You threw out part of the stock and called a repair technician.
77. Financing declinedThe small-scale business Youth startup and startup capital loan application was declined.
78. You are short of moneyApply for the Youth startup and startup capital loan — You rewrote the business plan. The officer at SMESA spent longer on cash flow and repayment than on revenue. The answer arrives by post. But underwriting declined it. Credit and cash flow need another look.
79. Platform Fees Went UpUber Eats and foodpanda raised its commission by two points. Orders increased, but the money left per order fell. Without the platform there are no customers, and inside the platform there is no margin.
80. An Unexpected BreakAn old acquaintance called with a contract, and one introduction led to another. They say luck only comes to the prepared, but some moments cannot be explained by preparation alone.
81. Year 3 closeRevenue NT$3,785,300, operating profit NT$241,505. Cash NT$80,012.
82. 2029 · year 4 beginsA typhoon closed the shop
83. 5/29 · Supplier price increaseThe delivery driver said a freight charge starts next week. In effect, a 5% rise.
84. 5/13 · The tax went unpaidOn the due date the account was empty. NT$7,853 went into arrears with a late penalty. It has to be paid as soon as money comes in.
85. Tax in arrearsApply for instalments — Approved. NT$1,309 a month from now on.
86. The lease is upSign on those terms — You signed. The regulars, none the wiser, came in as usual.
87. Cash ran outAsk the landlord to wait — The landlord said, "This once." Ask again next month and the answer will be different.
88. 6/8 · Loan payment dayLoan payment day. NT$19,650 in principal and interest left the account. The balance is NT$936,070.
89. 6/12 · Oil reached the cost baseBrent rose to $123 a barrel. Quotes for packaging and freight are not what they were last month. You redid the cost sheet.
90. 6/25 · Relief paymentA government relief payment of NT$47,445 came in — about a month’s rent.
91. Cash ran outTake a credit loan — The rate is 12%. You can breathe, but the interest comes back every month. The repayment schedule in the banking app starts to look like a calendar.
92. 7/11 · Hygiene inspection noticeWord went round that a shop on your street was fined at inspection. You redid the kitchen cleaning rota.
93. You are short of moneyHold on — You closed the loan papers. Instead you cancelled subscriptions, cut what you could do without and pushed the next payment date. Holding on is also a decision.
94. 8/27 · Building repairsWater leaked from upstairs. You and the landlord argued over who pays for the stain on the ceiling.
95. 9/22 · The rush before the long holidayOrders rose ahead of the long holiday. Delivery and stock both became tight at once.
96. 10/17 · Down sickA sore throat and a fever. You got through the day in a mask.
97. You are short of moneyHold on — Instead of a loan you opened the household budget. No more eating out; repairs that could wait, waited. Holding on needed a plan too.
98. 11/6 · Delivery orders surgedYour ranking rose on Uber Eats and foodpanda. The kitchen stopped for a moment; the orders kept coming.
99. 12/22 · Word got aroundA post in a local community said “this place is good.” Customers came in without warning today.
100. 1/7 · Supplier price increaseThe delivery driver said a freight charge starts next week. In effect, a 7% rise.
101. 1/24 · Your mentorYour mentor sent a link to an article. “This sounded like you.”
102. You are short of moneyHold on — Instead of the bank you called suppliers and asked for a month’s grace. Two said yes, one said no.
103. 2/23 · Records requested by the tax officeNational Taxation Bureau requested records for LINE Pay and JKOPAY sales and cash sales. You opened the books again.
104. 2/21 · Back to normalThe restrictions are lifted. People are slowly coming back out.
105. 2/4 · A loan payment bouncedThe loan payment did not go through. One text from the bank, and your credit grade dropped a notch.
106. Cash ran outClose the shop — On the last day you closed the books. The faces of a few regulars came to mind first.

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