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Instead, a court-monitored receivership allows an attorney to auction off the company’s assets to repay investors and creditors.

But the proposals had to be approved by the High Court after a group of creditors opposed it, arguing that the 9.75% interest rate on the loan was too costly.

"I borrowed this money, and now creditors are after me," he says.

The suit alleges that the foreclosure “was part of a sham to defraud creditors” and did not disrupt business operations.

The bank has come under scrutiny for the integrity of its internal controls ever since it accidentally wired $900 million to creditors involved in a fight with beauty company Revlon five years ago.