Ten years ago, Maria's cake shop chain was liquidated during the Asian financial crisis. She was left with almost nothing from her 32-year investment in the business except an eight-digit personal debt.

The closure also left an estimated 90,000 of Maria's Cakes coupons outstanding in the market with virtually no value, similar to the Lehman Brothers' minibond certificates of today. But thanks to Maria's reputation as a charity worker in the community, the coupons took on a currency of their own, with retail outlets throughout the city offering to honour their value, including cinemas, wedding photographers, greengrocers and even other cake shops.

Declaring bankruptcy could have been a 'piece of cake' for the entrepreneur, but she was made of sterner stuff. She chose to repay her debts over a decade, eking out a hand-to-mouth existence at times.

That was a tough call for an elderly lady, but one she handled with pride. Some are now saying her sacrifice should be emulated by the many Wall Street bankers who took 'golden handshakes' after leading their firms into disaster.

Mrs Lee was chairman of the company and the day-to-day running was in the hands of chief executive Fung Lau Shun-kwan. She says the financial strife came as a surprise.

Mrs Lee opened the first Maria's Cakes shop in 1966, and in her heyday ran 70 outlets in Hong Kong and another 100 in Taiwan. After the demise of the company she sold her franchise and started operating a private kitchen, and sold mooncakes and rice cakes. She even became a tour guide in Zhongshan to help repay her debts, the last of which was repaid late last year.

Dubbed Hong Kong's Martha Stewart, Mrs Lee was the first Hongkonger to teach cooking on television back in 1967. She is active in charities and founded her own Kwan Fong Trust Fund for the Needy. Her life motto is: 'I went from zero to nothing, but in between, I was able to help a lot of people.'

What were you doing at the exact moment Maria's Cakes went into liquidation?

I remember I was in a painting class. I had a lot of stress in those days and a classmate told me she overheard my cake shop had some troubles. I asked her what troubles and she said there were many people lining up outside the shops. I told her we had the first cake run a few years before when Park N'Shop terminated our contract. So I went on with painting.

What was it like after the company collapsed?

I did not have much money to spend. I used to live in a 3,000 square-foot house in Kadoorie Hill, but I had to move to the warehouse of my partner, Mrs Fung. In those days when I was short of a few hundred after repaying the bank, I bought a HK$20 lunch box for my three daily meals. On some days, I even went to counters in supermarkets where they give way those little nibbles.

Did they recognise you?

You bet, but they thought I was picking up recipes.

How much did you owe?

About HK$47 million to three banks, as a 65 per cent majority shareholder. My business partner also guaranteed a similar amount.

How did you pay off your debt?

I paid back over HK$170,000 each month for 10 years until last year. I made my living running a private kitchen, taking tourists to Zhongshan, and making mooncakes. I am glad I don't need to work after paying off all the debts; I'm 80 now. I had some assets, mainly a few units in To Kwa Wan and Wong Chuk Hang industrial buildings, which I bought many years ago as warehouses for Maria's Cakes. Those units were worth more than HK$5 million each in the mid 1980s, but no one wanted to buy them during the Asian financial crisis. I ended up selling them for around HK$2.5 million in 2004, paying back most of my debts.

Your creditors are very lucky.

Yes. My family said I was stupid for giving the proceeds to the banks. I could have saved some of the money to put into the stock market. I only needed to pay the banks as long as I was alive, and I made sure the liability was not passed on to the next generation.

My father was a Shanghai banker working at China Postal Savings Bank. I can proudly tell you that I repaid the banks not a cent less than I owed, and was never late for even a day.

What did the banks say after you made the last payment?

Nothing I can recall. The bank I owed the most money to did not charge me any interest. But I think I won respect from others. People who saw me in the street always gave a thumbs up.

Why did you not simply declare bankruptcy?

Because I am a Christian. Wherever God leads you, sometimes you just need to surrender. I don't believe a person can be bankrupted. Yes, I could have chosen to be bankrupted and I could have walked away without paying a cent, but I needed to be a responsible person. When you sign an agreement, you are committed. If you don't want to be committed, why sign it?

I think people nowadays are scared of commitment. That is why so many people choose to live together without getting married. They don't trust themselves.

There are many bankruptcies worldwide these days. Is the example you set relevant?

That I know. Banks do not trust each other. The United States is in a mess. I know American International Group and Lehman Brothers Holdings, they are companies with long histories.

Do you feel pity for holders of the Lehman minibonds?

They were ignorant and misled by bankers. Human beings by nature are greedy, and unfortunately they committed to a very risky investment.

I think one has to be fair in this situation. You can't put all the blame on the government or the banks. Just as in a divorce, the fault is never on one side.

Do you have any advice for them?

Don't worry. One need not to worry too much about the future. Stay positive, just like me.

What can I do? If I am to lose my company, I am to lose my company. Why worry about it?

Do you read newspapers these days?

I only read yesterday's edition. I do not buy newspapers, so my partner Mrs Fung gives me old copies she picks up. I want her to subscribe to them so I can read to her.

Can you remember the date of Maria's Cakes' liquidation?

I can still remember the month, but not the date. But I was really touched when I saw a number of different merchants - cinemas, gift shops, even hawkers - accepting Maria's Cakes coupons.

One said, 'Maria, you have done so much for us, now it is time for us to give something back.'

In those bad days, I broke my legs, but I still insisted on driving. I was getting out my car one day when a policeman came over.

I said: 'Mr Policeman, you are not coming to give me a penalty I hope.' He replied: 'No, I came here to help you.' I had never seen [such kind acts] in Hong Kong before.