Receivers of the Crafar farms say a conditional agreement for the sale of the dairy properties remains on foot despite the bankruptcy of May Wang, who is fronting the bid.Receiver Brendon Gibson of KordaMentha said the agreement remained subject to O
Receivers of the Crafar farms say a conditional agreement for the sale of the dairy properties remains on foot despite the bankruptcy of May Wang, who is fronting the bid.
Receiver Brendon Gibson of KordaMentha said the agreement remained subject to OIO approval and "we continue to receive communication with the applicant’s solicitors as to the progress of the consent process.”
The agreement is btreween the Crafar entities and UBNZ Funds Management Limited.
Ms Wang was declared bankrupt in the High Court at Auckland yesterday.
The decision had raised doubts about the future of the deal between Natural Dairy and the New Zealand-based UBNZ group involving the Crafar farms.
Ms Wang is listed as a director of UBNZ Trustee and UBNZ Funds Management, both of which are linked to the purchase of Crafar family properties.
She has said bankruptcy would undermine the Hong Kong-based Natural Dairy bid for the Crafar farms.
Ms Wang owed creditors $22 million following the collapse of her hotel and property business Dynasty Group.
An offer to repay them 6c in the dollar was earlier this week rejected by the High Court in Auckland.
Ms Wang has appealed that decision to the Court of Appeal.
It has been reported that she has also indicated that she will be filing an appeal to quash her bankruptcy.
