Failed property developer May Wang has more breathing space to deal with charges brought by the Ministry of Economic Development.Ms Wang was to appear in Auckland District Court today on three charges in relation to breaches of the Companies Act that foll
Failed property developer May Wang has more breathing space to deal with charges brought by the Ministry of Economic Development.
Ms Wang was to appear in Auckland District Court today on three charges in relation to breaches of the Companies Act that followed after the collapse of her Dynasty group of companies.
The case was adjourned for a status hearing on July 22.
The following week, Ms Wang is again due before a judge, this time in the High Court at Auckland to argue against bankruptcy proceedings brought against her.
Ms Wang has accepted responsibility for more than $22 million of debts, most of which resulted from the Dynasty failures three years ago.
After initially offering a little more than 2c in the dollar to settle the debts, Ms Wang refined her proposal to creditors with a 6c in the dollar offer.
The proposal was accepted at a creditors meeting and will be heard at the High Court on July 27.
Ms Wang’s UBNZ Funds Management company is behind a bid for the 16 Crafar family farms being sold by receivers. Hong Kong-listed company Natural Dairy (NZ) Holdings is a 20% shareholder in UBNZ Assets Holdings, which already owns four dairy farms, transferred after UNBZ Funds Management bought them earlier this year.
The company has an application with the Overseas Investment Office seeking approval to buy the farms.
While Ms Wang disputes that OIO approval is required, publicly available documents show that Natural Dairy plans a full takeover of the company if the farms are acquired.
