Bankruptcy proceedings for May Wang were put on hold today to allow lawyers time to scour the very judgment rejecting her efforts to fight it. But her bankruptcy is expected to be sealed when the proceedings resume at the High Court tomorrow.This mor
Bankruptcy proceedings for May Wang were put on hold today to allow lawyers time to scour the very judgment rejecting her efforts to fight it.
But her bankruptcy is expected to be sealed when the proceedings resume at the High Court tomorrow.
This morning, associate judge Hannah Sargisson granted a short stay of proceedings following the release of her judgment last night – rejecting Ms Wang's creditors proposal.
Ms Wang was proposing to pay creditors, owed millions from the collapse of her property development company Dynasty Group, 6.5c in the dollar.
While most creditors had approved the proposal, the IRD's attempt to bankrupt her, over the $1.3 million it said it is owed, played out over a four-day hearing in court last month.
With her decision on the hearing now released, Judge Sargisson told the court this morning she wanted to hear more from IRD and Westpac as to their position on the judgment, and adjourned proceedings to tomorrow to allow lawyers time to consult their clients.
Ms Wang also fronts for Chinese-backed Natural Dairy – trying to buy several North Island dairy farms once owned by the Crafar family and has warned her bankruptcy would collapse Natural Dairy's plans to buy the farms.
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