Natural Dairy front woman May Wang has lost her bid to avert bankruptcy at a drawn out hearing at the High Court in Auckland this evening.She has applied to the Court of Appeal to appeal this week's judgment of associate judge Hannah Sargisson rejecting h
Natural Dairy front woman May Wang has lost her bid to avert bankruptcy at a drawn out hearing at the High Court in Auckland this evening.
She has applied to the Court of Appeal to appeal this week’s judgment of associate judge Hannah Sargisson rejecting her creditors proposal.
But the IRD and Westpac, which were pushing for bankruptcy, said an appeal had little chance of success.
Westpac is owed $620,342 while the IRD is owed a further $1.3 million following the collapse of property development company Dynasty Group.
Ms Wang was proposing to pay creditors, owed millions from the collapse of her property development company Dynasty Group, 6.5c in the dollar. All up she owes $22 million to creditors.
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.
