The woman fronting a bid to buy up $1.5 billion of New Zealand dairy assets has been given extra time to convince her creditors not to try and bankrupt her.May Wang is the public face of a deal involving UBNZ Assets Holdings and Hong Kong listed Natural D
The woman fronting a bid to buy up $1.5 billion of New Zealand dairy assets has been given extra time to convince her creditors not to try and bankrupt her.
May Wang is the public face of a deal involving UBNZ Assets Holdings and Hong Kong listed Natural Dairy (NZ) buying the Crafar Farms, which is currently awaiting Overseas Investment Office approval.
But she faces a bankruptcy application from Westpac over a $620,000 debt relating to the collapse of her Dynasty Group property development company.
Allied Nationwide Finance and Latitude Asia are creditors in support of the application.
In total Ms Wang owes just over $22 million to a variety of creditors and has put forward a proposal that would see her pay $500,000, just over 2% of the amount owing, to clear her debts and escape bankruptcy.
Today in the High Court at Auckland Associate Judge Jeremy Doogue adjourned Westpac’s application until June 28 to give time for Ms Wang to hold a creditors meeting.
The meeting was supposed to take place yesterday but has been delayed until next Monday June 21.
Outside the court Ms Wang’s lawyer Paul Sills told media the delay was to allow creditors more time to look at the proposal and ask any supplementary questions about it.
He said the proposal had been “received well” and the level of dialogue has been “really good.”
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