Embattled Auckland businesswoman May Wang has hit out at Inland Revenue objections to her 6c in the dollar creditors' proposal.Ms Wang has offered creditors, who are collectively owed more than $22 million, 6c in the dollar to settle the debt and avoid ba
Embattled Auckland businesswoman May Wang has hit out at Inland Revenue objections to her 6c in the dollar creditors’ proposal.
Ms Wang has offered creditors, who are collectively owed more than $22 million, 6c in the dollar to settle the debt and avoid bankruptcy.
Yesterday, at the High Court in Auckland, bankruptcy proceedings brought by Westpac against Ms Wang were adjourned until November 2 for a two-day fixture to hear objections to the creditors’ proposal, which was largely accepted late June.
Inland Revenue and Latitude Asia filed objections on Monday.
In her original creditors’ proposal, Ms Wang admitted a debt of $1.3 million to Inland Revenue which was based on assessed income.
However, in a statement made through spokesman Bill Ralson, Ms Wang said the amount claimed by Inland Revenue is in dispute.
“The IRD’s claim is a default assessment made when May Wang was predominately working overseas and did not have a tax accountant working for her in New Zealand … the assessment does not reflect May Wang’s actual income during the relevant period,” Mr Ralston said.
