The face of a $1.5 billion plan to buy up New Zealand dairy assets has increased her offer to creditors owed more than $20 million from a failed property development group.In her original creditors proposal May Wang offered payment of $500,000 to clear de
The face of a $1.5 billion plan to buy up New Zealand dairy assets has increased her offer to creditors owed more than $20 million from a failed property development group.
In her original creditors proposal May Wang offered payment of $500,000 to clear debts worth $22.2 million, equating to about 2.5c in the dollar.
However, she has now found a way of increasing her payment to creditors by nearly $1 million.
The trustee of her proposal, Jeff Meltzer of Meltzer Mason Heath, has confirmed to the National Business Review that her offer has now increased to 6c in the dollar, although his duties prevent him from revealing the proposal itself.
Calculated on the basis of $22.2 million of debts this means that the offer has been increased to just over $1.3 million.
The proposal has been accepted at a creditors meeting and will be heard in court on July 27, the same day as Westpac’s bankruptcy application against Ms Wang.
