May Wang overseas, creditors' meeting delayed again
Creditors owed millions by May Wang will have to wait even longer for any return on their loans.Last month the National Business Review revealed Ms Wang had accepted responsibility for $22.2 million worth of debts following the failure of her Dynasty grou
Mon, 21 Jun 2010
Creditors owed millions by May Wang will have to wait even longer for any return on their loans.
Last month the National Business Review revealed Ms Wang had accepted responsibility for $22.2 million worth of debts following the failure of her Dynasty group of companies about three years ago.
Nearly half the debt - $10.5 million – is owed to failed finance company Dominion Finance, now in receivership, itself owing 6000 investors $177 million.
A creditors’ meeting scheduled for today has been cancelled. The meeting was ahead of the continuation of bankruptcy proceedings against Ms Wang, which had been adjourned to next Monday, June 28.
However, the new date for the creditors' meeting is now next Monday.
The bankruptcy proceedings have been pushed back a day to Tuesday, July 8.
The bankruptcy application from Westpac is over a $620,000 debt, which is part of her creditors’ proposal that offers a little more than 2% to settle the debts - $500,000 in total.
Ms Wang this morning told NBR she was overseas.
The creditors’ meeting had already been delayed once.
Last week, Mr Sills said the initial delay was to allow creditors more time to look at the proposal and ask any supplementary questions about it.
Mon, 21 Jun 2010
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.