Failed property developer May Wang has been handed a temporary reprieve in the High Court at Auckland today where she faced bankruptcy.Westpac's application to bankrupt Ms Wang over a $620,000 debt has been adjourned until November 2 for a two-day fixture
Failed property developer May Wang has been handed a temporary reprieve in the High Court at Auckland today where she faced bankruptcy.
Westpac’s application to bankrupt Ms Wang over a $620,000 debt has been adjourned until November 2 for a two-day fixture to hear objections to her creditors’ proposal.
Ms Wang presented the proposal to creditors late last month offering 6.5c in the dollar to clear debts of $22.2 million, including Westpac’s.
The objections, which were filed yesterday, will come from Inland Revenue and Latitude Asia.
Inland Revenue was concerned about what it called “her history of conduct” and Latitude Asia was not mentioned in her original creditors’ proposal.
Latitude Asia previously applied to be substituted in as the creditor applying for bankruptcy after Westpac agreed to Ms Wang’s creditors’ proposal last month.
Ms Wang’s debts arose mostly from her failed Dynasty group of property development companies three years ago.
She is also facing three charges brought against her by the Ministry of Economic Development for alleged breaches of the Companies Act.
Ms Wang is now the face of a $1.5 billion proposal to build a vertically integrated dairy company in New Zealand that would ultimately be owned by Hong Kong-listed company Natural Dairy (NZ) Holdings.
UBNZ, 80% of which is owned by Ms Wang with the rest owned by Natural Dairy, is seeking Overseas Investment Office approval to buy the Crafar family portfolio of 16 dairy farms from receivers KordaMentha.
