Published 10 September 2010
May Wang – the woman fronting the multi-million-dollar Chinese bid for the Crafar farms – had her status hearing on Companies Act charges deferred again in the Auckland District Court yesterday.
The status hearing was adjourned to Thursday 14 October, with a trial set for Thursday 2 December. The 3 charges were brought against Miss Wang under the Companies Act by the Ministry of Economic Development national enforcement unit.
Miss Wang was a director of property developer Dynasty Group Ltd, wound up in October 2008, and of other property & finance companies, and the charges relate to company books, not attending a creditors’ meeting for the Dynasty group and leaving the country without telling the liquidator.
Her debt-compromise proposal with creditors, under which she’s offering them 6.5c:$1, is due back for hearing in the Auckland High Court on Tuesday-Wednesday 2-3 November.
Companies she is fronting are seeking to buy a portfolio of 16 farms owned by the family of Allan Crafar and offered for sale in a tender run by the receivers, Michael Stiassny & Brendon Gibson (KordaMentha Ltd).
Want to comment? Go to the forum.
Attribution: Court, story written by Bob Dey for the Bob Dey Property Report.