A judge has reserved her decision on whether or not to bankrupt May Wang, the woman fronting the bid to buy 16 former Crafar dairy farms following the collapse of Dynasty Group. A case was brought by Inland Revenue and resulted in a four-day hearing in the High Court at Auckland, which concluded today [Tuesday 9 Nov]. Ms Wang has garnered publicity as the front person for a group of Chinese investors bidding hundreds of millions of dollars to buy New Zealand dairy farms, including those of the failed Crafar farming operations. But she has also faced the wrath of creditors who were owed $22 million following the collapse of hotel and property business Dynasty Group.
Earlier this year she offered to repay them 6c in the dollar – $500,000 from her own futures and $852,000 from five creditors in Hong Kong. High Court Judge Hannah Sargisson reserved her decision.