Failed property developer May Wang – the woman fronting the bid to buy the Crafar farms from receivers – has been made bankrupt by the High Court at Auckland. Associate judge Hannah Sargisson dismissed a bid by her lawyer Paul Sills to have the hearing deferred again while he prepared more affidavits. He had lodged an application this morning to go to the Court of Appeal over yesterday’s judgement from the court refusing Wang’s proposal to repay creditors owed $22.6 million, just 6.5 cents in the dollar. But that appeal will now be pointless.
Wang has previously told the court that being adjudicated bankrupt would mean the end of the bid she’s fronting for Natural Dairy to buy 16 Crafar Farms, which is still awaiting Overseas Investment Office approval.
That’s been delayed pending a Serious Fraud Office probe [into the earlier purchase of three Crafar farms where no OIO approval had been sought as required under the Overseas Investment Act 2005]. Wang’s affairs will now be put into the hands of the Official Assignee.
Stuff.co.nz Business Day 8 December 2010 http://www.stuff.co.nz/business/industries/4436985/May-Wang-declared-bankrupt