IRD, creditor slam Wang offer

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Businesswoman May Wang, who is fighting bankruptcy proceedings, is not out of the woods yet.

The Commissioner for Inland Revenue as well as creditor Latitude Asia today lodged objections in the High Court at Auckland to Wang's offer to pay creditors 6.5 cents in the dollar.

She owes them $22 million following the collapse of Dynasty Group. The offer has to be approved by the court.

Inland Revenue told Associate Judge Bell that the commissioner would require a two day hearing and four to six weeks to prepare its case on Wang's "historical conduct". It filed a notice of opposition yesterday.

Ron Hucker, counsel for Latitude Asia, said his client - owed $2,558,400 - objected to an approval of the Wang's proposal.

Wang, who is fronting a much-publicised bid to buy the Crafar farms from receivers for a purported figure of around $200 million, did not appear in court.

"Given that your client's conduct has been under scrutiny, how much time would you need (to prepare)," Associate Judge Bell asked Wang's counsel Paul Sills.

"Probably four weeks, a minimum of three...if it's a historical look at conduct," said Sills.

He said Wang was frequently out of the country.

The proposal hearing is set for November 2 and 3 with Westpac, which is not objecting to the proposal, added to the list of interested parties.

It was Westpac which initially brought bankruptcy proceedings against Wang for a $620,000 debt.

- © Fairfax NZ News