21 Jun 2010

May Wang given more time to strike deal with creditors

2:53 pm on 21 June 2010

The businesswoman who wants to buy the Crafar farms has been given another week to reach a deal with the creditors of her failed hotel company to avoid bankruptcy.

Westpac has applied to the High Court to have May Wang declared bankrupt.

She owes about $20 million to the creditors of her failed Dynasty Group.

Ms Wang's 12 creditors were to decide on Monday whether to accept an offer of about 2 cents in the dollar to settle her debt and stave off bankruptcy.

Her lawyer Paul Sills says the decision has been postponed until next Monday because more time was needed to answer creditors' questions.

Last week, the Overseas Investment Office confirmed it would take bankruptcy into consideration when reviewing Ms Wang's application to buy the Crafar farms.