Wang bankruptcy case delayed

Westpac's application to bankrupt May Wang over $620,000 of unpaid debt has been adjourned to next month.

Wang's lawyer Paul Sills said the date was moved to July 27 to allow the court time to view an application from insolvency specialist Meltzer Mason Heath about a deal Wang has put to creditors in order to avoid bankruptcy.

Creditors in her failed property devlopment company have voted in favour of a proposal that will see them get paid 6c in the dollar to settle a $22 million debt.

That deal is subject to High Court approval.

Wang's lawyer Paul Sills said he expected the bankruptcy case would be dropped once the deal was signed off by the High Court.

Wang said yesterday's creditors' sign-off would give her time to concentrate on her work with UBNZ Assets Holdings Ltd and the acquisition of dairy farms, including the Crafar farms.

- NZ HERALD