May Wang owes company $2.5m, court told

May Wang. Photo / Natalie Slade

Troubled businesswoman May Wang was said to owe Latitude Asia more than $2.5 million, a court heard this morning.

The company is supporting Westpac's application to bankrupt Wang and is rejecting a offer that would give creditors 6c in the dollar as an alternative to bankruptcy. Westpac is owed more than $600,000.

Wang is the frontperson for UBNZ Funds Management, a group of Chinese investors bidding to buy $1.5 billion of New Zealand dairy farms including those from the failed Crafar farming operation.

She owes creditors $22 million from an earlier failed property development company.

This morning, at the High Court at Auckland, the bankruptcy and the approval of the creditors proposal was adjourned until November 2, when a two-day hearing will take place to determine whether Wang will be forced into bankruptcy or whether a deal can be struck between herself and her creditors.

Latitude Asia is not listed on the Companies Office, and the company's lawyer Robert Hucker said his client did not speak to the media, when asked whether the company was a New Zealand business.

According to the company's website, it was founded by Corinna Sarronwala in 2004, and focuses on research and communications training.

Wang is disputing the amount Latitude Asia claims it is owed.