Westpac's application to bankrupt the woman fronting a $1.5 billion bid to buy up New Zealand's biggest dairy operation has been adjourned to next week.
May Wang is due back in the Auckland High Court on June 15, to give creditors time to vote on her proposal to pay back
debt owed following the collapse of her Dynasty Group in 2008.
Wang's lawyer Paul Sills told nzherald.co.nz Wang plans to use money she earns from consultancy work during the next three years to pay creditors.
Wang, who is fronting a bid by Natural Dairy to buy up the remainder of the Crafar family farms, owes Westpac about $620,000. She was not in court today.
Sills earlier said Wang had received an advance payment for the consultancy work, to repay creditors.
A proposal was sent to creditors for consideration last month and will be voted on before next week's court hearing.
At best it is thought the proposal will only raise 6c in the dollar.
