May Wang withdraws bankruptcy appeal

May Wang leaves the Auckland High Court during a break in her bankruptcy hearing last month. Photo / Greg Bowker

May Wang, the front person for a group of Chinese investors seeking to buy $1.5 billion of New Zealand dairy farms, has withdrawn an application to suspend her bankruptcy order.

The bankruptcy order was made on December 8 and Ms Wang's affairs were put in the hands of the Official Assignee after the collapse of her hotel and property business owing creditors $22 million.

Her lawyer Paul Sills said today that Ms Wang's application to suspend her bankruptcy pending an appeal had been withdrawn, BusinessDay reported.

She had also withdrawn her appeal against being made bankrupt.

Ms Wang is, however, continuing to seek a hearing in the Court of Appeal against an earlier judgment refusing her offer to repay creditors owed $22.26 million just 6c in the dollar.

Mr Sills has argued that bankruptcy will have a huge impact on the Crafar farm deal and her work on behalf of Hong Kong-listed Natural Dairy.

Meanwhile, the hearing of three criminal charges against Ms Wang - failing to keep proper books and records; failing to provide information to the liquidator and leaving the country without advising the liquidator - brought by the Ministry of Economic Development is set for June 1 next year in Auckland District Court.

- NZPA