In order to consider that a proposal to reimburse the creditors in May Wang's failed property development Company, 2c in the dollar is "as good as it gets", they have asked for more time. The Chinese businesswoman was due to face creditors in her failed Dynasty Group in Auckland today. She is fronting a $1.5 billion bid to buy up New Zealand dairy farms. She has a proposal, which she thinks would fend off insolvency.
The creditors are offered just $500,000 to settle a $22 million debt by the Wang, which is equivalent to about 2c in the dollar. Dominion Finance owes about half of the debt, which itself owes $224 million to investors, after being placed in receivership in 2008.
Wang's lawyer Paul Sills stated that creditors would have more time to ask questions of their debtor, as the meeting has been postponed to next week.
He said, "A lot of the secured creditors need a lot of things ticked off to make sure they satisfy themselves that this is as good as it gets".
Westpac's application to bankrupt Wang was adjourned by Associate Judge, Jeremy Doogue, last week in the Auckland High Court, so that creditors may get time to vote on her proposal.
