After a creditor’s meeting this afternoon, businesswoman May Wang has almost fended off bankruptcy. The National Business Review revealed that Ms. Wang who had accepted responsibility for $22.2 million in combined debts, has been offering just $500,000 to settle them in a creditors’ proposal.

Though, the proposals have been accepted by her creditors, the final details of the scheme were kept private, shared Ms. Wang. Westpac had summary judgment awarded against Ms. Wang for a $620,000 debt and creditors’ proposal was created after that. The other creditors also supported bankruptcy proceedings started by the bank.

Ms. Wang almost owns all of the UBNZ Assets. About 20% of UBNZ Assets are owned by Hong Kong-listed, Natural Dairy Holdings, which is also behind the massive dairying proposal.

UBNZ Funds has made a bid for 16 Crafar farms held by receiver KordaMentha and has transferred their ownership into UBNZ Assets. The Overseas Investment Office started an investigation on this move.

Ms. Wang made regular trips to Asia in her continuous fundraising mission for Natural Dairy. Ms. Wang claimed in May that a sum of $200 million had been raised till date.

If UBNZ is to buy the Crafar farms, an Overseas Investment Office approval will be required. The work is being done on the application, shared Ms. Wang.