IRD among objectors to May Wang creditor offer

Wednesday 28th July 2010 1 Comment

The Inland Revenue Department has joined another major creditor objecting to the 6 cents in the dollar offer from failed property developer and would-be dairy farm purchaser May Wang.

IRD and another creditor, Latitude Asia, both appeared in the High Court in Auckland today to seek hearings relating to efforts to bankrupt Wang, who is also fronting a controversial bid to buy farms from the Crafar family dairy business, in receivership.

Wang’s spokesman in New Zealand, Bill Ralston, said in a statement last night that the undisclosed sum claimed by the IRD was in dispute.

The court heard earlier that the $2,558,400 debt claimed by Latitude Asia was also in dispute.

“The IRD's claim is a default assessment made when May Wang was predominately working overseas and did not have a tax accountant working for her in New Zealand,” said Ralston.

“As is usually the case when a default assessment is made, the assessment does not reflect May Wang's actual income during the relevant period.”

Her accountants were working on the issue.

The bankruptcy proceedings relate to the failure of the New Zealand-based property development company, Dynasty Group, which pre-dates her involvement with the UBNZ group, which has been bidding for the Crafar farms.

IRF lawyers sought a two day hearing, and said they needed four to six weeks to conduct an investigation of Wang’s “historic conduct”. A hearing is scheduled for November 2.

Businesswire.co.nz

Comments from our readers

On 29 July 2010 at 8:05 am Bill Joyce said:

why on earth should anyone settle for 6 cents in the dollar so this bankrupt proven loser can get back into business and run up more debt in excess of hundreds of millions of dollars