28 Jun 2010

Crafar farm bidder hopes to stave off bankruptcy

6:27 pm on 28 June 2010

The woman fronting a bid by a Chinese company to buy the Crafar farms has made a deal she hopes will stave off bankruptcy.

May Wang is fighting a High Court bid by Westpac to have her declared bankrupt because she owes about $20 million to creditors of her former company, Dynasty Group.

Her lawyer, Paul Sills, says those creditors have now agreed to a deal whereby Ms Wang will pay back part of the money owed to them.

He would not reveal the details of the deal but says it has changed slightly from an earlier plan to pay back 2c in the dollar.

He says his client is very relieved and the next step is to see if the court will accept the agreement as enough to avoid bankruptcy.

Ms Wang also faces Companies Act charges over the Dynasty Group, including leaving the country to avoid a full investigation of the company.