Businesswoman May Wang, the front woman for Chinese investors who have signed a conditional deal to buy the 16 former Crafar family farms being sold out of receivership, will return to court in November for a two-day hearing over debts owing from an earlier company she ran.
Ms Wang ran a failed property and hotel business, Dynasty Group, and in bankruptcy proceedings in the High Court last month offered creditors payment of 6c in the dollar.
She originally offered $500,000 - about 2.5c in the dollar - to creditors to repay $22 million of debt from the Dynasty collapse, before increasing it to $1.3m or 6c in the dollar.
She has previously warned that if Westpac, owed $620,000, succeeded in having her declared bankrupt, the creditors would receive nothing.
But at a hearing in the High Court at Auckland today, Rob Hacker, for creditor Latitude Asia Ltd, objected to Ms Wang's offer, as did Inland Revenue lawyer Jessica Blythe, who requested a two-day hearing.
Mr Hacker told Associate Judge Roger Bell that Ms Wang disputed the debt of $2,558,400 with Latitude Asia Ltd.
Ms Blythe, for the Inland Revenue, said she would need four to six weeks to prepare the case because of Wang's "historical conduct".
Paul Sills, for Wang, said he would need four weeks to respond to the Inland Revenue, and added that his client was often overseas.
Wang disputes the amount claimed by IRD.
Westpac's bankruptcy application against Ms Wang has been adjourned until November 2 and 3 where it will be heard as part of the two-day hearing.
Separately, Ms Wang has been facing in Auckland District Court three charges under the Companies Act brought by the Ministry of Economic Development, in relation to Dynasty Group, and has pleaded not guilty to a charge of failing to keep proper books and records, one of failing to provide information to the liquidator and one of leaving New Zealand without advising the liquidator.
Wang is in Asia on business.
