Wang on the brink of bankruptcy

Wang on the brink of bankruptcy

Johnson Wang, founder of failed ISP eisa and hardware distributor Edge has been denied the right to give evidence via video link from Hong Kong at his bankruptcy hearing.

Justice Donald Hill rejected claims, that business obligations in Hong Kong would prevent Wang from attending the Sydney Federal Court hearing, as "vague".

Hill said that due to the lack of concrete evidence of these alleged "business matters" Wang might just as easily be remaining in Hong Kong to avoid facing his creditors in Australia.

Wang and his wife Phynia went "missing in action" after its computer distribution company Edge collapsed, leaving debts of more than $30 million.

The likelihood of Wang returning to Sydney is slim even though his absence will forfeit his remaining Australian assets worth $600,000 to $900,000, including two Queensland apartments and a house in Sydney's Killara. Wang now has several weeks to contest the bankruptcy claim.

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