The businesswoman who was spearheading the high profile Crafar Farms deal says negative media coverage over the deal will harm New Zealand’s international reputation.

The Crafar farms buyout saga has stretched out well over 18 months, through court hearings, the Overseas Investment Office, and, recently, a serious fraud investigation.

With the announcement of May Wang’s bankruptcy on Thursday, there was another twist in the tale – does this mean the end of the deal between the Crafar receivers, KordaMentha, and Hong Kong based Natural Dairy Limited?

May Wang says whatever happens with the deal now, New Zealand’s reaction to it has already done plenty of damage to our international reputation – especially in Asia.

“Whoever it is outside New Zealand, people will have serious concerns – whether this is a democratic country or not.

"No one wanted to talk about the benefits we were bringing New Zealand."

"I’m not sure who’s going to benefit out of this, by destroying me."

Ms Wang says the real effects of her court ruling, however, are more immediate.

She says more than 100 people employed in New Zealand now stand to lose their jobs as a result of her bankruptcy, and their livelihood, rather than her reputation, was the reason behind her appeal.

"Because of this deal, over 100 people were employed.

"Now they are worried, their lives, their families – they don’t know what to do now.”

The man who used to own the farms bearing his name, Allan Crafar, says the companies owed money by Ms Wang, especially Westpac, were wrong to push for her bankruptcy – as no-one else is willing to make a similar offer.

“I can’t understand why, for $600,000, Westpac were pushing for her bankruptcy.

"They should have paid off the other creditors at the agreed figure, and kept her in the Crafar deal, because they stand to lose a hell of a lot more than that by letting her deal go, on our farms.

"Personally, I’d rather refinance myself, but I don’t understand Westpac’s logic.

"Then again, that’s not unusual. I don’t think anyone in the country does.”

Natural Dairy NZ have released a brief statement, saying they are speaking to legal advisors about the issue.

Crafar farm receivers, KordaMentha, have said the deal is not with Ms Wang personally, but with UBNZ, and the court ruling doesn’t change that arrangement.