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 accepted a deal where Ms Wang will pay back some of the money owed to them.

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

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