The receivers of New Zealand's Carfar Farms has said Natural Dairy's NZ$200m offer to buy the business is still on, despite the Hong Kong firm's vice president May Wang, who is fronting the bid, being declared bankrupt.

KordaMentha released a statement yesterday (9 December) saying that the agreement remains subject to approval from New Zealand's Overseas Investment Office (OIO).

"The agreement remains subject to OIO approval and we continue to receive communication with the applicant's solicitors as to the progress of the consent process," said KordaMentha reciever Brendon Gibson.

The deal to buy 20 Crafar farms has been subject to OIO scrutiny as the watchdog has determined that 16 of the farms are sensitive New Zealand assets and a foreign investment of more than NZ$100m requires the body's approval.

The Serious Fraud Office also continues to investigate transactions involving Natural Dairy (NZ) Holdings, UBNZ Assets Holdings and UBNZ Funds Management, which are representing Natural Dairy in the deal.