Businesswoman May Wang has won her bid to keep the names of people bankrolling an offer to her creditors out of the public domain.
Ms Wang is fighting bankruptcy in the High Court in Auckland.
Hearings in the court are debating whether a deal for creditors of her previous company, Dynasty Group, should be able to proceed.
Ms Wang is now fronting a bid by Hong Kong-based Natural Dairy (NZ) Holdings to buy the Crafar family farms, which are in receivership.
The Dynasty Group creditors are owed about $20 million and the deal would give them about 6 cents in the dollar.
It will then be decided if she should be bankrupted.
On Thursday, Ms Wang argued she should not have to name the five Chinese and Hong Kong backers who have given her $852,000, because this would betray them and they would turn against her.
Ms Wang said they had been generous in helping her go through a difficult experience and broke down in tears, describing how she has no assets and all future income is earmarked for her creditors.
Associate Judge Sargisson ruled it would not be fair for the backers of the offer to be subjected to the same level of public scrutiny, because they are not insolvents.
The judge said there is a cultural aspect to the backers wanting to remain confidential.
Ms Wang was instead cross-examined on the names in closed court.