CBL Corp’s watershed meeting adjourned again: administrators

CBL Corp’s voluntary administrators have received High Court approval to further adjourn the watershed meetings, pending resolution of the status of the failed group's insurance unit. 

Auckland-based CBL appointed KordaMentha voluntary administrators in March after the Reserve Bank sought an interim liquidation of its New Zealand supervised arm and the Central Bank of Ireland made a similar move against the insurer's European division.

The administrators had previously sought to align the dates of the watershed meetings with the expected resolution of the status of one of CBL’s largest subsidiaries, CBL Insurance, which is in interim liquidation, Brendon Gibson and Neale Jackson of KordaMentha said in a statement. 

CBL Insurance’s liquidation hearing, which will determine whether it will be permanently placed in liquidation, is now scheduled to start in the High Court on Nov. 12, the administrators said. 

The watershed meetings for the group will now be held no later than Dec. 18, or any date prior by giving all creditors no less than five working days’ notice, unless further extended by the court, the administrators said. The outcome of the CBL Insurance liquidation hearing should be known by this date.

"There are extensive confidentiality orders in place in respect of the liquidation application, which limits the information the administrators can provide," the duo said. Postponing the meetings should not prejudice any of the companies’ creditors or other stakeholders, they said.

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