The Auckland High Court has set aside three days, starting July 30, to hear the Reserve Bank of New Zealand’s (RBNZ) application to liquidate CBL Insurance Limited.
Originally, the request to liquidate CBL Insurance was set for June 05 or 06. However, the RBNZ said parties opposing the liquidation recently asked the regulator to give consideration to some additional options for dealing with CBL Insurance.
“The hearing was deferred at the request of the Reserve Bank to allow any stakeholders the opportunity to present such options and for the Reserve Bank and the interim liquidators to consider those options properly,” it said.
On April 27, an affidavit was reportedly filed by CBL Insurance directors Peter Harris and Alistair Hutchinson with the Auckland High Court claiming the company is solvent. It was also revealed that their assertion would be addressed when the liquidation claim is heard.
On February 23, the High Court appointed interim liquidators to CBL Insurance following a request from the RBNZ. It was later revealed that CBL Insurance breaching directions made by RBNZ prompted the regulator’s move against the company.
Voluntary administrators of CBL Insurance’s parent company CBL Corporation, meanwhile, on May 18 adjourned the creditor’s watershed meeting to keep the specialist insurer in voluntary administration. The administrators advised that the meeting will be held no later than July 02, or any date prior to giving all creditors no less than five working days’ notice of the proposed meeting date. They also said that the resolution to place the insurer in liquidation will continue.
AssetInsure, based in Australia, continues to trade as normal.
