CBL Group latest - creditors conclude watershed meetings

Creditors of the CBL Corporation have decided the future of the rest of the group, according to the voluntary administrators appointed to the New Zealand-based insurer.

Voluntary administrators Brendon Gibson and Neale Jackson of KordaMentha have confirmed the conclusion of the watershed meetings of a number of companies in the CBL group. They advised that the outcome of those meetings was as follows:

• Deposit Power, South British Funding and CBL Corporate Services: creditors resolved all three companies be placed in liquidation and they are now in liquidation. Brendon Gibson and Neale Jackson of KordaMentha were appointed as liquidators.
• LBC Holdings New Zealand, LBC Holdings UK, LBC Holdings Europe, LBC Holdings Australasia, LBC Treasury Company: creditors resolved that all five companies should execute deeds of company arrangement (‘DOCAs’) that were tabled at the meeting. The DOCAs must be executed within 15 working days of the date of the watershed meetings (unless that timeframe is extended by the Court). The DOCAs will be lodged with the Companies Office when they have been executed.
• LBC Americas: the watershed meeting was not convened because the company has creditors. In accordance with section 239E(2)(b) of the Companies Act 1993 the administration of this company ended on December 11, 2018.

The voluntary administrators noted CBL Corporation remains in administration.