CBL shareholder opposes liquidation plan

Voluntary administrators of New Zealand-based CBL Corporation have advised that one of CBL’s shareholders has filed their opposition to the application to put the insurer into liquidation.

Earlier this year, two creditors filed an application to liquidate CBL. The application has been deferred several times to allow negotiations to take place on a potential restructuring of the group and was set to be heard on December 17.

Now, according to voluntary administrators Brendon Gibson and Neale Jackson of KordaMentha, Oceanic Securities, a CBL shareholder holding 15.27% of shares, filed the application on December 12. Following the opposition, and by consent of two petitioning creditors, the High Court ordered that the liquidation hearing be adjourned to be heard no later than February 04, 2019 to allow Oceanic Securities time to consider its position and, if necessary, file a statement of defence.

The voluntary administrators added that the watershed meeting of the CBL group, which is set to be heard on February 15, 2019, will not be required if the company is placed into liquidation.