CBL watershed meeting adjourned yet again

Voluntary administrators of New Zealand-based CBL Corporation have advised that the watershed meetings of the CBL group of companies are, once again, adjourned.

According to administrators Brendon Gibson and Neale Jackson of KordaMentha, the meetings will now be held no later than December 18, or any date prior by giving all creditors no less than five working days’ notice. This follows approval from the High Court of their application to further adjourn the watershed meetings over which they are appointed.

This is the fourth time that the meeting has been put off, with the previously extended meeting date scheduled on November 17. The administrators highlighted they 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.

“At the time of our last application, the date for a hearing to determine whether it would be permanently placed in liquidation had not been set (having been adjourned from July 27, 2018),” they explained. “The liquidation hearing is now scheduled to start on Monday, November 12, 2018, in the High Court.”

“There are extensive confidentiality orders in place in respect of the liquidation application, which limits the information the administrators can provide.”

The administrators believe the postponement of the watershed meetings will not prejudice any of the companies’ creditors or other stakeholders.