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CBL stays in administration with creditors deadlocked

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Creditors of CBL Corporation will meet again no later than July 2 to decide the New Zealand insurer’s future, after last Friday’s meeting ended in a voting stalemate.

Voluntary administrators Brendon Gibson and Neale Jackson of KordaMentha adjourned the meeting after failing to secure enough support for their proposal of liquidation.

“The administrators consider this to be in the creditors’ best interests in the circumstances,” they say in a statement.

“The administrators will continue with the actions outlined in the watershed report and also intend to seek directions from the court on the related-party creditor votes.”