New Zealand insurer CBL Corporation has paid none of the $NZ173 million ($166 million) it owes creditors, according to voluntary administrator KordaMentha.

The business is relying on a debt arrangement from bankers to fund its administration, joint administrator Neale Jackson says in a report.

Administrators’ fees have totalled nearly $NZ1.93 million ($1.85 million) since KordaMentha was appointed on February 23 last year, and legal costs are about $NZ2.1 million ($2 million). KordaMentha has received $NZ798,030 ($765,166) during the administration, Mr Jackson says.

Only a portion of the proceeds – $NZ207,000 ($198,475) – from the sale of offshore assets including Sydney-based Assetinsure has been received.

A bid by two creditors, the Industrial and Commercial Bank of China and the Bank of China, to have the insurer liquidated will be heard in the New Zealand High Court on May 13.

Subsidiary CBL Insurance was placed into liquidation last November by the High Court in Auckland.

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