CBL Corporation’s voluntary administrators have secured court approval to postpone a follow-up creditors’ meeting that was to have been held by next month.

Creditors will now meet no later than August 17 to decide the New Zealand-based international insurer’s fate.

Brendon Gibson and Neale Jackson of KordaMentha applied to the High Court for an adjournment to gain more time to assess a restructuring proposal from directors Peter Harris and Alistair Hutchison.

The adjournment will also give administrators time to work on other issues.

“Due to the nature and scale of the CBL Group, we have several work streams to progress, including our obligation to consider any proposal that could result in a better outcome for the company,” Mr Gibson said. “The proposal, the issues with CBL Corporation and the subsidiary companies in control of other insolvency officials are complex.

“The proposal needs more time and careful consideration of what the next steps might be, which an extended adjournment period for the watershed meeting will allow.”

CBL Corporation has been in voluntary administration and its subsidiary CBL Insurance in court-ordered interim liquidation since February.