Creditors of New Zealand-based CBL will meet in May to decide on the insurer’s future after it entered voluntary administration and court-ordered interim liquidation.

The so-called watershed meeting will be held no later than May 18, voluntary administrators Brendon Gibson and Neale Jackson of KordaMentha announced on Friday.

Creditors may resolve that the administration should end or a deed of company arrangement be executed, or may appoint liquidators.

Goldman Sachs has been appointed to advise on the options available to creditors, KordaMentha says.