The Reserve Bank of New Zealand’s application to have CBL Insurance fully liquidated will be heard in the High Court in Auckland on November 12.

The regulator has provided an update after the court rejected a proposal interim liquidators Kare Johnstone and Andrew Grenfell of McGrathNicol had negotiated with a major creditor.

“The Reserve Bank supported the transaction negotiated by the interim liquidators but accepts the court’s finding that it cannot be effected in interim liquidation,” the regulator says.

CBL Insurance has been in court-imposed interim liquidation since February. Its parent company CBL Corp entered voluntary administration about the same time.