New Zealand’s High Court has adjourned a trial over documentation supporting CBL Corporation’s initial public offer due to other legal action.

The action was brought by the Financial Markets Authority against CBLC, which is in liquidation, and former MD Peter Harris, CFO Carden Mulholland and director Alistair Hutchison.

Mr Harris and Mr Mulholland applied to adjourn the IPO proceeding until the conclusion of another case in which the Serious Fraud Office is appealing against two of eight not guilty verdicts in favour of the former executives. 

“The balance and the interests of justice favour granting an adjournment to avoid the risk of prejudice to Mr Mulholland and Mr Harris pending a possible criminal retrial,” Justice Ian Gault said in a June 5 decision pushing the case back to April 2026.

“This outweighs the FMA’s interests, including that of avoiding delay at the expense of open justice.” 

Mr Hutchison died in December 2021 and a decision is pending on an application for a claim against his estate to be struck out in the IPO matter.

CBL listed on the NZX Main Board in 2015 and entered voluntary administration in February 2018.