New Zealand’s High Court has ruled that continuous disclosure obligations “are suspended” for companies in voluntary administration.

The decision comes in response to a “case stated procedure” filed by the Financial Markets Authority (FMA) regarding CBL Corporation, which has not provided market updates for investors since voluntary administrators were appointed in February.

“The FMA brought the case as a means of promptly and efficiently getting an answer to a complex issue,” the regulator says.

“Case stated procedures are not an action taken against any particular party and it assists the court to have more than one perspective on an issue.”