NZX and ASX-listed insurer CBL Corp is in voluntary administration and has appointed KordaMentha “to preserve value in the interest of all stakeholders” after regulatory issues linked to its European businesses escalated.
The New Zealand High Court made orders appointing McGrath Nicol interim liquidator of CBL Insurance following an application made by the Reserve Bank of New Zealand, the insurance industry regulator.
“The High Court has also issued confidentiality orders relating to the matter,” the RBNZ said in a statement on Friday. The regulator had been assessing the adequacy of reserves in CBL’s French construction business, according to an update to the market made on February 7.
On Monday, KordaMentha confirmed it …
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