NZX-listed CBL Corporation has appointed voluntary administrators to prevent other regulators from taking action after the Reserve Bank moved to have interim liquidators take charge of its subsidiary CBL Insurance, managing director Peter Harris says.
“That means that everything from hereon operates under a protective umbrella of voluntary administration,” Harris told the Herald.
Harris said the administrators, from KordaMentha, will continue working through a plan to restore “the hole in a balance sheet” which has been caused by increase reserve strengthening required for the company’s French construction business in CBL Insurance’s books.
That plan involves selling off the “run-off book of liabilities”, which Harris said i…
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