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Administrators adjourn creditors' meeting for New Zealand insurer CBL

New Zealand-based CBL Corp. Ltd.'s voluntary administrators postponed a meeting for the company's creditors to vote on proposals regarding its future.

Advisory and investment firm KordaMentha adjourned the meeting May 18 as it was clear there would be a stalemate over the resolutions proposed to either place CBL into liquidation or handle control of the company back to its directors, according to a same-day statement.

KordaMentha was appointed voluntary administrators after New Zealand and foreign regulators questioned the adequacy of CBL's reserve levels. The Reserve Bank of New Zealand moved to place unit CBL Insurance Ltd. into interim liquidation in February, while the Central Bank of Ireland took a similar action against the company's European unit later that month.

CBL will remain in voluntary administration and the meeting will now be held by July 2 or on any date prior, provided all creditors receive at least five working days' notice of the proposed meeting date.