CBL Insurance to be liquidated interim

The High Court has ordered CBL Insurance be placed into interim liquidation on an application by the Reserve Bank as the insurer’s prudential supervisor.

In the High Court in Auckland, McGrathNicol’s Kare Johnstone and Andrew Grenfell were ordered as interim liquidators of CBL Insurance.

In a statement, the Reserve Bank said the court ordered the appointment of the interim liquidators and issued confidentiality orders relating to the matter.

The order enables the interim liquidators to “maintain the assets of the defendant company” including the ability to take custody and control of assets, seek freezing orders, and take control of all global assets irrespective of which country they’re located in.

CBL Insurance is a subsidiary of NZX-listed CBL Corporation, according to a report in the NZ Herald.