New Zealand-based CBL Corporation, which has operations in both the UK and Ireland, has been placed into liquidation by the High Court, as directors of the failed insurer withdrew their opposition to liquidate the group.
CBL Corporation directors Alistair Hutchison and Peter Harris said they decided not to oppose the liquidation application after failing to obtain the agreement of the companys bankers to the terms of a proposed Deed of Company Arrangement (DOCA).
Unfortunately, even after 15 months, the banks have not seen any material money from the sales of CBLC assets, most of which are still in process, Harris said, so the very large bank debt…
Read the full article at: https://www.insurancebusinessmag.com/uk/news/breaking-news/cbl-corporation-enters-liquidation-as-opposition-is-withdrawn-167201.aspx