Embattled insurance company CBL Corporation has put itself into voluntary administration to protect itself from the fallout of its troubled European business.
(file photo)
Photo: 123rf
The company, which provides specialist insurance for the construction industry, said KordaMentha had been appointed as voluntary administrators for the New Zealand parts of the CBL group.
“The directors considered these appointments necessary to preserve value in the interest of all stakeholders,” the company said in a statement.
Voluntary administration puts a legal cocoon around a business under stress and allows it to keep working as it looks for solutions.
“We are working closely with CBL’s management and its directors to ex…
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