The New Zealand Shareholders Association (NZSA) wants CBL Corporation to be liquidated and for the Financial Markets Authority (FMA) to step in and back investors.
The organisation says shareholders will have more options to secure residual value from the NZX and ASX-listed company if it is liquidated.
If litigation is found to be necessary the liquidators would have greater powers to pursue a variety of potential claims, NZSA CEO, Michael Midgley, says.
CBL Corporation was placed in voluntary administration on February 23 – the same day the High Court placed its subsidiary, CBL Insurance, in interim liquidation following an application by the Reserve Bank.
CBL Corporations voluntary administrators – Brendon Gibson and Neale …
Read the full article at: https://www.interest.co.nz/insurance/93676/new-zealand-shareholders-association-calls-cbl-corporation-be-liquidated-and-fma