Search Any Latest Music Below

More Time For Administrators Dealing With CBL Corporation

The voluntary administrators appointed to CBL Corporation Limited (CBL) have advised that they have received orders from the Auckland High Court extending the date by which they must call the creditors’ watershed meeting to May 11.

On February 26, CBL appointed Brendon Gibson and Neale Jackson of KordaMentha as voluntary administrators.

This came days after the High Court appointed interim liquidators to the group’s New Zealand arm CBL Insurance following a request from the Reserve Bank of New Zealand (RBNZ). It was later revealed that CBL Insurance breaching directions made by RBNZ prompted the regulator’s move against the company.

During the meeting, according to administrators, creditors may resolve that a deed of company arrangement be executed, resolve that the administration should end, or appoint liquidators.

In an announcement, CBL said the extension has been obtained to ensure that creditors can be fully informed at the watershed meeting, when deciding on the company’s future. In particular, the extension will allow sufficient time for the administrators to complete their:

Review of the financial position of the entities under their control, and the wider CBL Group;

Analysis of realisation options for the group’s assets – the administrators are in the process of appointing Goldman Sachs to advise on options that might be available. No sale
transactions have been agreed at this time;

Consideration of other factors that will be relevant to creditors when considering how to vote at the watershed meeting, such as any transactions that may be scrutinised or claims that may be made.

The administrators must issue the watershed report no later than May 11. CBL said the report will be released on the market announcements platform at the same time it is sent to creditors.

The watershed meeting must be held no later than May 18.

However, CBL noted, the administrators may need to seek a further extension from the Court if it becomes apparent in the coming weeks that further time will be required.

Olamide New Songs
Davido New Songs
Phyno New Songs
Ghana Music Songs
olamide latest Songs
shatta wale new 2019 songs
AKA latest Songs
latest music 2019
latest songs 2019
latest 2019 Naija Music
davido new 2019 songs
latest South Africa Music 2019
wizkid new 2019 songs
2019 latest songs
tekno new 2019 songs
sarkodie new 2019 songs
Phyno new songs
latest Ghana songs 2019
latest Nigeria music 2019
new Naija music 2019
Latest Burna Boy 2019 Songs
Latest Falz 2019 Songs
Latest Patoranking 2019 Songs
Latest Tiwa Savage 2019 Songs
Latest Harrysong 2019 Songs
Latest Emtee 2019 Songs
Latest Runtown 2019 Songs
Latest Flavour 2019 Songs
Latest Timaya 2019 Songs
Latest Distruction Boyz 2019 Songs
Latest Nasty 2019 Songs
Latest Dremo 2019 Songs
Latest CDQ 2019 Songs
Latest Yung6ix 2019 Songs
Latest Lil kesh 2019 Songs
Latest Reekado Banks 2019 Songs
Latest Dbanj 2019 Songs
Latest Ycee 2019 Songs
Latest Simi 2019 Songs
Latest Yemi Alade 2019 Songs
Latest Kizz Daniel 2019 Songs
Latest Dammy Krane 2019 Songs
Latest Reminisce 2019 Songs

About Author

About

Related Posts

Leave a comment

     

Name Below (Required)      

       

       
© 2018 MP3GIST.COM Mp3 Mp4 Mkv Videos And Music Download. flexyjam, fakaza, hiphopza, naijaloaded, tooxlcusive, waploaded, netnaija, 9jaflaver
About us || Content Removal ||Privacy Policy || Contact us || Advertise Here