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CBL CORPORATION LIMITED (CBL)

Delisted from ASX 28/08/2019

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(updated at weekends)

Former (or subsequent) names

 

Shareholder links

Our website ranking of CBL: rating 3
(3 out of 5)
COMPANY WEBSITE:

 

REGISTRY:
Computershare, Level 3, 60 Carrington Street, Sydney NSW 2000
Tel : +61 (0)3 9415 4000 or 1300 850 505 (within Australia)
Fax : +61 2 8235 8150
RegistryWebsite RegistryEmail

Company details

Address: Level 8, 51 Shortland Street, ., AUCKLAND, ., NEW ZEALAND, 1010
Tel:  +64 9 303 4770 Fax: 

Date first listed: 13/10/2015
Company Secretary: Mr Carden Mulholland
Sector: Insurance
Industry Group: XFJ
Activities: 
OFX Transferring Money Internationally to Free

a loss declaration has been issued and the capital loss can therefore be claimed in the financial year the declaration is issued (this declaration was issued on 4 June 2020)

10/06/2020

delisted from the close of trading on Wednesday, 28 August 2019 pursuant to Listing rule 17.15.

28/08/2019

we understand this company is in liquidation and failed to pay its annual listing fee on due date and ASX has accordingly removed it from the official list

28/08/2019

The company has not paid their annual listing fees in respect of the year ending 30 June 2020 but the securities are already suspended from official quotation.

22/08/2019

The High Court placed CBL Corporation Ltd ("˜CBL') into liquidation today (13 May 2019) at 10.12am. Brendon Gibson and Neale Jackson of KordaMentha are CBL's liquidators.

13/05/2019

As a consequence of the deferral of the liquidation hearing, the two petitioning creditors applied to the High Court for an order to further adjourn the watershed meeting of CBL. The watershed meeting will be held no later than 27 May 2019. The watershed meeting will not be required if the company is placed into liquidation.

22/02/2019

The watershed meetings of a number of companies in the CBL group were held yesterday. The outcome was as follows. Deposit Power Limited, South British Funding Limited and CBL Corporate Services Limited creditors resolved all three companies be placed in liquidation and they are now in liquidation. Brendon Gibson and Neale Jackson of KordaMentha are the appointed liquidators. LBC Holdings New Zealand Limited, LBC Holdings UK Limited, LBC Holdings Europe Limited, LBC Holdings Australasia Limited, LBC Treasury Company Limited creditors resolved that all five companies should execute DOCAs that were tabled at the meeting. The DOCAs must be executed within 15 working days of the date of the watershed meetings. LBC Americas Limited: the watershed meeting was not convened because the company has creditors. CBL Corporation remains in administration.

19/12/2018

In May 2018, two creditors of CBL Corporation filed an application to have the company placed into liquidation. The liquidation application was set down to be heard on 17 December 2018. Following the opposition, and by consent of the two petitioning creditors, the High Court ordered on 17 December 2018 that the liquidation hearing be adjourned to be heard no later than 4 February 2019 to allow Oceanic Securities to consider its position and, if necessary, file a statement of defence. The watershed meeting of CBL Corporation must be held no later than 15 February 2019. The watershed meeting will not be required if the company is placed into liquidation.

17/12/2018

The High Court has granted the voluntary administrators' application for an order to further adjourn the date of the company's watershed meeting. The watershed meeting must now be held no later than 15 February 2019.

07/12/2018

CBL Insurance was placed into liquidation today by the Auckland High Court. The administrators had been working to secure a restructuring proposal that could be implemented through a voluntary administration of CBL to avoid it being placed into liquidation.

13/11/2018

An agreement has been entered into to sell Assetinsure group to Lombard Australia Holdings. The sale has resulted from a process initiated by the administrators. The agreement has been entered into by the CBL subsidiary that owns the Assetinsure business - Assetinsure Holdings.

08/11/2018

The company provides an amendment to the voluntary administration watershed meeting.

06/11/2018

The voluntary administrators advise that the High Court has granted their application for an order to further adjourn the watershed meetings of the CBL group companies over which they are appointed. The High Court has previously extended the watershed meeting date to 17 November 2018. At the time of the last application, the date for a hearing to determine whether it would be permanently placed in liquidation had not been set. The liquidation hearing is now scheduled to start on Monday 12 November 2018 in the High Court. The watershed meetings will now be held no later than 18 December 2018, or any date prior by giving all creditors no less than 5 working days' notice, when further extended by the court.

05/11/2018

The administrators have sold the UK-based European Insurance Services business to Phenix Holdings Limited. The sale has resulted from a process initiated by the administrators. The agreement has been entered into by the CBL subsidiary that owns the European Insurance Services Limited business - Intercede 2408 Limited.

21/09/2018

Under Listing Rule 17.6, any entity (if not already suspended) that has not paid its annual listing fees by close of business on Tuesday, 21 August 2018 will have its securities suspended from official quotation before the commencement of trading on Wednesday, 22 August 2018. The company has not paid its annual listing fees in respect of the year ending 30 June 2019 but the securities are already suspended from official quotation. In accordance with Listing Rule 16.5, entities that pay their annual listing fees after Tuesday, 21 August 2018 must pay by bank cheque only. Under Listing Rule 17.15, any entity that has not paid its annual listing fees as required by Listing Rule 16.5 by 5.00 pm AEST on Tuesday, 28 August 2018 will be removed from the Official List with effect from the close of trading on Tuesday, 28 August 2018.

22/08/2018

The administrators' application to further adjourn the watershed meetings of the CBL group companies has been granted by the HIgh Court. A new date has not yet been set for the hearing.

07/08/2018

An agreement has been entered into to sell the UK-based PFP business to Highbridge Principal Strategies and Madison Dearborn Partners. The sale has resulted from a process initiated by the administrators. The agreement has been entered into by the CBL subsidiary that owns the PfP business - PfP Holdings.

05/07/2018

The CBL Corporation Limited watershed meeting was held at 3 pm today. The administrators have adjourned the watershed meeting as it became apparent that, at this point in time, there would be a voting stalemate in relation to the resolutions required to be put forward (either placing the company into liquidation or handing control of the company back to its directors). The administrators have adjourned today's meeting to allow CBL Corporation Limited to stay in voluntary administration. The administrators consider this to be in the creditors' best interests in the circumstances. The watershed meeting will now be held no later than 2 July 2018, or any date prior by giving all creditors no less than 5 working days' notice of the proposed meeting date.

18/05/2018

The administrators issued their report to creditors for the watershed meeting. The report recommends CBL Corporation be placed in liquidation. This liquidation will enable the liquidator to further investigations into the events leading up to the group's various insolvency procedures. The direct subsidiaries will remain in administration at this time.

14/05/2018

The creditors' watershed meeting for CBL will be held at 3pm on 18 May 2018 at KordaMentha's Auckland offices. The VAs have separately obtained orders from the Auckland High Court extending to 10 August 2018 the date by which they must call the creditors' watershed meetings for the other CBL subsidiaries under their control.

11/05/2018

The company provides an update on the voluntary administration timeline. As a consequence of the extension granted by the court: the administrators must issue the watershed report no later than 11 May 2018; and the watershed meeting must be held no later than 18 May 2018.

26/03/2018

The voluntary administrators advise that they have received orders from the Auckland High Court extending to 11 May 2018 the date by which they must call the creditors' watershed meeting.

23/03/2018

S&P Dow Jones Indices announced today the changes in the S&P/ASX indices, effective at the open of trading on March 19, 2018 as a result of the March quarterly review. At this rebalance, the entire S&P/ASX index hierarchy is reviewed, including the All Ordinaries. Removal - CBL Corporation Limited

09/03/2018

As a result of the appointment of administrators, CBL will not be releasing its preliminary results announcement for the year ended 31 December 2017.

28/02/2018

Kare Johnstone and Andrew Grenfell, partners of McGrathNicol, have been appointed Interim Liquidators by Order of the Auckland High Court of New Zealand on 23 February 2018. CBL Insurance Limited (In Interim Liquidation) is a licensed non-life insurer supervised and regulated by The Reserve Bank of New Zealand. Control of the business and assets of CBLI is now with the Interim Liquidators.

26/02/2018

As previously announced, the company appointed voluntary administrators. Voluntary administration allows the group to continue trading through a formal process at the parent-company level, to determine the best way forward for all stakeholders. CBL is a credit and financial risk specialist insurer listed on the New Zealand and Australian stock exchanges. This administration relates to New Zealand-domiciled companies.

26/02/2018

On 23 February, the boards of the following companies: CBL Corporation Limited, LBC Holdings UK Limited, LBC Treasury Company Limited, LBC Holdings Americas Limited, LBC Holdings New Zealand Limited, Deposit Power Limited, South British Funding Limited, CBL Corporate Services Limited, LBC Holdings Europe Limited and LBC Holdings Australasia Limited have appointed Brendon James Gibson and Neale Jackson as joint and several voluntary administrators of each of the above companies.

26/02/2018

On Friday, 23 February 2018, the High Court of New Zealand appointed Kare Johnstone and Andrew John Grenfell as interim liquidators of CBL Insurance Limited following an application to it by the Reserve Bank of New Zealand. The interim liquidator has been appointed pending the outcome of an application to the Court for the appointment of a liquidator to CBL Insurance.

26/02/2018

CBL Insurance Europe Dac received a direction from the Central Bank of Ireland requiring it to cease writing new business with immediate effect, until further notice. CBLIE continues to otherwise operate normally and existing policies continue to remain in force. CBLIE has sought legal advice in Europe and has instructed its European legal counsel to request the CBI to withdraw this direction.

20/02/2018

The board of CBL has decided it will exit its French Construction Business to ensure it is able to deliver ongoing value to shareholders as well as a higher return on equity. Given the French Construction Business is profitable, all exit options are being considered including a sale of the insurance book as well as the distribution and operational networks of the Managing General Agents, EISL and SFS, on a going concern basis.

13/02/2018

CBL has requested that its shares remain in voluntary suspension in ASX. CBL is still working towards a capital raise, but the timing for this as well as the proposed amount have not been finalised, and are dependent on a range of factors including engagement with regulators and potential investors, which are likely to require a number of weeks.

12/02/2018

AM Best has now released amended ratings for both CBL Insurance and CBL Corporation: CBL Insurance moves to an Issuer Credit Rating of "bbb+" and a Financial Strength Rating of "B++", under review with negative implications; and CBL Corporation moves to an Issuer Credit Rating of "bb+", under review with negative implications.

07/02/2018

RBNZ has been reviewing CBL Insurance Limited's information in order to assess the adequacy of its reserving for the French business. In accordance with this, the RBNZ has commissioned an independent expert review and also issued a number of directions to CBL Insurance. These directions and discussions that CBL Insurance has had with RBNZ have been occurring under strict confidentiality orders prohibiting CBL from making any announcement to the market while those orders remained in place. These orders have now been lifted. The Central Bank of Ireland also commenced a similar supervisory engagement process in respect of CBLIE given the exposure that CBLIE has to CBL Insurance as a major reinsurer to CBLIE. CBI has issued a number of directions and conditions on CBLIE intended to strengthen its capital base, reserves, and reinsurance security, and has asked CBLIE to commission an independent skilled persons report into CBL's French construction business. CBL is expecting a downgrade in its AM Best ratings which will be announced once notice has been received.

07/02/2018

The securities of CBL Corporation Limited will be suspended from quotation immediately, at the request of the Company, pending the release of an announcement regarding a proposed capital raising.

06/02/2018

listed entity carried for record purposes only

13/10/2015

ASX Announcements (courtesy of ASX)

 

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    Directors' on-market share transactions (last 5)

     

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    Directors & Executives (current)

    NAMETITLEDATE OF APPT
    Alistair HutchisonDeputy Chairman13/10/2015
    Peter HarrisManaging Director13/10/2015
    Tony HannonIndependent Director13/10/2015

    Date of first appointment, title may have changed.

    Directors & Executives (former)

    NAMETITLEDATE OF APPOINTMENTDATE OF RESIGNATION
    John WellsChairman13/10/201513/07/2018
    Paul DonaldsonIndependent Director13/10/201513/07/2018
    Ian MarshIndependent Director13/10/201513/07/2018
    Sue TindalCOO27/11/201701/02/2018

    Date of first appointment, title may have changed.