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Status of CBL Insurance Limited (In Liquidation) (“CBLI”)

On 23 February 2018 Kare Johnstone and Andrew Grenfell, Partners in McGrathNicol, were appointed Interim Liquidators of CBLI by order of the Auckland High Court of New Zealand.

Subsequent to this, on 12 November 2018, Kare Johnstone and Andrew Grenfell were appointed Liquidators of CBLI also by order of the Auckland High Court of New Zealand. 

As a result of the appointment of Interim Liquidators on 23 February 2018, beneficiaries of insurance policies and bonds were recommended to obtain advice from their insurance brokers or other professional advisors to determine whether they needed, or were able, to purchase replacement policies or bonds. This remains the recommendation of the Liquidators.

Liquidators' announcements and statutory reports, including a description of the details leading up to the appointment of Liquidators, can be found under the Liquidation section of this website. The Liquidators will provide updates to all registered creditors when appropriate during the liquidation process.

Creditor claims

CBLI remains unable to make claim payments to any beneficiaries under their insurance policy or bond.   Insureds and beneficiaries should take appropriate measures to minimise their losses.  Any costs incurred by claimants (on either open or new claims) which would normally be claimable under these policies or bonds and for which the policies or bonds are liable to respond, will rank as an unsecured creditor claim in the CBLI liquidation.  Claimants should continue to keep CBLI apprised of all developments in respect of their claims.

Policy and bond holders should continue to notify CBLI of claims. New notifications will continue to be assessed, but no claim payments can be made by CBLI in respect of agreed claims until the Liquidators have undertaken a full assessment of the financial position of the Company; the level of dividend that is likely to be paid to creditors; and if and when it may be possible to make any interim dividend payments.  Whilst the Liquidators are focused on ensuring the maximum return to creditors as quickly as possible, at this stage it is too early to provide an estimate of the quantum and timing of any dividend that will be paid to creditors.

It is important for all claimants and policyholders to promptly notify CBLI of any changes to their contact details.

Should you have any queries in respect of your policy or bond you should contact your broker or professional advisor in the first instance.  If your query relates to a claim you should contact CBLI’s claims team on +64 9 303 4770 or by email on helpline@cblinsurance.com and provide all necessary information to support your claim.

If you are a holder of a New Zealand Homefirst Builders Guarantee policy, then further information can be found under the Homefirst Builders Guarantee section of the website.

Further information

Should you have any information that you consider would lead to realisations for the benefit of creditors, please set it out in writing, attaching copies of all documentary evidence, and send it to the Liquidators. Please note that the Liquidators may only act on written information as telephone, or other conversations may be regarded as hearsay by the Court.

Contact

The Liquidators can be contacted at McGrathNicol, Level 17, 41 Shortland Street, Auckland 1010, (PO Box 106-733, Auckland 1143). Telephone enquiries should be directed to Helen Gair, direct dial +64 9 926 5111.