Liquidators have been appointed to CBL insurance.
Kare Johnstone and Andrew Grenfell, partners of McGrathNicol, were appointed by order of the High Court at the end of February.
NZX suspended the CBL Corporation stock over concerns about whether the company had given complete and true material information to the market.
CBL's head office is in Auckland and it has representative offices in London, Mexico and Copenhagen. It provides insurance and reinsurance to policyholders in New Zealand and internationally.
Control of the business and assets of CBL is now with the liquidators.
Kare Johnstone said that “a thorough assessment of the financial position of the company will be conducted and we will be working closely with key stakeholders to evaluate all options for CBLI going forward.”
CBL's chief operating officer Suzanne Tindal has left the company.
The insurer has said it was hiring advisers to sell the French construction insurance division that fell foul of regulators over solvency concerns and pursuing legal action against the vendors of Securities and Financial Solutions Europe SA (SFS).
CBL said its European subsidiary's lawyers were opposing an order from the Central Bank of Ireland instructing it to stop writing new business immediately.
CBL said its subsidiary CBL Insurance Europe Dac (CBLIE) was continuing to otherwise operate and existing policies remained in force.
