Administrator KordaMentha has recommended CBL Corporation be put into liquidation.

They stated in a creditor report that the company, parent of CBL Insurance Europe and CBL in New Zealand, had not put forward any restructuring proposals.

But at a watershed meeting on May 18, it became clear that they faced a voting stalemate. The meeting was adjourned.

In a statement to the NZX, they said while the required 75% of shareholders by value would have supported liquidation, a majority by number would not have been reached.

That means the business will remain in voluntary administration. Another meeting will be held no later than July 2.

CBL Insurance Europe and CBL Insurance NZ are both in administration separately.

The affair has prompted the Financial Markets Authority to seek help from the courts to help it understand how continuous disclosure rules apply to listed companies in voluntary administration.

It will file a case stated procedure on the issue, which allows it to seek clarification without taking action.

"The circumstances surrounding the voluntary administration of CBL Corporation Limited have illustrated the legal complexity of ensuring compliance by a listed issuer in voluntary administration," the regulator said. "The FMA acknowledges that the case stated procedure will not result in timely information being provided to shareholders of CBL in this instance, and the FMA will continue to consider other avenues for securing the release of some information for their benefit."