CBL Insurance liquidation hearing delayed

A hearing to decide whether to place construction risk insurer CBL Insurance into full liquidation has been delayed until next month.

The case was due to head to the High Court at Auckland on Tuesday for a two day hearing but is now set down for a three day hearing from July 30.

The delay was made at the request of the Reserve Bank.

In a statement the regulator said parties opposing the liquidation had recently asked it to give consideration to some additional options for dealing with CBL Insurance.

"The hearing was deferred at the request of the Reserve Bank to allow any stakeholders the opportunity to present such options and for the Reserve Bank and the interim liquidators to consider those options properly."

The Reserve Bank went to court in February to get interim liquidators appointed to CBL Insurance after it became concerned about its solvency and the transfer of $55 million offshore.

CBLI's parent CBL Corporation is in voluntary administration and its shares have been suspended from the NZX since February.

Administrators have recommended CBL Corporation be liquidated.