High Court says CBL Insurance creditor deal beyond interim liquidator's scope

Mon, 01 Oct 2018

By Rebecca Howard Oct. 1 (BusinessDesk) - The interim liquidators of CBL Insurance can't make a deal with the firm's largest creditor Elite Insurance as it's beyond their powers, according to the High Court. Elite is CBLI's largest creditor, accounting for approximately 68 percent of CBLI's claims liabilities. The deal would have seen CBLI's liability to Elite removed from the balance sheet in exchange for a mixture of cash and non-cash assets. The amounts involved were redacted from the judgment issued Friday. The High Court ordered...

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