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16 April 2026

CBL

Last updated: 7 July 2026

FMA will update this page when important steps are taken in relation to this matter. We suggest you visit this page regularly for updates. 

Overview

CBL Corporation Limited (CBL) was a listed insurance company that collapsed in February 2018, three years after its Initial Public Offering (IPO) in October 2015.

Following the collapse, the FMA took court action against CBL, its former directors, and a senior executive. The FMA was concerned that investors were not properly informed about CBL’s true financial position and that important information was not disclosed to the market when it should have been.

The FMA’s action focused on whether CBL and key individuals breached the Financial Markets Conduct Act 2013, particularly rules requiring listed companies to keep the market properly informed.

Latest Updates

The FMA has discontinued its proceeding against the executor of the estate of Alistair Hutchison relating to the 2015 Initial Public Offering (IPO) by CBL (in liquidation).

The FMA reached a full and final settlement with CBL Corporation Limited (in liquidation), resolving the FMA’s claims relating to CBL’s 2015 Initial Public Offering (IPO).

The FMA entered into settlements with CBL and former CBL director Peter Harris. Under the settlements, CBL and Mr Harris each admitted liability for breaches of the Financial Markets Conduct Act 2013.

Summary of proceedings to date 

June 2025

Former CBL Group Chief Financial Officer (CFO) Carden Mulholland was ordered by the High Court to pay a penalty of $641,250, along with agreed costs of $606,216.53, for acting as an accessory to three of CBL’s breaches of the continuous disclosure provisions of the FMCA. 

February 2025

The High Court found Mr Mulholland personally liable, as an accessory, to three of CBL’s continuous disclosure obligations.

The Court held that, in his roles as CFO, a member of CBL’s Disclosure Committee, and a director of CBL Insurance Europe dac (CBLIE), Mr Mulholland was knowingly involved in the company’s disclosure failures.

This was the first time a New Zealand court held a CFO personally liable for being involved in a company’s failure to keep the market informed as required under the Financial Markets Conduct Act (FMCA) 2013. 

August 2024 

The High Court ordered former CBL Managing Director Peter Harris to pay a $1.4 million penalty for continuous disclosure and misleading conduct breaches, following an agreed settlement with the FMA. 

March 2024

The FMA and Mr Harris reached an in‑court settlement. Mr Harris admitted breaches, with penalties determined later by the Court.

FMA also agreed to accept an Enforceable Undertaking offer from Mr Harris that he will not hold any management or directorship positions with any listed issuer or licensed insurer in New Zealand or participate in a regulated offer in New Zealand while the CBL proceedings are ongoing.    

December 2023

The High Court ordered CBL Corporation Limited and four former independent directors to pay penalties for failing to meet disclosure obligations and for misleading conduct.

June 2023

The FMA reached agreement with CBL and four former directors, resolving claims relating to continuous disclosure breaches and misleading conduct.

December 2019

FMA filed civil proceedings against CBL, its directors, and CFO alleging multiple breaches of the Financial Markets Conduct Act 2013.

2018

The FMA issued an update on its investigation into CBL following the company’s collapse.

The High Court confirmed that a company does not have to make ongoing market disclosures while it is in voluntary administration.

The FMA announced its intention to file a case stated procedure on the issue of continuous disclosure obligations for listed issuers in voluntary administration.

The FMA publishes an update about the ongoing investigation. 

Background

The FMA was concerned that CBL did not tell the market important information about its financial position and risks in a timely and accurate way, as required under the Financial Markets Conduct Act (FMCA) 2013. This information was important for investors deciding whether to buy, sell, or hold CBL shares. 
The FMA also believed that some directors and a senior executive were involved in these failures and should be held personally liable.

The FMA investigated whether CBL and key individuals:

  • failed to properly disclose important information to the market
  • breached continuous disclosure and fair dealing rules
  • made misleading statements to investors

The investigation resulted in multiple court proceedings, settlements, and penalties against CBL, its former directors, and its former Chief Financial Officer.

The High Court’s findings confirmed that senior executives, including CFOs, can be held personally liable for disclosure failures. The case of FMA v Mulholland was important because it clarified how the rules about continuous disclosure should be applied.

The case reinforced expectations around transparency and accountability for companies listed on New Zealand’s financial markets.