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CBL Insurance liquidator puts software licence up for sale

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Liquidator McGrathNicol is selling CBL Insurance’s interest in a software licence linked to the failed insurer’s Builders Warranty product.

An advertisement seeking “expressions of interest” was placed Friday in an Australian business daily.

“This is the exclusive licence, for Australia, of a product developed to assess and underwrite builders requesting builders warranty insurance,” McGrathNicol says in an email to insuranceNEWS.com.au.

“The platform is currently utilised in Victoria, Australia. However, it can be extended to be used across Australia once adjusted to reflect the specific state requirements. The platform has the ability to be easily updated to include the underwriting criteria of the insurer.”

CBL Insurance was ordered into liquidation last November by the High Court in Auckland following an application from the Reserve Bank of New Zealand.

The court said the insurer’s “lack of commercial probity” was the reason behind the decision.

Parent company CBL Corporation, in voluntary administration since February last year, also faces the prospect of being liquidated.

The High Court will in May look into an application from two creditors who want the company wound up.