The Luxembourg court is 'unlikely' to extend the provisional administration period of Keydata-backer Lifemark beyond February, says PwC, raising serious questions about whether the fund can be restructured in time to avoid bankruptcy.
Last August, the Luxembourg District Court extended the appointment of KPMG's Eric Collard to continue managing and administering Lifemark by an additional six months, in a bid to restructure the troubled fund and stave off its liquidation. However, PwC, the administrator of insolvent Keydata which promoted Lifemark-backed bonds in the UK, says in its latest six month update report it understands further extensions are "unlikely to be permitted". The August 2010 extension order stated Collard's appointment was not made on the basis of any insolvency proceeding, including bankruptcy. ...
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