Insolvency experts BDO Stoy Hayward has filed bankruptcy proceedings against three divisions of Lifeboat Financial Group, a year after Legal & General also filed a bankruptcy petition on another division of the intermediary firm.
A spokeswoman for BDO confirmed three brands or firms within the Lifeboat financial adviser group - the regulated Lifeboat Financial Advisers Ltd, and non-regulated Simply Assured Ltd and Simply Assured Direct Ltd – are now in administration, but stressed the holding company is not. This is the second such wind-up of divisions within Lifeboat Financial Group, as IFAonline reported last summer (August 11th, 2003 - L&G files bankruptcy claim against IFA) Legal & General filed a compulsory bankruptcy petition at the High Court in September 2003 against Multi Tie Distribution Network Ltd (pr...
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