Lifemark administrators have sold off £2.9m worth of assets to save the fund from liquidation for another few months.
The company has this week received the money after selling off four traded life settlement policies, the underlying assets of the fund. Authorised by the administrator of the fund, KPMG's Eric Collard, the sale plugs part of Lifemark's short term liquidity gap and gives it more time to find a party willing to put up the around £12.9m it needs to permanently stave off liquidation. The £2.9m is the first instalment from the sale of life settlement policies underpinning a £11.1m interest-free loan made by Billericay Trading Limited to Lifemark last year. Billericay Trading is a comp...
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