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. ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
