Keydata founder Stewart Ford has issued a formal notice that he will sue KPMG's Eric Collard, the administrator of the Lifemark portfolio, if Collard fails to secure a $150m loan facility offer to save Lifemark.
Law firm Withers have written to Collard on behalf of Ford accusing the Lifemark administrator of refusing the offer brokered by Ford due to his "continued hostility" to the Keydata founder. The letter gives formal notice of Ford's intention to sue Collard and KPMG if they continue with "delay, obfuscation and a complete lack of urgency". It states: "The purpose of this letter is therefore to record our clients' dissatisfaction with your performance as provisional administrator and formally to put you on notice that, should you continue to fail to discharge your mandated duties in rel...
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
