View more on these topics

Lifemark granted extra six months for rescue bid

Lifemark administrator KPMG Luxemburg has been granted a further six months to resolve ongoing liquidity issues and prevent Lifemark going into administration, Money Marketing understands.

The move represents a further extension of the three month term granted to KPMG Luxemburg in February as part of the ongoing efforts to secure funding for Lifemark and maximise the value of Lifemark life settlement portfolios.

Earlier this month it emerged that the Financial Services Compensation Scheme and the IMA are in talks to provide a loan facility to Lifemark of at least £18m to meet the policy premium payments and cover operating costs of the the life settlements for 2011.

Money Marketing understands that a deal is expected to be reached by August.

Lifemark administrator Eric Collard of KPMG Luxemburg declined to comment.

It comes after Money Marketing revealed that Keydata founder Stewart Ford has been granted a judicial review of the way the FSA has carried out its investigation into the company. The hearing will be held in July.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com