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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.

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