Lifemark issued a series of bonds which underpinned several plans provided and administered by Keydata Investment Services.
The appointment of KPMG’s Eric Collard as provisional administrator for a period of three months was not made on the basis of insolvency and differs to appointing an administrator under English law. A CSSF statement he has a mission of “auditing, initiative and investigation.”
An FSA update said KPMG has been appointed to develop together with Lifemark’s board of directors a long-lasting solution to the company’s current problems. Upon appointment, the Luxembourg court said the measure did not constitute “an insolvency procedure such as bankruptcy, controlled management, a procedure of suspension of payments or judicial liquidiation.”
Keydata was placed in administration on June 8 due to substantial tax liabilities arising from irregularities with its products.
The CSSF and the FSA are working together in close cooperation on the matter.