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Luxembourg regulator appoints provisional administrator for Lifemark

Luxembourg regulator, the Commission de Surveillance du Secteur Financier has appointed KPMG as provisional administrator of Lifemark S.A.

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. 

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