Press release 10/05
The CSSF may confirm that on 11 February 2010, at its request, the 1st vice-president of the Luxembourg district court, sitting in commercial matters, appointed, in accordance with article 25(2) of the Luxembourg securitisation law of 22 March 2004, KPMG ADVISORY s.à r.l., represented by Mr. Eric COLLARD, as provisional administrator (administrateur provisoire) of the société anonyme LIFEMARK S.A. (“Lifemark”), with registered office at 46A, avenue John F. Kennedy, Luxembourg, for a new period of six months from the delivery of this order, with the most extensive management powers. The provisional administrator shall in particular put in place mechanisms for the control and the monitoring of the activities of Lifemark and shall objectively look after the interests of the company and of its creditors and investors while working together with its supervisory authority. The decision explicitly confirms that this new mandate replaces and brings about the expiry of the previous mandate given by the court order of 18 November 2009 (please refer to our press release of 19 November 2009). The CSSF has requested this new appointment following receipt of the provisional administrator’s report on his first mandate and in order to ensure the highest degree of objectivity and transparency in the management of Lifemark with the aim to protect the rights of all investors. It is important to understand that this measure does not prevent Lifemark, now under the sole management powers of the provisional administrator, to further develop a possible restructuring plan that must still be accepted by the CSSF. The court has also confirmed that the measure of 11 February 2010 in itself is not to be considered as an insolvency procedure such as bankruptcy, controlled management, a procedure of suspension of payments or judicial liquidation.
The CSSF and the UK Regulator, the Financial Services Authority (FSA), are continuously working together in close cooperation in this matter.