Administrator of structured product provider granted extension
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The administrator of structured product provider NDF Administration has been granted a one-year extension by courts to continue running the company.
Administrators Andrew Hosking and Martin Ellis of Grant Thornton had argued for the extension to continue running Royal Bank of Scotland structured products.
The extension was sought as the administrator looks for longer-term alternatives for the running of the products.
The move was made as the permission to run the products ‘would likely be withdrawn’ by the Financial Services Authoity and force the early wind-up of the products.
Four Royal Bank of Scotland plans are currently being managed, including: Skyline, Royal Deposit, Navigator and Autopilot.
Grant Thornton were appointed to oversee the NDF Administration and sister company Defined Returns when it in went into administration in 2009.
NDF Administration and Defined Returns were placed into administration in 2009 over potential liabilities to failed investment bank Lehman Brothers.
The administration period has now been extended until October 2012.
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Readers' comments (1)
Missold Investor | 17 Sep 2011 9:48 am
This means that those with Lehman-backed structured products that failed three years ago have to wait another year as unsecured creditors of NDFA.
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