Cazoo says notices of intention to appoint administrators filed with High Court

In a regulatory filing, Cazoo disclosed: “In accordance with the requirements under paragraph 26 of Schedule B1 of the UK Insolvency Act 1986 and rule 3.23 of the Insolvency Rules 2016, on May 8, 2024, notices of intention to appoint administrators were filed with the English High Court in respect of certain of the material subsidiaries of Cazoo Group Ltd that are incorporated in England: (i) Cazoo Holdings Limited, a subsidiary of the Company and a holding company with no material assets other than an ownership interest in our subsidiaries, (ii) Cazoo Ltd, our operating subsidiary through which our operations, including our marketplace business, are conducted, and (iii) Cazoo Properties Limited, our subsidiary that owns the majority of our leaseholds. On receipt of each notice by the Court, an interim moratorium commenced in respect of each Subsidiary as a result of which creditors of each Subsidiary are generally prohibited from taking action to enforce their debts against each Subsidiary and its assets without the permission of the Court. The interim moratorium lasts until administrators are appointed (at which point the administration moratorium becomes effective), or ten business days expires without administrators having been appointed. Notwithstanding the aforementioned filings, the Subsidiaries will continue to operate in the ordinary course of business. As disclosed on May 1, 2024, if certain of the Company’s operating subsidiaries file for administration or liquidation, we would need to consider the best options for the Company at such time. The options may include filing for administration or winding up the Company.”