National Car Parks enters administration, risking 682 jobs
Change
National Car Parks appointed PricewaterhouseCoopers (PwC) as administrators after it ran out of cash, leaving it unable to meet landlord and creditor obligations and carrying £352.6m of debt.
Why it matters
Ordinary contract and payment routines are suspended while administrators assess rescue or sale options, removing counterparties' ability to secure immediate cash recovery. Any transfer or sale of the business will be negotiated with the administrators, not the previous owner, increasing uncertainty for sites and service contracts.
Implications
- • Commercial property landlords with leases to National Car Parks must contact the PwC administrators and lodge proofs of debt or claims promptly to preserve their recovery and priority rights.
- • Secured and unsecured creditors of National Car Parks must suspend direct enforcement actions and submit claims through the administration process to seek recovery under administrators' oversight.
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Source
Topics
Mergers & Acquisitions Supply Chain & Logistics Financial Services