The company’s directors had requested the appointment after Daewoo’s financial position had continued to deteriorate.
Daewood Motors in Korea was taken over in May this year by General Motors which has entered into talks with the administrators over the future of Daewoo Cars.
A statement from the administrators today said they would be developing ‘a strategy designed to optimise the value, which could be realised from the Daewoo Cars Limited’s assets’.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies