Administrators from KPMG have been appointed to car parts supplier Visteon UK
following substantial losses.
Jim Tucker and John Hansen were appointed as joint administrators for the UK
arm of Visteon Corporate, which has not been profitable since 2000. It had
relied heavily on the global arm to bail it out of trouble racking up £669m in
The corporate arm is now the biggest creditor with Visteon UK owing it £400m.
Visteon Corporate has said it can no longer afford to support the business,
prompting the move into administration.
The administrators have closed all three factories based in Basildon, Enfied
and Belfast resulting in 565 redundancies. The remaining 45 people will stay on
with the company to assist the administrators with the winding down of the
Tucker said: ‘The entire automotive supply chain has been under pressure for
a number of years. In the current economic downturn, car sales have dropped
dramatically, which has caused further severe pressure on parts suppliers.’
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By threatening creditor returns, the government could undermine the UK’s World Bank insolvency ranking and cost creditors £8m a year, trade body R3 warms
Lee De’ath and Richard Toone, partners at CVR Global, were appointed joint-administrators of Lexden Centre (Oxford) Limited, trading as Colchester English Study Centre (CESC), on 29 June 2016
Peter Saville, Ryan Grant and Anne O’Keefe of AlixPartners will now become the supervisors of the CVA and monitor the implementation of the proposal