11:50 am, July 3, 2024
Cazoo Group Ltd has announced that the company is officially winding up, following the company’s extraordinary general meeting yesterday (July 2).
Shareholders approved resolutions for the company to be placed in voluntary winding up, the appointment of voluntary liquidators and their renumeration at the EGM.
The Securities and Exchange Commission notice from Cazoo says that it will be placed in voluntary liquidation based on the fact ‘it is unable to pay its debts’.
The voluntary liquidators, Neema Griffin and David Sodem, have already begun the voluntary liquidation of Cazoo Group Ltd in the Cayman Island where it is registered.
The statement also confirmed that all directors have now resigned as the liquidators take over authority to deal with the company’s affairs.
It said: ‘The voluntary liquidators will act as agents of the company and their authority to bind the company will displace the authority of the directors to do so. Accordingly, as of July 2, 2024, each of the directors of the company submitted letters of resignation and ceased to be directors.
‘Cayman Islands law gives the voluntary liquidators wide powers to deal with the affairs of the company (in some cases, once the liquidation is brought under the supervision of the court, with the sanction of the court).
‘The voluntary liquidators will liquidate any remaining assets and satisfy or make reasonable provisions for the company’s remaining obligations. The company does not expect that there will be any remaining proceeds for shareholders.’
The notice also mentioned the sale of the Cazoo brand on June 27 to Motors, although no further details on the value where included.
It adds that following the sale, all realisable assets have been disposed off and the remaining operations are being wound down.
