Nationwide Crash - behind the scenes

Following the pre-pack acquisition, from the administrator, of certain former assets of Nationwide Crash by a wholly owned subsidiary of Redde Northgate plc (Redde), the transcript of the judgment of Mr Justice Fancourt in which administrators were appointed is available at the link below:

It sets out the basis of the court's decision to appoint administrators and reports that, following the sale to Redde, it was anticipated that there would be an immediate return of £26.7m to secured lenders with further deferred contingent consideration of £5m but nothing for the unsecured creditors save for payment of the proscribed part. In addition, 2,350 of 2,890 jobs would be saved. Prior to the administration the secured lenders were owed £31.7m in relation to facilities provided by Barclays Bank and Investec.

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