Ford-owned used car warranty business, Oriel Investment Corporation (ORIC), which trades as Warranty Holdings, has been placed into administration at the request of its directors.
Nigel Ruddock, Ipe Jacob and Ian Carr, three partners at Grant Thornton, were appointed joint administrators on 24 March 2004.
The said business would continue on a limited basis while discussions take place with interested parties.
Warranty Holdings announced the departure of chief executive Peter Head on 18 March to “pursue other interest”. Former managing director David Shapiro left the company in November 2003.
NIG and AXA Insurance, which supported the bulk of business of Warranty Holdings, have confirmed they will continue to meet all valid claims, said a report.
