'Given that shareholders declined to vote for plan A – the deleveraging plan – the directors of Interserve were left with little choice but to pursue plan B. Under this plan, it is envisaged that the business and assets will be sold to a newly incorporated company under the ultimate control of the Group's existing lenders.
'Clearly it's regrettable that so many shareholders will be nursing significant losses as a result of the company's collapse.
'If there is a silver lining to this, it's that the company has been able to work closely with key lenders, bonding providers and pensions trustees to develop Plan B so that the administration option can be implemented with the minimum of disruption to the underlying businesses.
'This shows that the UK insolvency regime can support restructurings which work in the interests of customers, employees, pension funds, trade creditors and wider economy. Indeed, this is one of the reasons the rest of the world likes doing business in the UK.'