Shareholders in New York Stock Exchange listed Cazoo Group are to be asked to give approval for a voluntary winding up and liquidation of the company.

In a letter from its chief financial officer Gareth Purnell they are told it is likely they will get nothing for their shareholdings.

Cazoo Group, which is registered in the Cayman Islands tax haven, has invited shareholders to an extraordinary general meeting on July 2 to vote on its proposal got s voluntary winding up of the company and to appoint Teneo's David Soden and Neema Griffin as joint voluntary liquidators.

Soden is already a joint administrator of Cazoo's UK operation, and has already sold some of its assets to Cinch and G3 Remarketing while trying to secure a buyer for the Cazoo Marketplace operation.

Cazoo Group's board, including chairman Tim Isaacs who only joined the troubled firm in December 2023, has unanimously decided that a winding up is advisable "on the basis that it is unable to pay its debts", and it has urged shareholders to vote for the proposal.