OzCar

Australian car finance company OzCar has entered voluntary administration, with restructuring firm Alvarez & Marsal appointed to oversee the process. The move means an independent administrator will now take control of the company's affairs while assessing whether it can be saved, restructured or wound up. It marks a major setback for the lender, which specialised in car loans, and raises questions for customers and creditors about the treatment of existing loans and outstanding debts.