The British government said it held talks with car manufacturers over the weekend, saying that companies including Toyota, General Motors, Nissan and Rolls-Royce had discussed concerns over liquidity. Both Vauxhall and Jaguar Land Rover, owned by the Indian conglomerate Tata, have reportedly asked the government for financial aid. Wagon, controlled by American billionaire Wilbur Ross, said it planned to file for administration for Wagon PLC and several British subsidiaries, which employ around 500 people, after talks with key shareholders to agree on an emergency refinancing package broke down. Placing a company into administration is similar to filing for bankruptcy protection. Independent administrators, in this case likely to be Zolfo Cooper LLP, are appointed to salvage as much of the company as possible for the benefit of its creditors, a process which can involve trying to keep the business as a going concern or breaking it up and selling it off. 'Decisions on the overseas group companies have not been made but it is anticipated that some may be able to continue to trade without needing insolvency protection,' Wagon added in a statement to the London Stock Exchange. The car industry has been hard hit by the global economic slowdown -- the Society of Motor Manufacturers and Traders reported a 36.8 percent year-on-year fall in new vehicle registrations last month. In the United States, Congress is still debating legislation that could dole out as much as $15 billion to automakers who have warned of the potential of a wholesale industry collapse. In return for the money, the carmakers are likely to have to agree to terms similar to those placed on banks that receive funds under the $700 billion Wall Street bailout, including limiting their top executives' pay packages and giving the government a chunk of future gains. Birmingham, England-based Wagon had tried to convince its banks, including Royal Bank of Scotland and Lloyds TSB, both of which are now largely controlled by the government, to commit to a euro50 million bailout package. The banks had already agreed loans totaling euro155 million in the summer. Wagon's car making clients had pledged euro30 million for the new funding package, while Ross was reportedly preparing to commit euro10 million by purchasing one of its subsidiaries. Share trading in the company, which also makes shock absorbers for non-automotive clients including elevator makers Otis and Schindler, has been suspended since October, when the company reported a 'steep deterioration' in the European car market and said it was in talks with lenders about its funding situation. The stock was trading then at just 1.25 pence ($0.02). Wagon has its roots in Wagon Repairs, a business set up at the end of World War I to maintain railway rolling stock. It was chosen by Ross as the foundation for a European car parts business that now operates in countries including the Czech Republic, Turkey, Italy, Romania, Spain, U.S. and China.