This excuse that they were attacked by an external player and then the government (i.e. the unwilling taxpayers of the UK) coming in to save them from their own ubris, just looks too much like a scam.
JLs cars were becoming more and more difficult to insure because of high theft rates and poor manufacturer deterrents. 10k car insurance quotes were not unheard of in London.
It caused a massive sale event and the second hand market spiked causing massive devaluation, at one point JL were even offering their own car insurance.
They had incredibly fractured internal systems, multiple owners who refused to invest for the long term and then Tata - who outsourced it all to teams who aren't doing anything with any urgency.
Ticking bomb waiting to happen.