» BACK TO CRASH.NET

Crash.Net F1 News

Group Lotus PLC faces winding-up order

18 March 2013

An application to have the Group Lotus PLC car company wound up and its assets liquidated will go before Registrar Baister in Companies Court on Monday morning, according to court records.

Such applications are usually lodged by creditors wanting to have a company liquidated and its assets sold off in an effort to recoup their investment in a loss-making business.

A struggling business can also make its own application for a winding-up order to Companies Court, which is part of HM Courts and Tribunals Service, if it feels it is no longer a viable operation.

However, Group Lotus PLC said that in this case the application was a formality and related to a matter already settled out of court, so there was no chance of the wining-up order going through or the business being liquidated.

The dispute "was settled amicably several weeks ago," Group Lotus spokesman Alastair Florance told Autocar.

“We are not in liquidation. We are on the winding-up List but the problem has been resolved," a company source confirmed to Motortrader.com.

Whatever the outcome of today's court application, any such move to wind-up or liquidate the car company would have no effect on the Lotus F1 team, currently celebrating a break-through success in the first race of the 2013 world championship season in Melbourne, Australia.

The F1 team is a separate company, and has simply purchased the rights from Group Lotus PLC to use the historic Lotus name and brand for Grand Prix racing, commencing from the start of last season.

Group Lotus PLC itself is owned by Proton, and consists of three main divisions: Lotus Cars, Lotus Engineering and Lotus Racing.


» BACK TO CRASH.NET