Lotus has been able to postpone a winding-up hearing for two weeks after being summoned to the High Court in a legal battle with a number of creditors.

The Lotus Formula 1 Ltd company is facing a financial settlement with creditors after being handed a winding-up petition at the Companies Court this Monday (6th July) with judge Mr Registrar Briggs present, but the hearing has been delayed by 14 days to allow the parties to find an out-of-court settlement.

It is believed the Enstone-based team is waiting for funds to come in to pay its creditors, however, if they are unable to find a resolution over the next two weeks Lotus could be threatened with administration which could put its F1 future under threat.

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2014 saw the now defunct Caterham F1 squad fall into administration and out of business, while Manor-Marussia was pulled from the ashes of financial peril during the winter and saved by wealthy outside investors.

Renault had been rumoured to be preparing a takeover of the Lotus F1 team but that seems unlikely given the British team has just signed a partnership with Mercedes as engine supplier until 2020.