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Lotus given 7 days by HMRC in Insolvency proceedings

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Article:

http://www.bbc.co.uk/news/uk-england-oxfordshire-34293806

 

For those who can't see it:

 

Lotus has been given seven days breathing space in insolvency proceedings brought by Revenue and Customs (HMRC).

The Formula 1 team, based in Enstone, Oxfordshire, is facing administration over a £900,000 unpaid tax bill.

Mr Justice Birss, at London's High Court, said he would allow time for a deal to be signed that could provide "significant funding" to the company.

But he added, it would be the last time he would grant an adjournment.

Earlier lawyers for HMRC told the judge that a further delay in the case, which has been adjourned once already, was not appropriate.

But Lotus, which is reported to be in takeover talks with former owner Renault, argued if the administration order was made immediately the company would cease to trade and it would cost 400 jobs.

The judge said: "The parties have satisfied me that that there is genuinely a real prospect that the first stage of the deal that is being described will be signed in the next seven days, which will allow significant funding to go into the company."

HMRC brought the case because of unpaid income tax and National Insurance for June 2015.

Since then, while negotiations have been continuing to save the team, a similar debt had accrued for July with another due shortly for August.

 


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Might not be to bad as we all know it is not rely team Lotus just a colour and a few stickers. The only up side was at least it kept the name in the public eye. Shame though.

Clive

 

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Grosjean has to do interviews in rain and has to eat with at Renault as everyone is locked out of Lotus Hospitality.

http://www.bbc.co.uk/sport/0/formula1/34345092

 


Possibly save your life. Check out this website.
http://everyman-campaign.org/

 

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Still ongoing today with Bernie supplying lunch for the team. 

 

Cash-strapped Lotus’ financial problems remain in full evidence at the Japanese GP with the team locked out of their hospitality unit for the second day in a row.

Team members were fed after being granted access by Bernie Ecclestone, the sport's ringmaster, to F1's Paddock Club hospitality unit. 

'If you've been wondering where we've been eating today... Mr E had us covered,' the team Tweeted.

 

Skysports clicky

lotus-japanese-gp-f1_3355148.jpg?2015092

 

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What a sad state, pity most of the public will not realise that it is not in fact Lotus but sure as hell the sad news will go agains the marque.

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