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Monday, 18 March 2013

Group Lotus PLC faced Winding up Petition

Update:  Well not surprisingly the court has dismissed the petition as it was obviously settled.

Tucked away in the latest court list of winding up orders to be heard today was Group Lotus PLC,  the world renowned sports car manufacturer and Formula 1 team.

http://windinguppetitionsolicitors.co.uk/insolvency-lawyers-london/companies-court-winding-up-list-18-03-13/

However, Group Lotus spokesman Alastair Florance told Autocar, the car magazine,  the appearance of Group Lotus plc on the Companies Court Winding Up list was the result of a contested petition from a supplier that “was settled amicably several weeks ago”. Lotus is expected to make a further announcement later today.

So nothing to see here. Move along, move along!!  Problem is that Lotus Group is in financial difficulty and selling around 4000 cars a year and sitting on liabilities of £280m is always going to be difficult.

The ramifications of this petition are unclear but it is likely to make suppliers nervous.  If you supply a firm that becomes insolvent then read this page

They obviously persuaded the petitioner not to formally advertise the petition which is a crucial step in preserving the company value so it is likely that some sort of agreement has been arrived at.  However the court will need to follow due process.

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