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Lotus cleared of insolvency proceedings following Renault takeover

Insolvency proceedings brought against the Formula One team Lotus have come to an end. The announcement at London’s high court followed the completion of a share purchase agreement and the repayment in full of the debts owed to HM Revenue & Customs and other creditors.

HMRC had applied to put the Oxfordshire-based F1 team into administration over unpaid bills relating to PAYE (income tax and National Insurance). But on Monday the taxman was given permission to withdraw the application by Mr Justice Birss, who also dismissed three winding-up petitions.

In September, Renault announced its intention to take over the cash-strapped Lotus team.

The judge, who was told that Renault now “have the keys”, said he was very happy that the insolvency procedure had allowed the company to be rescued and the creditors paid.


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