Race to get money out of ailing Lotus Formula One after court order
THE Lotus Formula One team has been ordered by the courts to clear nearly £600,000 of debts, after failing to pay 27 bills, one of which was for just £97.
Roman Grosjean's Lotus behind Red Bull in Canada last month
This year, according to court documents, 27 "unsatisfied judgments" worth £561,408 in all, have been made against Lotus.
The largest of these was £132,816 and the smallest was the demand for £97. The most recent was on July 10 for £1,571.
County court records also show that Lotus, based in Prime Minister David Cameron's constituency of Witney, Oxfordshire, has satisfied just four judgments coming to a total of £63,063. Earlier this month, it was hit with a High Court winding-up petition from a creditor.
Mr Registrar Briggs adjourned the hearing for two weeks to allow the team time to find a resolution.
Lotus is the latest F1 team to hit trouble after Caterham and Marussia crashed into administration in October.
Accounts show that in 2013, Lotus F1 made a £64.9million net loss on revenues of £92.7million.
Lotus F1, acquired from Renault in 2009, is controlled by private equity firm Genii Capital, not the sports car maker in Norfolk.