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Lotus ordered to pay almost £600k in debts

NEWS STORY
20/07/2015

Court documents reveal that Lotus has 27 "unsatisfied judgments" worth £561,408.

According to the Daily Express, County court records in Witney, Oxfordshire, reveal that the Enstone based outfit has satisfied four of the judgements totalling £63,063.

In total there are 27 "unsatisfied judgments" worth £561,408, the largest being £132,816 and the smallest just £97. The most recent being for £1,571 on July 10.

Earlier this month, the Genii Capital controlled company was hit with a High Court winding-up petition from a creditor, Registrar Briggs adjourning the hearing for two weeks to allow the team time to find a resolution.

Indeed, it is claimed that at the eleventh hour Lotus has reached an out of court settlement with gearbox component manufacturer Xtrac which was behind the winding-up petition.

Accounts show that in 2013, Lotus made a £64.9million net loss on revenues of £92.7million.

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1. Posted by Hardliner, 23/07/2015 7:46

"I imagine that Renaults advisors are watching carefully, quietly encouraging a hard squeeze on the Enstone outfit so they can pick up the financial wreckage for as little as possible, then decide whether to keep the Lotus name or not. If/when this team goes bust I assume there'll be pretenders fighting over the name, when they should be fighting over grid slots. And paying the drivers 10% of current demands, it's time the engineers and technicians got paid properly, build a proper team that becomes respected, not a stuttering billboard for overpaid prima donnas"

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2. Posted by BWesty, 21/07/2015 6:37

"97 Pounds??? seriously?? if a team can't pay that then there are some serious issues with either their lack of integrity or their cash flow...either way...there is a problem here..."

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3. Posted by Thk78, 20/07/2015 22:29

"Forcing the suppliers to bring you to a court to obtain the due money is a disgrace and bring the whole sport into disrepute. I still don't get how some people in Lotus can sleep when even small businesses and independent consultants are heavily hit by such a behaviour."

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