High Court gives Lotus/Renault 10-week extension in HMRC case
The High Court case against Lotus has been adjourned until December 7 in the wake of Renault's confirmation it intends to take a controlling stake in the Formula 1 team
Lotus faced the threat of administration as it owed HMRC £2.7million in back PAYE (income tax and national insurance) - £900,000 for each of June, July and August.
With Lotus entering into negotiations and a period of due diligence with Renault in late May/early June with regard to the French manufacturer taking a 65 per cent stake in the Enstone squad, trading was effectively suspended.
Lotus has since faced several winding-up orders from various companies, but has managed to find a way through the financial mire.
Taking on HMRC, however, has proven different, with the case twice previously adjourned, as Renault provided Justice Birrs with letters declaring its interest in taking over Lotus.
Negotiations, however, have been protracted due to various complications, but Renault has now provided a signed letter of intent regarding the potential controlling acquisition in Lotus.
That was enough to satisfy Justice Birrs, who has given Renault and Lotus 10 weeks to finalise the deal that will see Renault return to F1 as a works outfit in 2016.
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