Lotus Formula 1 team continues to pay off creditors

The Lotus Formula 1 team is continuing to make strides to settle its debts with a number of creditors after being faced with a winding-up petition in the High Court

Lotus Formula 1 team continues to pay off creditors

Following a two-week adjournment, the name of Lotus F1 Team Limited was again on the Companies Court Winding-Up List on Monday, in front of judge, Mr Registrar Briggs.

Lotus has again settled with the lead creditor, and it now remains to be seen if another from an apparently lengthy list will step in to take up the petition.

"Only one creditor can take control of a petition at any one time, and that creditor has been paid," said Lotus CEO Matthew Carter, speaking to AUTOSPORT.

"The court now just needs to make sure no other creditors are going to step forward, and that's where we are.

"Because there is a recess for summer, I don't think anything will go before a judge until September-October time, which is what we always knew was going to happen anyway."

At present there are several unsatisfied judgements pending against Lotus from this month alone, either in the County Court Business Centre or County Court Money Claims Centre, and for varying sums of money from £1571 to £29,672.

Carter appreciates the situation does not reflect well on Lotus at present, adding:
"It's not great at all, but it's part of the process.

"I guess that's where Formula 1 is at the moment. It's difficult.

"Hopefully we can just concentrate on the racing, as opposed to anything else."

shares
comments
McLaren F1 team frustrated with first lap crashes holding it back

Previous article

McLaren F1 team frustrated with first lap crashes holding it back

Next article

Ask Gary: What will ground effect mean for F1?

Ask Gary: What will ground effect mean for F1?
Load comments
The squandered potential of a 70s F1 underdog Plus

The squandered potential of a 70s F1 underdog

A podium finisher in its first outing but then never again, the BRM P201 was a classic case of an opportunity squandered by disorganisation and complacency, says STUART CODLING

The other notable Monza escape that F1 should learn from Plus

The other notable Monza escape that F1 should learn from

OPINION: The headlines were dominated by the Italian Grand Prix crash between Max Verstappen and Lewis Hamilton, who had the halo to thank for avoiding potentially serious injury. But two days earlier, Formula 1 had a lucky escape with a Monza pitlane incident that could also have had grave consequences

Formula 1
Sep 17, 2021
How Monza only added more questions to F1's sprint race conundrum Plus

How Monza only added more questions to F1's sprint race conundrum

With two sprint races under its belt, Formula 1 must now consider its options for them going forward. While they've helped deliver exciting racing on Sundays, the sprints themselves have been somewhat lacking - creating yet another conundrum for F1 to solve...

Formula 1
Sep 16, 2021
Who should Alfa Romeo sign for 2022's F1 season? Plus

Who should Alfa Romeo sign for 2022's F1 season?

OPINION: With Valtteri Bottas already signed up for 2022, all eyes are on the race for the second seat at Alfa Romeo next year. Antonio Giovinazzi is the current incumbent, but faces a tough competition from appealing short and long-term prospects

Formula 1
Sep 15, 2021
The "forced break" that was key to Ricciardo's Monza excellence Plus

The "forced break" that was key to Ricciardo's Monza excellence

OPINION: Daniel Ricciardo has long been considered one of Formula 1’s elite drivers. But his struggles at McLaren since switching from Renault for 2021 have been painful to watch at times. Yet he’s recovered to banish those memories with a famous Monza win – built on a critically important foundation

Formula 1
Sep 14, 2021
How Verstappen is ruining his F1 title battle with Hamilton Plus

How Verstappen is ruining his F1 title battle with Hamilton

OPINION: The Italian GP clash between Lewis Hamilton and Max Verstappen followed a running theme in the 2021 Formula 1 title fight. Their close-quarters battles have often resulted in contact - and although Hamilton has shown a willingness to back off, Verstappen must learn to temper his aggression

Formula 1
Sep 14, 2021
Italian Grand Prix Driver Ratings Plus

Italian Grand Prix Driver Ratings

Two drivers produced maximum-score performances as, for the second year in a row, Monza threw up an unpredictable result that left several others ruing what might have been

Formula 1
Sep 13, 2021
Why Ricciardo was set for Monza F1 triumph even without Verstappen/Hamilton crash Plus

Why Ricciardo was set for Monza F1 triumph even without Verstappen/Hamilton crash

The clash between Max Verstappen and Lewis Hamilton was the major flashpoint the 2021 Italian Grand Prix will be remembered for. Yet by this point, race leader Daniel Ricciardo had already done the hard work that would put him in position to end his and McLaren's lengthy win droughts, on a memorable afternoon in Monza

Formula 1
Sep 13, 2021