Monday 18th March 2013

Group Lotus PLC winding-up petition - UPDATED

High Court dismisses petition as procedural

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Good news! Lotus has this afternoon confirmed that a winding-up order that was applied for will not result in any further action against the company.

Lotus added in its statement that the winding-up order had been the result of a contractual dispute earlier this year, which had since been resolved amicably. As a result, the court has dismissed the petition.

All of which means we can breathe a sigh of relief as the company looks able to continue its day-to-day business. Our original story is below.

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Group Lotus plc, the organisation which encompasses Lotus Cars, Lotus Motorsport and Lotus Engineering, could be wound up.

Ramifications for the company as yet unclear

An application has been made to the HM Courts and Tribunals Service to that effect. However, while the move could result in the partial or full liquidation of the company, a spokesperson from Lotus told PistonHeads categorically that that won't be the case.

What this will mean in reality for the company, and whether the winding-up application has been made voluntarily by the company or by a creditor, remain unclear at this stage. However, we're expecting a statement from Lotus later today which should clarify matters, and we'll be sure to bring you more on that as we get it.

The Lotus F1 team, a completely seperate entity to the Hethel concern itself, is keen to point out that it will continue to operate as normal.

[993RSGT3]

A winding-up isn't necessarily an insolvency event. It's perfectly possible to wind-up a solvent company, and this is quite often part of a restructuring.

Probably best to wait and hear what, exactly, they are doing, before inferring that they've gone bust....