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Lotus debts cleared by Renault takeover
Insolvency proceedings brought against Formula One team Lotus came to an end yesterday.
The announcement at the High Court followed the completion of a share purchase agreement and the repayment in full of the debts owed to HM Revenue and Customs and other creditors.
HMRC had applied to put the Oxfordshire-based F1 team into administration over unpaid tax.
But HMRC was given permission to withdraw the application by Mr Justice Birss, who also dismissed three winding-up petitions.
In September, Renault announced its intention to take over the cash-strapped Lotus team.
The judge, who was told that Renault now “have the keys,” said he was very happy that the insolvency procedure had allowed the company to be rescued and the creditors paid.
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