Group Lotus plc winding up petition dismissed

It has been widely publicised that Group Lotus plc, the umbrella company that includes Lotus Cars, Lotus Motorsport and Lotus Engineering, has been experiencing financial problems for some time now.

An application to wind-up the Norfolk sports car maker was dismissed by the High Court on 18 March 2013. A Winding up petition is a procedure used by creditors to force payment of an outstanding debt.

It was suggested that the petition was a result of unpaid taxes by the Group, however, according to Lotus they were in a contractual dispute with DRB-Hicom, which was resolved several weeks ago.  Despite this, the High Court process meant that the matter still had to be put before a Judge before the proceedings could be formally disposed of.

Lotus Group plc were very confident early on that this would not result in liquidation of the company and as expected the court dismissed the petition yesterday with no order as to costs.

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