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Lotus Quashes Bankruptcy Rumors

Bankruptcy / Comments

Thankfully, initial reports of Lotus facing liquidation were well wide of the mark.

Yesterday we reported Group Lotus had been served a winding-up order and that liquidation of the umbrella company was a possibility. The story originated from Autocar which was tipped off that the name of Group Lotus, comprising of Lotus Cars, Lotus Motorsport and Lotus Engineering, had appeared on the Companies Court Winding Up list that was to be heard by the High Court. Lotus has been quick to quash the rumor, stating that it is not being liquidated.

As we suspected, such cases arise from creditors seeking to have a company's assets liquidated as a result of unpaid debts. According to Lotus, such a contractual dispute was resolved weeks ago but the liquidation order was still on the High Court's website as it was awaiting a judge to formally dispose of proceedings. Fans of the British carmaker and its lighweight sportscars can now breathe a sigh of relief.

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