Lotus given seven days grace

Date published: September 18 2015 - Editor

Lotus have been granted a brief reprieve in their insolvency case, which was brought against the team by the taxman.

Lotus have an outstanding bill of £900,000 owned to Britain's tax authority HMRC.

The team's lawyers were in London's High Court on Friday and argued that an administration order would threaten the team's sale to Renault and would cost 400 jobs.

Mr Justice Birss agreed and granted Lotus a week's grace.

He said: "The parties have satisfied me that that there is genuinely a real prospect that the first stage of the deal that is being described will be signed in the next seven days which will allow significant funding to go into the company."