Lotus returned to London’s High Court on Monday morning to explain why it has yet to clear its £2.7 million Her Majesty’s Revenue & Customs PAYE debt, back-dated to June.
The case has already been adjourned twice, with Lotus explaining its financial position would vastly improve as a result of Renault’s proposed takeover.
With the French manufacturer finally signing a Letter of Intent, that bought Lotus further time, with Justice Birs agreeing to delay the case until December 7.
Renault attended Monday’s meeting and confirmed it would complete its takeover of the team by December 19, with all debts cleared by the end of the year.
A final hearing is scheduled for December 21, when Lotus/Renault must prove it is in the process of clearing the team’s debts.
Speaking after the hearing, Lotus CEO Matthew Carter said: “It’s the 16th for the share purchase agreement (SPA) and they (Renault) are agreeing to pay all the creditors by the 31st,” he told Reuters.
“So I guess when we come back on the 21st it will be to ensure that the SPA has been signed.
“It’s been an interesting process all the way through but we are where we are.”
