DECEMBER 23, 1996
Team Lotus - the very end...
THE last of the Team Lotus companies is to be wound-up by the High Court in London on January 15, when Team Lotus Holdings Ltd. - which owns all the assets of the team - will be declared insolvent.
A petition to close the company from former Team Lotus designer Chris Murphy comes after the company failed to pay $45,000 which an industrial tribunal had awarded Murphy.
Team Lotus Holdings Ltd. owns the windtunnel, the machine tools and some of the Lotus racing cars. It was formed late in 1994 to buy the assets of Team Lotus Ltd. when that company went into voluntary administration. The Team Lotus Ltd. company was later revived by David Hunt who says he intends to revive the team - but this now looks increasingly unlikely.