Renault has signed a letter of intent to take over the Lotus F1 team which should mark the end of its long running battle with HMRC over its unpaid tax bill of some £2.7m.  

The winding up petition is being heard this morning so it is completely last minute.  

At the last F1 race the team were locked out of its hospitality tent in an embarrassing fiasco until the bill of £27,000 was paid.  The team also turned up late as there were problems shipping the cars and equipment to Japan.  The problems have been mainly as a result of the arguments over who should pay.  Renault can certainly afford it.  Meanwhile lots of other creditors have been trying to force the company to pay them by “piggy backing” on the petition.  Once a petition has been issued then other creditors can also use that petition to make claims even if the original sum has been paid.

Marussia and Caterham have both entered into administration in the last 18 months and suppliers feared Lotus would go the same way.

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