Force India Formula One Team Limited (02417588): administration
- Status
- Administration ended
- Administration began
- 2018-07-27
- Administrators' firm
- FRP Advisory
- Formerly
- Spyker F1 Team Limited; Spyker MF1 Team Limited; Midland F1 Racing Limited; Jordan Grand Prix Limited; Totas Euroservices Limited
- Incorporated
- 1989-08-29
- Location
- London
- Industry
- 29100 Manufacture of motor vehicles
Why it went into administration
- Creditor pressure / legal action
- HMRC / tax arrears
- Cash flow / liquidity pressure
- Loss of a key customer, supplier or contract
- Bad debts / customer insolvency
- Sustained trading losses
From the administrators' statement
The Company was incorporated on 29 August 1989 as Totas Euroservices Limited. It has since changed its name five times, the most recent change being on 31 October 2007 when the name changed from Spyker F1 Team Limited to Force India Formula One Team Limited.
The sole shareholder of the Company is OIH, a company incorporated in Luxembourg. We understand that OIH is ultimately majority controlled by two Indian businessmen:
1. Dr Vijay Mallya; and 2. Subrata Roy.
Administrators' statement of proposals (2018-09-27) · Companies House register