Caterham Sports Limited (07042086): administration
- Status
- Administration ended
- Administration began
- 2014-10-17
- Administrators
- Finbarr O'Connell, Henry Anthony Shinners, Mark Christopher Ford
- Administrators' firm
- Evelyn Partners
- Formerly
- 1Malaysia Racing Team (UK) Limited; 1Malaysia F1 Team (UK) Limited
- Incorporated
- 2009-10-14
- Location
- London
- Industry
- 82990 Other business support service activities n.e.c.
Why it went into administration
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
From the administrators' statement
During the 2014 season, racing performances began to decline and In July tt was announced that the Team was now owned by Engavest SA (“Engavest”) SA a Swiss and Middle Eastern backed consortium represented by Colin Kolles The exact course of events that followed until the administrators’ appointment Is uncertain, however, in that same month a number of new directors were appointed, including Romulus Kolles (Colin Kolles’ father) and Michael Willmer, and approximately 50 of the Company’s employees being dismissed without notice
In September 2014, LMRT’s 100% shareholding in the Company was sold for £1 to Constantin Cojocar, a retired Romanian footballer who had been performing caretaker/cleaner duties at the Leafield site for the Company Mr Cojocar was also appointed as the Company’s sole director
The Company had not been paid by 1MRT for some time and Its liabilities were increasing rapidly, with unsecured debts reaching an estimated £15m by October 2014 A creditor’s
Administrators' statement of proposals (2014-12-12) · Companies House register