1Malaysia Racing Team SDN BHD (FC032193): administration
- Status
- Administration ended
- Administration began
- 2014-11-14
- Administrators
- Finbarr O'Connell, Henry Anthony Shinners, Mark Christopher Ford
- Administrators' firm
- Evelyn Partners
- Incorporated
- 2012-09-01
- Location
- Kuala Lumpur
Why it went into administration
- Creditor pressure / legal action
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
From the administrators' statement
During the 2014 season, racing performances began to decline and tn July it was announced that the Team was now owned by Engavest SA (“Engavest”) a Swiss and Middle Eastern backed consortium represented by Colin Kolles The exact course of events that followed is uncertain, although control of IMRT was effectively handed over to Engavest when the directors of IMRT were replaced in August 2014 The sale of the Company’s shares was never formally compieted due to the non-performance of certain conditions precedent in the Sale and Purchase Agreement (“SPA”), It is alleged by the former shareholders of iMRT that Engavest did not honour its obligations under the SPA 1MRT failed to make payments to CSL under the Supply Agreement but CSL continued to perform its obligations to 1MRT, until CSL became unable to pay its creditors
Some funds were paid to CSL to pay creditors on a plecemeal basis 1MRT sought to transfer contracts with race-critical suppliers to itself from CSL to ensure continued supply but also failed to discharge its obligations to those creditors
In September 2014, 1MRT’s 100% shareholding in CSL was sold for £1 to Constantin Cojocar, a retired Romanian footballer who had been performing caretaker/cleaner duties at the Leafield site Mr Cojocar was also appointed as CSL's sole director
Administrators' statement of proposals (2015-01-29) · Companies House register