Force India facing dissolution

Force India have been ordered to deliver its accounts for 2008 before February 25 or face the possibility of being dissolved.

The Telegraph reports that the Force India Formula One Team's 2008 accounts were due on October 31, 2009, but they failed to file them within the three-month deadline.

This resulted in the Companies House sending 'a notice of dissolution to its directors including Michiel Mol, the former chief executive of the Spyker car company, and Mr [Vijay] Mallya, whose United Breweries Group owns scotch whisky maker Whyte & Mackay'.

A Companies House representative is quoted as saying: "If they do submit their accounts by February 25, there will be time for us to suspend the dissolution process. The ball is in their court. It is only going to be suspended when the accounts are received. If we don't receive any accounts in the next three months we are going to strike the company off."

However, the Silverstone-based outfit's chief operation officer Otmar Szafnauer countered by saying they should have their papers in order before the deadline.

"We have been discussing an extension to that filing deadline with Companies House because we needed more time to get the accounts in order. On January 28 we got written confirmation of a deadline extension to the February 25. If we don't make this the question is then what happens.

"Our accounting team said we don't need longer than February 25."

Force India facing dissolution - Planet-F1 News from planet-f1.com

Mallya: Force India's future not in danger



Force India owner Vijay Mallya is adamant his team's Formula One future is not in any danger.

A report on Friday indicated Force India faced dissolution by Companies House after failing to lodge their mandatory financial accounts for 2008 that were due at the end of October.

The team have since been granted a deadline extension of February 25, with the threat they will be struck off if the accounts are not received within three months.

However, Mallya insists the situation is under control and Force India will be on the grid for the opening race of the new season in Bahrain in five weeks' time.

"It is not unknown for companies to file their annual returns late, the reasons for which are varied," said Mallya.

"Force India has been in constant communication with Companies House and an extension to file was granted on January 27, with a grace period to February 25.

"This is a standard procedure and not uncommon in any industry.

"We are taking all the necessary steps to ensure filing is made on or before that date.

"Therefore Force India's participation within the F1 Championship has not, and will not, be in jeopardy."

The team are due for an online launch of their new car, the VJM03, on Tuesday, following which they will then participate in the test at Jerez from Wednesday through to Saturday.

Source: Mallya: Force India's future not in danger - Planet-F1 News from planet-f1.com