Virgin’s part-ownership by the British bank Lloyds is threatening to run the struggling formula one team off track.<\/p>\n
Part taxpayer-owned Lloyds bought an undisclosed stake in the team – to be renamed Marussia in 2012 – last year.<\/p>\n
The Independent now reports that directors risk prosecution by Companies House as a deadline to lodge documents relating to the Virgin investment runs out.<\/p>\n
“On 25 October, Companies House sent a notice of dissolution to them and all of the company’s other directors, including team principal John Booth” read the report written by Christian Sylt and Caroline Reid.<\/p>\n
Companies House confirmed: “If they’ve promised to file a document and they don’t, it will go through prosecution.<\/p>\n
“They go through the courts for prosecution and if they don’t bring it up to date, they could close the company down.\u00a0 So they’ve got until Wednesday really.”<\/p>\n
Team co-owner Marussia and Lloyds declined to comment, and a Virgin team spokesman said the story was a “procedural communication from Companies House”.<\/p>\n
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