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England and Wales High Court (Chancery Division) Decisions
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Cite as:  EWHC 3852 (Ch)
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BUSINESS AND PROPERTY COURT
OF ENGLAND & WALES
INSOLVENCY AND COMPANIES LIST
IN THE MATTER OF FORCE INDIA FORMULA ONE TEAM LIMITED (Reg'd No. 02417588)
AND IN THE MATTER OF THE INSOLVENCY ACT 1986
London EC4A 1NL
B e f o r e :
(a company incorporated in Guernsey)
|FORCE INDIA FORMULA ONE TEAM LIMITED||
MR G. DAVIS QC and MR R. AMEY (instructed by Onside Law) appeared on behalf of the Respondent.
MR A. AL-ATTAR (instructed by DWF) appeared on behalf of an Interested Party, BWT.
MR PERKINS appeared on behalf of Formula One World Championship Limited.
Crown Copyright ©
MR JUSTICE BARLING:
The background to the application
"In the unhappy event that an administrator should be appointed to Force India, we would seek to facilitate negotiations between the other teams with a view to encouraging the teams to allow Force India to maintain its rights to a share of the prize money that we pay to the teams. We recognise this is important to Force India remaining viable as a team. This matter would need to be addressed briskly to ensure that Force India should not miss/fail to participate in any Grand Prix events as missing an event is further prejudicial to prize fund entitlement."
"I consider that the Company should have sufficient funding to enable it to participate in the Hungarian Grand Prix, following which there will be an opportunity to put appropriate funding arrangements in place."
That is presumably a reference to the fact, much emphasised by the applicant and the supporters, that following the Hungarian Grand Prix there is a four-week break over the summer period which will provide breathing space. As I have said, Mr Al-Attar's client, BWT, has guaranteed funds of £5 million to the administrators, if appointed.
Opus 2 International Ltd. hereby certifies that the above is an accurate and complete record of the proceedings or part thereof.
Transcribed by Opus 2 International Ltd.
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This transcript has been approved by the Judge