Norfolk-based automotive firm Lotus has quashed reports that it is heading for liquidation after internet rumours falsely signalled the end of the company.

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Speculation was mounting today that the Group Lotus PLC was in trouble when it emerged that it faced a petition to liquidate the firm in the High Court.

The petition is often used as a legal tactic in disputes between companies where bills have not been settled.

But a Lotus spokesman said it was a contractual issue with a supplier, which had already been resolved.

He said: “Contrary to rumours initiated by Autocar, Lotus is not being liquidated. Earlier this year, Lotus was in a contractual dispute which was resolved amicably a number of weeks ago.

“However the High Court process meant that the matter was still shown on the High Court website, as there was a hearing scheduled for today.

“This is what appears to have been seen and misunderstood. The case was only listed for the proceedings to be disposed of.

“The claim has now been dismissed with no order as to costs.”

It comes after the company told the EDP in recent weeks that it had a backlog of orders for the Lotus Exige S sports car.

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