user icon
user icon

Force India administrator expects swift action against Uralkali

  • Published on 27 Sep 2018 19:37
  • comments 3
  • By: Fergal Walsh

Force India's administrator, FRP Advisory, has responded to Uralkali's stance to take legal action by stating its bid would not have saved the Silverstone squad from administration.

Uralkali was one of the parties that were interested in purchasing Force India over the summer break after it was forced in administration. However, the team was sold to a consortium of investors led by Canadian businessman Lawrence Stroll, father of Williams driver Lance.

Uralkali accused FRP Advisory of not recognising that their bid was higher, “misrepresentations and lack of transparency” in the process of bidding and “failing to achieve the maximisation of sale proceeds for the benefit of creditors, shareholders and other stakeholders”.

FRP Advisory released a statement on Thursday evening, saying that it had indeed received notice that Uralkali was planning legal action and explained why Racing Point (the current owners of Force India) was the best option to go with.

“We can now confirm that we have been served with a claim from Uralkali relating to the administration of Force India,” the statement read.  “We are disappointed that Uralkali chose to issue their press release before issuing their claim. 

“We have acted in compliance with our duties as administrators at all times and oversaw a fair and transparent bidding process which ultimately achieved a very successful outcome for all stakeholders. Having now seen the substance of Uralkali’s claim we are ever more confident it will be dismissed at the earliest opportunity.

“As all of the interested parties were aware, our primary statutory duty as administrators was to pursue a rescue of Force India as a going concern. All parties had the opportunity to submit a proposal to rescue the company rather than buy its assets.  

“When the final offers came in, Racing Point was the only party to submit a rescue proposal.  Once the proposal had been carefully assessed and we, alongside our legal advisors, were satisfied that it was reasonably achievable, we were under a statutory duty to proceed with it. 

“Having failed to submit a proposal to rescue the company Uralkali now insists on comparing its bid to buy the assets of the company with a rival bid to rescue the company or buy the assets should that fail.”

Replies (3)

Login to reply
  • Hope this will get over with swiftly. FI really dont need their bank getting emptied further by being involved in legal issues.

    • + 0
    • Sep 27 2018 - 20:55
  • Looks like some big Russian egos, has been dented, it's all from dodgy money anyway so they wouldn't have lasted long once they seen the reality of paying F1 bills and they wanted to buy the assets and had no plan to keep the team going over the longer term according to the administrators.

    • + 0
    • Sep 28 2018 - 12:09
  • Norbert

    Posts: 96

    Maybe problem like Bernie had a while back, with the loser in the sale claiming they had made the better offer. Maze from the stasi administrators say, did not propose how to run the race team better than Sr. who owns a race track in Quebec and has been in the business of motor racing, at least as a serious hobby, for a long time.

    • + 0
    • Sep 28 2018 - 13:42

AT Grand Prix of Austria

Local time 

  • Friday weather-image

    Saturday weather-image

    Sunday weather-image

  • Free practice 1

    11:00 - 12:30

    Free practice 3

    12:00 - 13:00

    Race

    15:10 - 17:10

  • Free practice 2

    15:00 - 16:30

    Qualifying

    15:00 - 16:00

    Fastest lap

     

AT Grand Prix of Austria

Local time 

  • Fridayweather-image

  • Free practice 1

    11:00 - 12:30

    Free practice 2

    15:00 - 16:30

  • Saturdayweather-image

  • Free practice 3

    12:00 - 13:00

    Qualifying

    15:00 - 16:00

  • Sunday weather-image

  • Race

    15:10 - 17:10

    Fastest lap

    15:10 - 17:10

Related news

Test calendar

Circuit de Catalunya - Winter testing

Circuit de Catalunya - Winter testing

See full test schedule

Give your opinion!

Where will Sebastian Vettel be in 2021?

World Championship standings 2019

Show full world champion standings

Driver profile

  • Team Racing Point
  • Points 67
  • Podiums 1
  • Grand Prix 62
  • Country CA
  • Date of b. Oct 29 1998 (21)
  • Place of b. Montreal, CA
  • Weight 70 kg
  • Length 1.80 m
Show full profile

Team profile

Show full profile

Formula 1 Calendar - 2020

Date
Grand Prix
Circuit
-
Spain
-
Spain
13 - Mar 15
Australia
20 - Mar 22
Bahrain
3 - Apr 5
Viet Nam
17 - Apr 19
China
1 - May 3
Netherlands
8 - May 10
Spain
21 - May 24
Monaco
5 - Jun 7
Azerbaijan
12 - Jun 14
Canada
26 - Jun 28
France
3 - Jul 5
Austria
17 - Jul 19
United Kingdom
31 - Aug 2
Hungary
28 - Aug 30
Belgium
4 - Sep 6
Italy
18 - Sep 20
Singapore
25 - Sep 27
Russian
9 - Oct 11
Japan
23 - Oct 25
United States of America
30 - Nov 1
Mexico
13 - Nov 15
Brazil
27 - Nov 29
United Arab Emirates
See full schedule

Formula 1 Calendar - 2020

Date
Grand Prix & Circuit
13 - Mar 15
Australia Albert Park
20 - Mar 22
3 - Apr 5
Viet Nam Hanoi Circuit
17 - Apr 19
1 - May 3
Netherlands Circuit Zandvoort
8 - May 10
21 - May 24
Monaco Monte Carlo
5 - Jun 7
Azerbaijan Baku City Circuit
12 - Jun 14
26 - Jun 28
France Paul Ricard
3 - Jul 5
Austria Red Bull Ring
17 - Jul 19
United Kingdom Silverstone
31 - Aug 2
Hungary Hungaroring
28 - Aug 30
4 - Sep 6
Italy Monza
18 - Sep 20
25 - Sep 27
Russian Sochi Autodrom
9 - Oct 11
23 - Oct 25
United States of America Circuit of the Americas
30 - Nov 1
13 - Nov 15
Brazil Interlagos
27 - Nov 29
United Arab Emirates Yas Marina Circuit
See full schedule
show sidebar