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: 108

    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

BE Grand Prix of Belgium

Local time 

BE Grand Prix of Belgium

Local time 

Related news

World Championship standings 2021

Show full world champion standings

Test calendar

Bahrain International Circuit - Winter testing

See full test schedule

Give your opinion!

Will Bottas challenge Hamilton for the world championship in 2020?

Driver profile

  • Team Aston Martin
  • Points 147
  • Podiums 3
  • Grand Prix 80
  • Country CA
  • Date of b. Oct 29 1998 (22)
  • Place of b. Montreal, CA
  • Weight 70 kg
  • Length 1.80 m
Show full profile

Team profile

Show full profile

Formula 1 Calendar - 2021

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

Formula 1 Calendar - 2021

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