Race­track firm’s wind­ing-up hear­ing is post­poned again

Western Mail - - NEWS -

A HEAR­ING that could put into liq­ui­da­tion the com­pany that spear­headed the Cir­cuit of Wales project has been ad­journed for two months.

Aventa Cap­i­tal Part­ners – a firm reg­u­lated by the Fi­nan­cial Con­duct Au­thor­ity – is solely owned by Michael Car­rick, the front­man for the project to build a £433m auto-sport race­track on moor­land above Ebbw Vale.

In June the Welsh Gov­ern­ment de­cided not to un­der­write a £210m loan to en­able the race­track to go ahead. On Septem­ber 12 a High Court judge sit­ting in Leeds ad­journed a wind­ing-up pe­ti­tion against Aventa un­til Oc­to­ber 10. The pe­ti­tion was brought by a con­sul­tancy called Kada Re­search, which writes re­ports for clients about the po­ten­tial eco­nomic im­pact of projects like the Cir­cuit.

The hear­ing has now been ad­journed fur­ther un­til De­cem­ber 12.

A spokesman has said that Aventa will have no fu­ture role in the project.

Solic­i­tor Jonathan Coad, for Aventa, said last month: “Aventa re­ceived a wind­ing-up pe­ti­tion from a mi­nor cred­i­tor af­fected by de­layed pay­ments to Aventa caused by the de­ci­sion by Welsh Gov­ern­ment not to progress with the Cir­cuit of Wales. The com­pany re­quested and the court agreed to de­fer­ring the ac­tion while it put for­ward a re­struc­tur­ing pro­posal which had the sup­port of its ma­jor cred­i­tors.

“It is an­tic­i­pated that Aventa will be able to meet all its out­stand­ing obli­ga­tions but will not be in­volved in any re­vised pro­posal for the project.”

In re­sponse to our re­quest for a fur­ther com­ment after Tues­day’s hear­ing, Mr Coad said: “My client has noth­ing to add to its pre­vi­ous state­ment.”

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