Racetrack firm’s winding-up hearing is postponed again

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.”