According to a recent report, Group Lotus - which consists of Lotus Cars, Lotus Motorsport and Lotus Engineering - will be in court later today as a result of an application to wind down operations.

According to a recent report, Group Lotus - which consists of Lotus Cars, Lotus Motorsport and Lotus Engineering - will be in court later today as a result of an application to wind down operations.

The exact details remain unclear, but the process normally occurs when a creditor petitions the court to liquidate a company's assets in an effort to seek unpaid debts.

The situation sounds rather dire, but Group Lotus spokesperson Alastair Florance told Autocar the issue involves a supplier and everything was "settled amicably several weeks ago." Florance went on to say the company won't be closed or liquidated and the court appearance is just a formally to wrap up the case.

The company is expected to make a statement later today, so expect to learn more shortly.