Wed, 16 Mar 2011 | ADMINISTRATION
The British biofuel company, Viridas, has admitted that it could be facing administration, blaming hesitant investment due to the government's "lack of clarity" over its support for biomass as a renewable fuel.
In an official statement from the Leeds-based business, a spokesman said that the company had very limited funds remaining and that the directors were currently considering a number of options. These included placing the company into administration or some other insolvency process.
The company had been seeking £1.4 million for the next stage of its development plan, which would have involved the establishing of a farm in Brazil to grow jatropha trees for biomass fuel.
The spokesman said, "Unfortunately, lack of clarity from the government regarding future support for biomass in the renewable energy industry and the reduction of greenhouse gas emissions in the UK has created a high degree of uncertainty and had a significant negative impact on the decision making process of potential investors."
The company said a potential option agreement with investors from Africa had now elapsed and it had informed the Stock Exchange of the directors' current actions. The spokesman said the company currently had the funds to settle its creditors, except for liabilities from the director contracts.
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