Nov.23 (GMM/ Virgin’s part-ownership by the British bank Lloyds is threatening to run the struggling formula one team off track.

Part taxpayer-owned Lloyds bought an undisclosed stake in the team – to be renamed Marussia in 2012 – last year.

The Independent now reports that directors risk prosecution by Companies House as a deadline to lodge documents relating to the Virgin investment runs out.

“On 25 October, Companies House sent a notice of dissolution to them and all of the company’s other directors, including team principal John Booth” read the report written by Christian Sylt and Caroline Reid.

Companies House confirmed: “If they’ve promised to file a document and they don’t, it will go through prosecution.

“They go through the courts for prosecution and if they don’t bring it up to date, they could close the company down. So they’ve got until Wednesday really.”

Team co-owner Marussia and Lloyds declined to comment, and a Virgin team spokesman said the story was a “procedural communication from Companies House”.