Balloon entrepreneur hopes to fly high again after losing £1.8m court fight and entering liquidation

He was given just 10 days to come up with £1.8 million - including paying a legal bill of £500,000 - and says he had no choice but to put the company into liquidation.

"There was no opportunity to appeal," said Mr Lindstrand. "I had no choice but to go into liquidation and the receiver had to make 18 to 20 people redundant.

"The legal system is completely crap. I thought we had won."

But Mr Lindstrand, who famously attempted an around-the-world balloon flight with Richard Branson in 1998, says the case involves property, not the technology and intellectual property for the running of the business.

The Branson balloon flight ended on Christmas Day, 1998 when they ditched into the Pacific Ocean.

So if he can sell the property in Maesbury Road, Mr Lindstrand hopes to be able to rent it out from new owners and get going again, re-employing people again very soon.

The company is listed at Companies House as a manufacturer of hot air balloons, airships, and inflatable buildings.

"I hope it will be short-term," said Mr Lindstrand. "We have interest from three potential buyers and I am hopeful."

Mr Lindstrand said he was meeting with potential buyers today.

Lindstrand Technologies, of Factory 2, Maesbury Road, Oswestry, agreed to be voluntarily wound up on November 9. Its affairs are being handled by Nick West of West Advisory Limited, E-Innovation Centre, Priorslee, Telford, and Stratford Hamilton of PKF GM, 15 Westferry Circus, London.

The liquidators have been authorised to act jointly and severally in the liquidation.

Joint liquidator Nick West said: "Since receiving judgement from Australia, the company has been reviewing its options - however, without a strong order book, cashflow or immediate interest from potential overseas buyers, it left the company limited options.

"Increased creditor pressure over the last few months has resulted in the director's decision to place the company into voluntary liquidation."

He added: "In the late 80s during its peak, the company employed over 100 employees which has reduced steadily to now 16 - our focus will be on supporting those employees affected, and securing and realising the assets of the company which primarily comprise its stock and property.

"There has been some international interest and we are in talks with those parties. Clearly it would be good to see a business continue in some manner."

Creditors should contact Nick West on 0207 495 1100 or at [email protected] for further details.