Vision Nine TT Ltd was registered in St George's Street in Douglas last May.

The company was set up after its UK parent, Vision Nine, won the contract to promote the TT for the government.

But last November the DED announced the deal was off.

The Department of Economic Development revealed last November it had decided to discontinue the independent promoter tender process for the TT and Classic TT races.

Instead it announced government would continue to run the races itself sparking a row with London-based Vision Nine.

Tynwald's Economic Policy Review Committee - overseen by MLC Michael Coleman and MHKs Tim Baker and Jason Moorhouse - is currently investigating the deal

Now the Manx company has applied for dissolution under the Companies Act 1931 and the department says it'll dissolve it unless there are written objections in the next four weeks.