BusinessBusiness RecoveryPKF battles to start engines at Arrows

PKF battles to start engines at Arrows

Insolvency practitioner PKF is poised to enter into battle with Formula 1 bosses in order to help save struggling race team Arrows.

Link: Arrows finally runs out of gas

Arrows is banned from the 2003 world championship due to its financial difficulties. An appeal is currently underway with PKF in discussion with directors at Arrows about getting involved in the procedure.

A positive result in this appeal is thought the best hope of selling the business as a going concern. However, with no current primary sponsor or contracted drivers it is unclear what chance such an appeal has. The company also recently laid off staff.

The failure to gain entry into this year’s championship has already cost Arrows one rescue package from German businessman Oliver Behring, who was acting for a group of Arab investors. Arrows is also being sued by former driver Heinz-Harald Frentzen for around £700,000 in back pay.

Philip Long of PKF said there had been interest from several parties about taking over all or part of the business but that discussions are still in the early stages.

‘The only time limit on reaching an agreement is the self-imposed one of the season’s start at Melbourne in March,’ said Long.

Related Articles

Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

4d Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

4d Emma Smith, Managing Editor
KPMG appoints new global head of insolvency

Business Recovery KPMG appoints new global head of insolvency

3w Emma Smith, Managing Editor
EY hired by Carillion to review finances

Accounting Firms EY hired by Carillion to review finances

5m Alia Shoaib, Reporter
Using insolvency as a debt recovery tool

Business Recovery Using insolvency as a debt recovery tool

6m Emma Smith, Managing Editor
UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

Business Recovery UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

8m Alia Shoaib, Reporter
Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

Business Recovery Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

9m Emma Smith, Managing Editor
FRP Advisory expands operation with new office, partner appointments

Accounting Firms FRP Advisory expands operation with new office, partner appointments

10m Emma Smith, Managing Editor