Time ticking on arrows liquidation
Liquidators for Oxforshire-based racing team Arrows have just three weeks to find a buyer for the company before they are forced to break it up and sell its assets.
The F1 team went into administrative receivership at the end of last year with debts in the tens of millions of pounds following a dispute with suppliers and problems with its banks.
And to make matters worse, last week, former driver Heinz Harald Frentzen drove the company into compulsory liquidation, as he claimed he was owed ‘tens of thousands’ of pounds, according to the liquidators.
PKF partners Philip Long and Brian Hamblin – Arrows’ administrators turned liquidators – are looking at expressions of interests and will be talking to interested parties in the next two to three weeks.
Long told AccountancyAge.com they were attempting to sell Arrows as a going concern. Failing that, they will break up the business and sell it in parts.
He said: ‘We will try to salvage what we can. There is substantial interest from F1 people for parts of the business.’