BusinessBusiness RecoveryTime ticking on arrows liquidation

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.

Link: Liquidation for Arrows as it misses starting grid

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.’

Related Articles

Carillion CFO blew whistle over “sloppy accounting” months before collapse

Business Recovery Carillion CFO blew whistle over “sloppy accounting” months before collapse

2m Alia Shoaib, Reporter
Toys R Us UK and Maplin enter into administration after failing to secure buyers

Business Recovery Toys R Us UK and Maplin enter into administration after failing to secure buyers

2m Alia Shoaib, Reporter
How to avoid a Carillion collapse

Business Recovery How to avoid a Carillion collapse

3m Russell-Cooke
Carillion collapse: The week so far and industry reaction

Business Recovery Carillion collapse: The week so far and industry reaction

3m Emma Smith, Managing Editor
Kingston Smith & Partners appointed trustees in bankruptcy of ex-Newcastle United footballer

Business Recovery Kingston Smith & Partners appointed trustees in bankruptcy of ex-Newcastle United footballer

3m Emma Smith, Managing Editor
Carillion: PwC appointed as special managers – what happens now?

Business Recovery Carillion: PwC appointed as special managers – what happens now?

3m Emma Smith, Managing Editor
Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

5m Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

5m Emma Smith, Managing Editor