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.’
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies