The move to sell the collapsed Formula 1 team’s assets online at the end of
the month is thought to be a first for the UK insolvency market, but it could be
scuppered if a buyer is found using conventional means.
Partners from BDO were appointed as liquidators earlier this month after
creditors cut their losses and decided to break up the company. Property and
other real estate cannot be sold via the internet, but assets including an F1
car are eligible for online disposal.
‘The [online] auction is scheduled to go ahead, but we are working hard to
complete a sale beforehand,’ a BDO spokesman said.
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
Smith & Williamson has been appointed administrators of charity 4Children