BusinessBusiness RecoveryArrows finally runs out of gas

Arrows finally runs out of gas

The financial crisis facing Formula One racing has deepened after the struggling Arrows team called in administrative receivers.

Link: F1 team skids into receivership

Mid-tier firm PKF has been appointed to manage the business, which collapsed after more than 25 years in F1.

In a statement last week, PKF said they would be seeking to ‘maximise realisations for creditors’.

‘There has been a lot of interest in Arrows,’ receiver Philip Long said.

Arrows laid off their remaining staff in December last year after they failed to sell the team to a German-based group of investors.

They missed five of last season’s 17 races and also deliberately failed to qualify in France. They have no sponsor and no driver and have been barred from this year’s championship.

PKF also acted as liquidators for the British interests of the failed Prost Formula One team last year.

Related Articles

Carillion CFO blew whistle over 'sloppy accounting' months before collapse

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

3m 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

3m Alia Shoaib, Reporter
How to avoid a Carillion collapse

Business Recovery How to avoid a Carillion collapse

4m Russell-Cooke
Carillion collapse: The week so far and industry reaction

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

4m 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

4m Emma Smith, Managing Editor
Carillion: PwC appointed as special managers – what happens now?

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

4m Emma Smith, Managing Editor
Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

6m Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

6m Emma Smith, Managing Editor