BusinessBusiness RecoveryLiquidation for Arrows as it misses starting grid

Liquidation for Arrows as it misses starting grid

Troubled Formula 1 team Arrows has admitted defeat in its quest to re-enter the 2003 World Championship after entering liquidation.

Link: PKF battles to start engines at Arrows

The team’s assets will now be put up for sale in order to raise cash. Current assets include the leasehold on the team’s fully fitted Formula 1 factory and two wind tunnels.

Philip Long, from administrators PKF, said that everything had been up for sale since the firm had been appointed receivers. One creditor at the top of the list hoping to get money back from any sales is former F1 driver Heinz-Harald Frentzen.

He had previously sued Arrows for unpaid wages totalling £700,000. The team, which had been in Formula 1 for 25 years follows in the footsteps of the Prost team, which collapsed last year.

Related Articles

Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

1w Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

1w Emma Smith, Managing Editor
KPMG appoints new global head of insolvency

Business Recovery KPMG appoints new global head of insolvency

4w Emma Smith, Managing Editor
EY hired by Carillion to review finances

Accounting Firms EY hired by Carillion to review finances

5m Alia Shoaib, Reporter
Using insolvency as a debt recovery tool

Business Recovery Using insolvency as a debt recovery tool

6m Emma Smith, Managing Editor
UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

Business Recovery UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

8m Alia Shoaib, Reporter
Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

Business Recovery Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

9m Emma Smith, Managing Editor
FRP Advisory expands operation with new office, partner appointments

Accounting Firms FRP Advisory expands operation with new office, partner appointments

10m Emma Smith, Managing Editor