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.
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