BusinessBusiness RecoveryOnline auction for Arrows

Online auction for Arrows

Formula One team Arrows is set to become the first racing team to be auctioned on the internet after administrators at PKF failed to raise enough money by conventional means.

Link: Time ticking on arrows liquidation

Receivers Philip Long and Brian Hamblin are negotiating with finance companies regarding the web auction of the former Formula One outfit.

Most of Arrows’ assets will be sold in a web auction except the wind tunnel, which will be sold directly to one of the F1 teams. The date of the auction is still to be confirmed.

Arrows went into liquidation early this year after attempts at selling thebusiness as a going concern failed.

Although the receivers claimed to have a few ‘serious offers’ for the whole business, they opted to break it up because it would create a better return for creditors.

No staff will be made redundant by the receivers as the former ownershad already let them go.

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

5m Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

5m Emma Smith, Managing Editor