| Beleaguered: Arrows boss Tim Walkinshaw
London: The Arrows Formula One team have gone into liquidation after a winding-up petition was granted against them on behalf of their former driver Heinz-Harald Frentzen.
“The company is in liquidation but we are still acting as receivers,” receiver Philip Long, of accountants and business advisers PKF, said on Wednesday.
“This is just another stage in the insolvency process... everything’s been up for sale since we were appointed.”
Long said the assets included the leasehold of Arrows’ fully-fitted Formula One premises and two wind tunnels used for testing the aerodynamics of their cars, a vital part of any Formula One team.
Frentzen, who has now joined Sauber, led a line of creditors seeking money owed by the team run by Scot Tom Walkinshaw, who took control in 1996.
“It just happens that his name is on top of the list of close to 20 creditors,” said his manager Monte Field. “On Monday it was ruled that the company is to be wound up. Let’s just call it a closed chapter.”
Arrows, excluded from the 2003 championship after missing five of the last six races, laid off their staff in December.
Arrows had been in Formula One for 25 years and held the sport’s record of 382 starts without winning a race.
Their departure, hot on the heels of failed rivals Prost, leaves Formula One with just 10 teams.