JANUARY 14, 2003
Arrows is wound up
Arrows Grand Prix International was wound up yesterday by a court in Birmingham. A group of the company's creditors, including former driver Heinz-Harald Frentzen, had got together to apply for a compulsory winding-up order and this was granted by the court. The application was unopposed by the team. The creditors are unlikely to get very much as most of the assets are already promised to the Hong Kong and Shanghai Bank. A liquidator will however be appointed for what assets are left although our sources say that there is likely to be a legal battle between the various creditors and any money that can be raised is likely to disappear into legal fees.
The team's parent company Arrows Autosport remains in business for the moment, waiting for the judgement in the case between the team and its partner Morgan Grenfell. This is expected within a matter of days and it is anticipated that at some point thereafter Arrows Autosport will also be put into liquidation although the judgement will probably be appealed if it goes against Tom Walkinshaw and the team.