OCTOBER 10, 2002
The Inland Revenue and Arrows
The Formula 1 circus is waiting for news of the Arrows team. No-one expects the team to be seen again and the news that the British tax authorities have now put in a winding-up petition against the team's holding company will probably put an end to the story once and for all.
The Inland Revenue is believed to be claiming unpaid taxes. The winding up petition on Arrows Autosport Ltd will be heard on October 15 at the High Court in London. If this is to be avoided Walkinshaw and his Arrows Autosport partner Morgan Grenfell Private Equity will have to foot the bill. Finding a solution to this will not be easy as the two parties are fighting over who owns what.
There is another winding-up petition, scheduled to heard on November 13 for Arrows Grand Prix International Ltd with claims from creditors (including Heinz-Harald Frentzen and others) for $1,127,024 and 56 cents.
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