OCTOBER 15, 2002
Arrows does it again
Arrows has once again avoided a winding up petition by paying off a creditor hours before the petition was due to be heard in court. An Arrows spokesperson confirmed Monday that the British Inland Revenue was paid (for what was believed to be unpaid taxes), thus avoiding a winding-up petition scheduled to be heard Tuesday.
Arrows paid off Champion Recruitment Limited last month, the day before the a winding-up petition involving the employment agency was due to be heard, essentially buying the team a month before they were due back in court Wednesday. Paying off the Inland Revenue will give the team another month until the next petition is due to be heard.
The next winding-up petition is scheduled to be heard on November 13 for Arrows Grand Prix International Ltd with claims from creditors (including Heinz-Harald Frentzen and others) for $1,127,024.56.
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